Life insurance and divorce decree

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PostPosted: Tue Mar 16, 2010 10:24 am   Post subject: Life insurance and divorce decree  

I'm sure, one needs to have another look at the insurance clauses when he files for divorce. Will it really cause any damage to our health and life insurance?


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RomulusM
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PostPosted: Wed Mar 17, 2010 2:40 am   Post subject:   

The life insurance contract itself remains uneffected. By which I mean if you do nothing, nothing will happen.



The divorce decree might require you to carry a certain amount of coverage and name your spouse as the beneficiary. In some situations, you might also be required to pay some of the premium for individual health insurance.

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PostPosted: Wed Mar 17, 2010 6:29 am   Post subject:   

You could reassess your insurance needs in order to be sure of what you need and what not. You must decide on which of the old policies you'd like to keep and also determine if you'd like to add any new coverage to your list.

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PostPosted: Thu Mar 18, 2010 10:22 am   Post subject:   

Make sure that your spouse has adequate health insurance. He/she will remain associated with your child's future. If you were carrying health insurance for your spouse, you may suggest him/her to stay covered under COBRA.

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PostPosted: Fri Mar 19, 2010 6:27 am   Post subject:   

Quote:
If you were carrying health insurance for your spouse, you may suggest him/her to stay covered under COBRA.


You should never have any coverage gap. A gap could mean a lot of hassles if you'd develop a health condition. It might pose serious problems for you in the future. Remember, you'll find it tough to get yourself covered with such conditions.
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PostPosted: Sat Mar 20, 2010 12:53 am   Post subject: insurance  

The Life Insurance, I carry, is through the Military (SGLI). When a couple is divorced, the ex-spouse automatically comes off your Insurance (need prove of a Divorce Decreee, however), unless otherwise specified.

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PostPosted: Thu Mar 25, 2010 4:30 pm   Post subject:   

Servicemembers' Group Life Insurance (SGLI) does not provide any life insurance for spouses, so there is nothing for a divorced spouse to "come off" of as an insured. As a beneficiary, however, he/she cannot be terminated by divorce or court order, only by action of the policyowner.



Medical coverage under Tri-Care is a different matter, and I have little information in my files about Tri-Care. But even Tri-Care is subject to the provisions of COBRA, and a divorced spouse would be entitled to continuation under Tri-Care for up to 36 months following the divorce/separation, if they apply for it within 60 days of the qualifying event.



Who pays the premium is an issue for the divorce attorneys/court to decide.



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PostPosted: Thu Mar 25, 2010 11:48 pm   Post subject: insurance  

I mean..my spouse (then) was on MY Life Insurance. When we divorced, he was removed from it.

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PostPosted: Fri Mar 26, 2010 10:56 am   Post subject:   

I'm confused. How does the ex-spouse automatically get removed as beneficiary. If you need a copy of the divorce decree, affirmative action is needed to remove the person, just like any other policy. In other words, if one doesn't do something to remove their ex, that person will continue to be the beneficiary.


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PostPosted: Fri Mar 26, 2010 2:27 pm   Post subject:   

Just to be clear, SGLI (Servicemembers' Group Life Insurance) is ONLY available to ACTIVE DUTY military (including cadets at the Service Academies).



sdchargersfan is referring to FAMILY GROUP LIFE INSURANCE (FGLI), a program created by the VA in 2001, that expands benefits to spouse and children of an active duty servicemember. It does have a provision that termiates coverage for a spouse as of the date of divorce, but also comes with a guaranteed conversion privilege to an individual policy.



This may sound like nitpicking, but insurance is a contractual arrangement. When discussing policies, coverages, conditions, exclusions, etc, it is best to discuss things as accurately as possible.



SGLI is one program, FGLI is a separate program, VGLI (Veterans' Group Life Insurance) is yet another. Each operates under DIFFERENT rules, and none should be confused with the others, or described in ways that make them sound as if they are the same.



Hope this helps.



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PostPosted: Fri Mar 26, 2010 2:50 pm   Post subject:   

Max, since she is saying that it is SGLI and she is talking about coming off of HER insurance, it seems to me as if she is not talking about FGLI. It APPEARS to me as if she is referring to removing her ex-husband as beneficiary on her SGLI policy. However, I freely admit to not always knowing what SDCharger is trying to convey.

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PostPosted: Mon Mar 29, 2010 12:56 am   Post subject: insurance  

I have SGLI. I'm Army Reserves ('part time'), not Active Duty. My spouse (then) was a Benenficiary on my Life Insurance. When I divorced (and showed proof of it), my spouse was taken off, as Beneficiary.

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PostPosted: Wed Mar 31, 2010 4:01 pm   Post subject:   

Well, we finally get the right information. Has nothing to do with the policy, it's merely a change of beneficiary. That could have been done at any time, divorce or no divorce.



But even a change of beneficiary is not "AUTOMATIC" simply because of a divorce. Even in SGLI.



My discussion above about both SGLI and FGLI is not one of beneficiaries, but one of who can be an insured.



It always helps to know which side of the discussion we are supposed to be talking about.



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