#FinanceFriday: Getting a divorce? Here’s what to do with your life cover

Life cover policies are an absolute must when a couple ties the knot.

It is the certainty that your family is financially provided for should something happen to you.

However, what does this mean in the unfortunate event of you and your spouse getting a divorce?

Here is what should be done with a life cover during times such as these:

• Beneficiary details need to be updated:

Once a divorce is finalised, it is then important to reconsider the details of who your beneficiary will be.

This alone will avoid any family drama in the event of your death.

• Change the banking details as soon as possible:

You are divorced now and therefore no longer financially dependent on your spouse.

Make sure to contact your policy holder and update them with your new details.

• Consider your children at all times:

No matter how messy the divorce can get, the children should remain a priority at all times.

Make sure both parties’ life cover financially secures the children, should anything happen to you.

• Re-evaluate the sum insured according to your current financial situation:

Your finances will obviously take a knock after a divorce, so have your plan re-evaluated to suit your current financial status.

Also read: #FinanceFriday: How to plan your finances this Spring

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