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In working through your divorce, do not forget your most valuable assets: your life and your health. Both have a strong affect on your ability to acquire income and to care and provide both yourself and your family. You have numerous areas to look at to ensure you’ve taken care of your risks.

Most couples list each other as beneficiaries on their life insurance policies. At a minimum you will need to change your beneficiary designations on all policies, regardless of size. You might need to modify the amount of coverage, especially if you were the nonworking spouse and you now plan to work to support yourself and your family. Factors you should consider include replacing your income, paying off debt and leaving enough to care for your family if you die.

Health insurance commonly comes with employment, and again, nonworking spouses will be most at risk in a divorce, since they will no longer be considered dependents covered under the employed spouse’s group insurance. If you work and your employer offers health insurance, the divorce is considered a qualifying event, and you can switch to your employer’s coverage without waiting for an open enrollment period. Call the insurance carrier for your spouse’s policy and request a certificate of insurance. This proves that you were insured until the qualifying event, so you can’t be excluded or charged a higher premium for pre-existing conditions.

If you’re not employed, the same qualifying event definition makes you eligible for coverage under COBRA, a federal that allows you to continue the coverage for a certain time period under specific conditions. COBRA can be an expensive option, because you pay the full premium yourself, and is temporary at best. Certain professional groups and other associations also offer group insurance for which you may be eligible. You can also purchase individual health insurance privately, although the rates are typically a lot higher than a group policy with equivalent benefits.

Each year, 12 percent of adult Americans suffer a long-term disability. For every seven employed Americans, one will have a period of disability five years or more prior to age 65. A 35-year-old has a 50 percent chance of a disability going beyond three months before age 65. With more than one income, you have something of a safety net if you’re unable to work due to a short- or long-term disability. Going it by yourself, you may want to think about disability coverage either through your employer or privately, particularly if you have no emergency reserve funds or other income to fall back on.

Your homeowners insurance covers your house and its contents. If you chose to move to an apartment, you might need renter’s insurance to cover your property. Check limits for jewelry and other expensive valuables, such as antiques and collectibles, and buy riders to cover them if necessary.

Risks play as important a part in forming your financial picture as do your assets and liabilities. With all the products and carriers in the market, the decisions can be overwhelming. A financial or insurance professional could help you chose your options and determine the best course of action during and after your divorce.

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Tags: Insurance, divorce, marriage

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