How to Renew a Term Life Insurance Policy After a Divorce
There are a variety of tasks you need to tend to in the aftermath of a divorce. One such item is renewing a term life insurance policy. As is the case with many married couples, you may have a term life insurance policy with your spouse named as the beneficiary. There are considerations to bear in mind in renewing a term life insurance policy after a divorce.
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Instructions
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Read the divorce decree or settlement agreement in your case. There are cases in which the parties agree or the judge orders one spouse to maintain the other partner as a beneficiary on a term life insurance policy for a specific period of time. Such a step is taken more often than not to ensure that any children of the marriage are provided for if the spouse who bought the term life insurance policy dies.
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Follow any requirement in a divorce decree or settlement agreement pertaining to term life insurance. If you do not do so, you can be found in contempt of court and in violation of a settlement agreement (which is a contract).
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Schedule an appointment with your life insurance agent as soon as possible following your divorce to discuss renewal of your policy and beneficiary issues. If you do not have an agent and purchased your life insurance directly from an insurer, contact customer service to make the necessary changes.
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Inform the agent or customer service representative that you need to name a new beneficiary on the insurance policy.
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Fill out the beneficiary change form that is provided to you by your agent or the customer service representative. Submit the completed form to the agent or representative. Pay your premium as you normally do for the term agreed to with the insurance company.
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