June, 24 2017

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Divorce And Life Insurance 2016

Divorce And Life Insurance 2016

An increasing need for a term life insurance policy in 2016, especially for men is to satisfy a divorce agreement, divorce settlement or divorce decree. This is because in the event of a divorce the court or the attorneys will mandate a life insurance policy be in place to protect the alimony or child support payments in the event of the premature death of the ex-spouse. To secure this requirement many people we talk to are looking for the cheapest term life insurance for a divorce settlement in 2016.

Term Life Insurance for Divorce Decree – Settlement

In almost all cases the type of life insurance policy that is required by the court for a divorce agreement is term life insurance. Fortunately, term life insurance is the least expensive type of life insurance. Term life insurance allows the insured to choose the period of time the policy will have a guaranteed fixed rate. After the term is over the insured can keep the policy but at a higher rate. Term lengths range from 10, 15, 20, 25 and 30 years. The shorter the term the lower the premium will be. The term lengths required to protect child support payments are typically until the youngest child is out of high school or college. For alimony, the term required could be anywhere from 10 to 30 years.

Owner and Beneficiary of a Divorce Life Insurance Policy

For life insurance that is required as part of a divorce decree or divorce agreement, often the court or the attorney will require the beneficiary and owner of the policy be the same, i.e. the ex-wife. This is important because the owner of the policy has control and can change the beneficiary or cancel the policy at any time. However, if the divorcing couple has a good relationship the insured will be remain the owner and ex-wife will be the beneficiary.

Best Life Insurance Companies for a Divorce Settlement in 2016

If you’re a man and you’re looking for the best life insurance companies for a divorce settlement in 2016 than you have come to the right place. First, I will go over the traditional underwritten term life insurance rates because it offers the most coverage at the best price. The no exam term life insurance is more expensive and does have limits on the amount of coverage but does have the convenience of not requiring a paramed exam.

An important note with term life insurance, it’s best to shop on price. Term life insurance is one of the few products where the features and benefits are nearly the same on all term policies. Term life insurance is straightforward in that the policy covers any type of death; natural or accident, with almost policies all having a two year suicide clause.  Therefore, as long as you choose a life insurance company that has an A Excellent financial rating or better from A.M. Best you can have peace of mind knowing the company will around to pay out any valid claim.

Sample Prices For Divorcee Agreement Life Insurance

Here are the prices for a 45 year old male, 6’0’’ 210 lbs, in great health only taking a cholesterol medication Lipitor, needing $500,000 policy on a 10 year term for a divorce agreement in 2016.

Excellent health 45 year old male $500k 10 year term

Mutual of Omaha: $30.41 month $347.50 annual

Protective Life: $30.69 month $350.00 annual

Banner Life: $31.72 month $362.49 annual

SBLI: $31.54 month $362.50 annual

Ohio National: $32.01 $370.00 annual

MetLife: $32.31 $359.00 annual

Minnesota Life: $32.82 $373 annual

North American: $33.00 $375 annual

AIG: $34.95 $404 annual

Voya: $35.00 month $400 annual

Transamerica: $35.70 month $415 annual

No Exam Divorce Life Insurance Quotes 2016

Below are the sample no medical exam life insurance quotes for a 45 year old male in good health.

Healthy 45 year old male $250,000 10 year term length no exam sample rates:

Sagicor: $36 month $396 annually

American National ANICO: $43 month $498 year

Assurity: $60 month $690 year

Fidelity: $76 month $875 year

Mutual of Omaha: $101 month $1,133 year

Divorce And Life Insurance 2016

Going through the divorce process can be an extremely difficult time in one’s life. The emotional and financial toll it can have is tough to say the least.  In addition, when the court says you need to pay extra money to get a life insurance policy to protect your ex in the event of your death only adds to the frustration of divorce. However, if you shop around and receive multiple rate quotes and work with an independent agency you will save money and get the best rate so you won’t have to pay any more money than you have to.