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Insurance tips when you get divorce

March 16, 2019
For any person, divorce is a very distressing issue and it can prove to be an emotionally stressful affair for her/him. There may be families that are involved and as such, the entire episode leaves many scars that heal as time goes by. However, while talking about the repercussions of divorce and the trauma that a person goes through, finance and monetary issues are the last items on the list. By this, it is meant to be implied that while facing or finalizing a divorce, the monetary issues are the last ones that bother a person and this is where the root of financial discrepancy creeps in. Insurance is one of the biggest safeguarding parameters of a successful financial portfolio and acts as a guarantee of future security. Therefore, needless to say that there are certain insurance tips that you must follow when it comes to handling your finances after a divorce. Following is a list of certain insurance tips that you must follow for ensuring that your finances do not suffer post divorce:
  1. Ensure that you discontinue any joint insurance policies after making certain that you are the only party that is paying the premiums. This means that joint financial obligations must be taken care of by you. This may initially seem to be a very difficult thing to do but this is very essential because this ensures that there is significant credibility to your claims post-divorce.
  2. Taking out an individual policy is the next step that must be taken as this will relegate your financial decision-making to your own interests and financial capabilities. This must be in fact, done right after the filing for divorce as this will mean that you do not suffer from any bad credit score and that your independent financial leverage is maintained.
  3. Keeping a track of the payable premiums towards a policy until the time of lapse (which may still be there) is also important. This will give the necessary leverage as updating your financial records makes you attain more transparency in your records and helps you in preparing your independent budget accordingly. This also gives you the equitable idea of managing your liabilities and helps you in channelizing your income sources in a better manner.
  4. Create your own separate budget after the divorce and ensure that you change the beneficiaries on any of your finance-related plans or documents (e.g. your pension plans or post retirement plans, if any. Besides, you must try to become more independent in your financial dealings and take time to educate yourself properly about the available financial/investment options.

Remaining prepared financially for any such eventuality is always better and makes you more responsible towards your decisions. Being insured is one sure-shot way of ensuring that your savings and your finances stay secure at all times.

HDFC Life offers numerous term insurance plans for your benefit and for ensuring that there is a stable guarantee of a secure future at all times for you and for your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.

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