Changing Life Insurance Coverage After Getting Remarried

Changing life insurance coverage after getting remarried is a common topic when discussing life insurance with your fiance among insurance consumers. Oftentimes, those that were smart enough to purchase life insurance at a young age will come across times in their life when they need to update those policies. The good news is that because this is such a common procedure, there are very simple processes in place to handle these requests. As long as you have the pertinent information for these new beneficiaries, you're only required to fill out a Change of Beneficiary Designation form and then file it with your representative.

Obtaining Life Insurance Forms

Most of the time, if you don't get one of these directly from your agent, you can download one directly from the provider's website. This is very efficient because no matter what time or day or night it is, you can check this particular item off of your to-do list. For those clients who are very busy during the day trying to figure out their work and family schedule, this is a great time saver.

If you have questions before you fill out this form, then you might want to set up a meeting with your life insurance company. Because of the new technology that is helping clients in this market, you can do this either virtually or face-to-face. Customers who have already met their agent previously may do just fine with a phone call meeting in order to get any answers they are looking for. It will be just as effective as sitting in front of the representative and having a regular meeting, but it keeps them from having to commute anywhere or take special measures to rearrange their day. However, for those who prefer the direct contact and personal touch that a life insurance agent gives them, they may find it just as beneficial to meet with them in their local office.

Including Stepchildren into Policies

Sometimes getting remarried doesn't just mean changing life insurance to include spouses, but also stepchildren as well. If this is the case, then you need to be very clear on how many people are listed, what percentage of your assets they should receive and all other legal details. Without this preparation, these situations can sometimes end up in civil court where they will be settled by a judge. Because you won't be there to have any say in the matter, you may not have your wishes carried out because they were not completely and clearly written down. You can avoid this whole matter by talking to your life insurance agent. They will let you know what the most common procedures are and how you can plan ahead to take care of your new, growing and changing family.

Of course, changing life insurance coverage after getting remarried is nothing new and people divorce all the time. If you do not plan on changing the life insurance policy, but instead plan on leaving it to an ex-spouse so your children will be taken care of, then that needs to be specified. By clearly stating this, you'll avoid any legal battles on which person should receive the compensation if you pass away and how that should be distributed. For those circumstances where you are leaving it to your children only, you may want to have a financial guardian in place until they become of legal age to manage the funds. Then, they can take over and use that amount for whatever investments they wish. In the meantime, the guardian will keep it safe and out of any unnamed hands.

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