Insurance

Health Insurance: If you have health insurance through your spouse’s employer, you’ll be eligible to stay on that coverage at your own expense (or your spouse’s expense) for up to 35 months through COBRA coverage. The problem is that COBRA coverage is typically very expensive. You may want to shop around for health insurance before finalizing your divorce. Our office can recommend you to an insurance broker if you’ll give us a call. You can also check www.healthinsurancefinders.com, a web site that helps people shop for health insurance.

Life Insurance: We usually suggest that both parents have life insurance. If you don’t have children, you will want to have life insurance insuring your spouse’s life as long as you have intertwined finances, like a joint home mortgage or you’re paying or owe spousal support or alimony.

We often recommend that clients consider 20 year level term coverage. Term coverage is less expensive than Whole Life policies, and it doesn’t accrue a cash value, but it still provides a death benefit in the event of your untimely demise. “Level premium” insurance offers a fixed rate for a set period of time (e.g., 20 years). This insures that the cost of the policy won’t rise, even if you become sick or uninsurable later on.

You can get a quote online at www.accuquote.com and on numerous other web sites as well as through insurance brokers. Amica Life Insurance has also recently dropped their rates for level term insurance. You can contact them at www.amica.com or (800) 234-5433

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