Divorce has become commonplace in the U.S. You may be recently divorced, or perhaps you went through a divorce years ago – no matter what your marital status may be, it is important to identify your future goals and objectives, and make informed decisions about insurance and financial matters.
Reasons for purchasing life insurance vary as a person progresses through the different stages of life, and life insurance can play a significant role in creating a solid financial foundation at any age. Life insurance is a purchase you should consider if you:
- Have loved ones who depend on your financial support
- Owe on a mortgage
- Are providing education funding for children or grandchildren
- Have accumulated considerable assets (an estate) that you want to preserve
- Own a business
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If you have children, it is important that both parents have life insurance coverage, so that your children will be taken care of financially in the event of the death of either parent. Farm Bureau Financial Services provides a variety of
life insurance policies. A Farm Bureau agent can help you sort out the array of options available to you.
It’s possible that until now, your investments and financial documents have been in the name of your spouse or in both of your names. At this time, you’ll want to address necessary changes to these arrangements, and if you haven’t already, embark on a strategy for your own financial future. Taking responsibility for strengthening your financial portfolio to help ensure the appropriate funds are available when you need them is an important task, and generally involves more than simply establishing a savings account.
Mutual funds,
annuities and variable products – such as
Variable Universal Life insurance – offer you the opportunity for greater growth potential and the ability to diversify your funds based on your objectives. Many investment options are available. The key is to implement the investment strategies that are appropriate for your specific objectives and tolerance for risk.
Regardless of whether you rent or own it’s essential to insure the place you call home. It’s the best way to help ensure that when unexpected events occur, you are not caught off guard. With both
renter’s and
homeowner’s insurance, your policy can cover the cost of replacing your clothes, furniture, electronics and other property in the event of a fire, burglary or natural disaster. It is important to protect yourself if someone is injured at your residence or as a result of your personal activities away from home. A Farm Bureau agent can help you decide what type of coverage is appropriate for you.
If you own a vehicle – or if a vehicle you owned with your spouse is now in your name – it’s important to have it insured. In fact, many states require drivers to carry proof of insurance. With
auto insurance, you are better prepared to handle unexpected collisions, vandalism, break-ins and other situations where damages or injuries may occur. Whether you own a compact car, a heavy-duty pickup or a
commercial vehicle, your Farm Bureau agent will help you choose coverage to fit your needs.
Would you be financially prepared if you became injured or ill, and unable to work for a substantial period of time? As a divorced person, the financial responsibilities likely would fall completely on you.
Disability income insurance can help provide the income needed to meet your day-to-day expenses if you become disabled.
It’s a good idea to own a
long-term care insurance policy, which provides coverage you may need if you become unable to perform daily tasks on your own. It may not seem pleasant or even possible to you now, but the time may come when you need to be placed in an assisted-care facility, such as a nursing home or skilled-care facility, or have home health care. At that time, you’ll want to make sure the burden does not fall upon your family to fund such an expense. Most long-term care plans will give you the option of deciding how much coverage you want. Your Farm Bureau agent can provide more details on long-term care insurance.
Any significant life change – such as getting divorced – can be a reason to examine the arrangements you’ve made in the event of your death. An
estate preservation strategy can help ensure that your assets are distributed according to your wishes. With a strategy in place, less money goes toward administrative costs, estate taxes and probate expenses. It is important to make sure your beneficiary designations and other elements of your estate preservation strategy reflect your wishes today. Estate preservation is an ongoing process. Review your strategy often with your Farm Bureau agent and financial advisers as necessary to make sure it is up-to-date with your present wishes.
