Life Insurance Help New Mexico NM
Reader’s Question:
My wife and I are from New Mexico. We both have decided to seek an amicable divorce. Should I be considering life insurance?
Robert
Albuquerque, NM
Hey, Robert!
You might be surprised with what you’ll hear. Lifestyle changes usually result in insurance changes. Life insurance can be essential at this time. I’d like to know if you have children yet. Is your former spouse counting on your support or alimony? Have your financial obligations and responsibilities increased? Depending on your situation, life insurance may be the answer.
If you have children, the custodial parent may need assurances that ongoing support is provided. Most likely, your settlement will have a provision for life insurance to assure for the children’s future. Even if there are no children, but there is alimony, life insurance should be considered. Remember that the purpose of life insurance is to provide security to those you love and those who are counting on your financial contributions. Divorce is a time to clarify all financial expectations.
Do you have an existing life insurance plan? If so, are the beneficiaries listed according to your wishes? Is the death benefit an appropriate amount? This is a time to consider these life insurance issues. Thought should be given to the beneficiary designations in present and future life insurance policies.
Your life is constantly changing, and so will your insurance needs. Take the time to evaluate your current life insurance and make sure you understand the differences between term and various whole life policies. Your local insurance agent in New Mexico can help you formulate the practical solution to your lifestyle change. Best of luck!
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