Most women are really good about getting their annual checkups. We don’t necessarily enjoy the process, but we understand that it has to be done. With my family medical history, I am even more neurotic about staying on top of my health. In addition to my physical health, I make sure I do an annual check-up, or audit, of my financial situation. Of course I stay on top of it regularly, but I like to step up the critiquing process at the end of the year. When I was married, this was something the ex and I would do annually. Now that I am “single”. or not married, I feel it is even more critical that I take time each year to make sure that my children and I are covered. During my audit, I like to meet with, or chat with my financial advisor, insurance professional, attorney, etc. Basically I like to make sure all of my ducks are in a row, particularly if a “life event” occurred that year.
During this year’s audit, I was given the advice to get an insurance policy on the ex-hubs. I must have given my advisor an odd look because he felt compelled to elaborate. He told me a story; you know how attorneys and insurance folks love to tell you stories! Heck, he may have made this up as he was going! He told me a story of a single mom with a couple of children (convenient…she is like me!:). The ex worked sporadically and the mother was not really sure how much the ex made. The mother did know that the children were cared for while in the father’s care though, and that the new wife was the primary financial provider in their family. My advisor went on to say that if that man dies, the mother would then carry the full financial responsibility of caring for the children until they were adults. Much like if the couple was still married, right? Right. Whether married or divorced, you share the financial responsibility of caring for shared children. “So if you have a policy on a spouse, why wouldn’t you on the parent of your children?”, he asked. I couldn’t argue with that logic.
So, I followed the advice of my trusted professional and applied for a policy. If you consider this for your situation, I encourage you to reach out to Petersen International. Their customer service is top-notch and they can even write a policy without the involvement of your ex (in case they don’t want to, can not, or choose not to participate). When you talk to your trusted advisors, be sure to discuss how to set up the beneficiary; you may decide that a trust as the beneficiary is right for your situation.
*I am not an insurance professional, tax advisor, attorney or the like. This is simply my story. This is not an attempt to sell anything and I am not a rep for, or being compensated by PI!