Divorce is a difficult time for anyone. The emotional trauma aside, you no doubt have a mountain of paperwork and administrative chores to deal with. In the midst of this turmoil, it important not to neglect your life insurance policy.
If your ex-husband or wife took out a 1Life Pure Life Cover life insurance policy in your name and paid the policy premiums, it is important to remember that you can take over the payment of the premiums of this policy.
This is essential for a number of reasons. Read on to find out why.
If you do not take over premium payments on your existing Pure Life Cover life insurance policy it will eventually lapse and you will have to invest in a new policy. This means that you will have to go through the underwriting process again. Should medical underwriting pick up that you have developed a medical condition since your existing policy was taken out, your premiums might be higher than they currently are and your benefit amount might also be less. Furthermore, the simple fact that you are older than when your ex-husband or ex-wife took out your existing policy will also push up your monthly premiums!
If you have Disablement Cover or Dread Disease Cover with 1Life, please note that the same principles apply. Be sure to take over premium payments, or your policy will lapse and you will have to go through the underwriting process again. Married or divorced, with or without children, life insurance is an essential part of your financial planning. Your life insurance pay-out will cover your funeral expenses, the cost of settling your estate and pay off part or all of your unpaid debt, depending on your benefit amount. If you have children who rely on the income you bring home every month, your life insurance pay-out will provide the funds they need to make ends meet without your salary.
If you have any questions or would like to take over the premium payments on your 1Life Pure Life Cover, Disablement Cover or Dread Disease Cover policies please contact us on 0860 10 53 40.