Should I consider additional life insurance now that I am divorced?
Life insurance is a great way to ensure that financial support would continue – even in unforeseen circumstances. If the supporting spouse dies unexpectedly the recipient will suffer a sudden and possibly catastrophic loss of income. To protect against this, it is recommended to consider purchasing a life insurance policy on the life of the supportive spouse with the recipient spouse as the beneficiary. It is an important risk management recommendation that, despite who bears the financial responsibility of paying the insurance premiums, both spouse receive annual notices on the policy and its in-force status.