Life Insurance and Divorce Property Settlements

While the process of a Divorce Property Settlement can be traumatic, it’s important to understand how your Life Insurance policy might be affected.

Part of the divorce settlement generally involves listing the marriage’s assets, and your life insurance policy should be included, regardless of whether it is a money-back term life policy or a death or death and disablement policy.

The surrender value of a money-back term life policy will quite likely be taken into account as part of the divorce settlement calculation.

But while the more common term life insurance or term life insurance and disablement policy has no surrender value, it’s important to take the opportunity to review your policy ownership issue’s, nominated beneficiaries which may need to be amended as well as the levels of life insurance cover required.

Irrespective of the type of life insurance policy you hold it is important to review your life insurance policy prior to and following your divorce to ensure your are fully informed to any factors which may affect your policy and the protection it will provide you and you loved ones with. 

Disclaimer:

No investment advice provided to you.
This web site is not designed for the purpose of providing personal financial or investment advice. Information provided does not take into account your particular investment objectives, financial situation or investment needs.

You should assess whether the information on this web site is appropriate to your particular investment objectives, financial situation and investment needs. You should do this before making an investment decision on the basis of the information on this web site. You can either make this assessment yourself or seek the assistance of any adviser.
xLife Pty Ltd ASIC No. 305213 is a Corporate Authorised Representative of Milennium3 Financial Services Pty Ltd.
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