How can I be sure that the life insurance has not been changed?

Posted by on Sep 30, 2015 in Alimony & Child Support, Blog, Divorce | Comments Off on How can I be sure that the life insurance has not been changed?

How can I be sure that the life insurance has not been changed?

How can I be sure that the life insurance has not been changed?

In the event that there is an alimony and/or child support obligation there should also be a requirement for life insurance to remain in place to secure the support obligation(s). There are also some situations where life insurance is used as security for asset protection such as retirement benefits. The reason for this should be obvious – for protection.

The language in the divorce agreement or decree will typically have the following mandates: (a) the designation of a beneficiary; (b) the amount of the death benefit; and (c) the termination event. The question that is routinely asked is how does one make sure that the insurance provision is being followed. There are two common ways.

First, specific language can be included whereby the party required to maintain the insurance shall provide to the other party on a periodic basis (such as annually) documentation evidencing their compliance.

Second, the party required to maintain the insurance could sign an authorization that would allow the other party to communicate directly to, and/or receive notices from, the insurance provider. That way if a change is attempted the other party will receive notice and can react accordingly.

All of the attorneys at Domers & Bonamassa are well versed and have years of experience addressing family law issues, no matter how complicated. Contact us today at (856) 596-2888 for a private consultation. We appear in the following counties: Burlington, Camden, Gloucester, Cumberland, Salem, Mercer, Ocean, Atlantic and Cape May. Our practice areas include: divorce, custody, parenting time, child support, alimony, domestic violence, college expenses, equitable distribution, name changes, step parent adoptions, paternity issues, child abuse and neglect, prenuptial agreements, mediation and arbitration.

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