During a divorce or the end of a cohabitation relationship, many things come at you. Besides the emotional impact and practical matters, it is important to also review your insurances. Here are some insurances that you may need to adjust or reconsider when separating.
Health Insurance
If you have a joint health insurance policy, both of you will need to take out your own policy. This also applies to children. Often, children remain on one of the parents' policies, so discuss well who this will be and whether this is the best choice in terms of coverage and costs.
Home Contents Insurance
During a separation, belongings are often divided. This affects the home contents insurance. If one of you stays in the shared home, the home contents insurance may need to be adjusted based on the new situation. The other person will need to take out a new home contents insurance policy for their new home.
Home Insurance
Home insurance covers damage to the property itself. If one of you stays in the home, the insurance must be put in that person's name. If you leave the home, you might need home insurance for your new property if you become a homeowner.
Liability Insurance
Personal liability insurance (PLI) provides coverage for damage you cause to others. If you had a joint policy, you will need to split it. Both ex-partnpers will need to take out their own PLI to remain properly insured.
Car Insurance
With joint use of a car, a decision needs to be made about who will take over the car. The person keeping the car must put the insurance in their own name. Pay attention to the preservation of accumulated no-claims years, as these affect the premium.
Life Insurance
Life insurance can be linked to a joint mortgage or taken out to support each other financially. After a separation, you should evaluate this insurance. Sometimes, it is advisable to adjust or terminate the policy. If you have children, it can be useful to keep the life insurance, but with an adjusted beneficiary.
Legal Expenses Insurance
This insurance provides legal assistance in disputes. A joint legal expenses insurance policy must be split. Both ex-partners may need their own policy, depending on the new situation.
Travel Insurance
If you have joint continuous travel insurance, it will need to be adjusted. Each ex-partner must take out their own policy. Also, consider coverage for children if they go on vacation with one of the parents.
Conclusion
A separation affects multiple insurances. It is important to take timely action and make the right changes. Contact your insurance company to review the policy terms and seek advice. This ensures that you remain well-insured after the separation and avoid surprises.
