Divorce Brings About The Need For Life Insurance In Waynesboro
Life insurance can be a very important financial vehicle for a family. It is designed to cover the lost income or to pay off debt at times of death. It may be put into place to safeguard a college education, or even to finish raising minor children. The household finances have been delicately balanced on the income of dual earners. Did you know that divorce can bring about the need for Life Insurance In Waynesboro?
When there has been a divorce it sometimes mimics the death of that spouse or partner. Once all is said and done and the courts have made their final ruling, there is often a payment that goes from one spouse to the other. While this is most often for the support of minor children, it can also be spousal support. No matter what need the payment is designed to address, it has been decided that it is prudent to the well being of the one that it is being rewarded to. What will happen if the payee was to die prior to making the number of payments required to satisfy the requirement? Would that mean that the former spouse would lose the family home prior to the children becoming grown, or that the children will be unable to have a college education? Would retirement funds be lacking, or would health insurance be lost? No matter what the outcome would be, a death after divorce can be just as crippling as one that takes place during the marriage.
Life Insurance Waynesboro can help to solve this problem. By taking out a policy on the payee, but making the payer both the owner and the beneficiary of the policy, the payment can be guaranteed. If the payee were to die prior to the obligation being met, the proceeds from the policy would cover the balance. There are several types of Life Insurance Waynesboro that would meet this need. The most common and inexpensive vehicle would be term insurance. Depending on the length of time the policy is expected to be in place, it may be beneficial to put a whole life policy in place.