Divorce changes almost everything, including your life insurance. If you have children, getting this right is one of the most important things you can do once the dust settles.
1. Update your beneficiaries
If your ex-spouse is still listed as your beneficiary, the money could go to them, not your kids. Florida law can automatically revoke an ex-spouse's beneficiary designation in some situations after divorce, but there are exceptions, and you shouldn't rely on it. Update your designation directly with the carrier.
2. Don't name minor kids directly
Insurers generally won't pay a large benefit straight to a child under 18. Consider a trust or a custodian under the Uniform Transfers to Minors Act so someone you choose manages the money.
3. Check your divorce decree
Courts sometimes require a parent to keep life insurance to secure child support or alimony. If your decree requires coverage, keep it in force and follow the terms exactly, including who must be the beneficiary.
4. Think about your own needs
You may now be the main or only provider in your home. Your coverage amount may need to go up.
5. Coverage on the other parent
If your kids depend on child support from your ex, the loss of that support would hurt. In some cases, a parent can own a policy on the other parent with their consent. An advisor and your attorney can tell you what's possible.
Quick checklist
- Update beneficiaries on every policy, including work coverage
- Review your will and guardian choice
- Confirm any insurance your decree requires
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