5 insurance moves to make if you’re getting divorced in your 50s

Divorce can have massive financial implications at any age, but for older divorcees, who may have more wealth and more complicated finances, particularly when it comes to insurance.

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Life insurance policies will pay out to the named beneficiary even in the event of a divorce, so if you don’t remove your former spouse, they’ll get the death benefit.

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Make sure you’re still covered by health insurance

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Update your health care proxies

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It’s even more important to protect your income when you become single — there’s no one else to lean on if you’re unable to work.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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5 insurance moves to make if you’re getting divorced in your 50s

Divorce can have massive financial implications at any age, but for older divorcees, who may have more wealth and more complicated finances, particularly when it comes to insurance.

Life insurance policies will pay out to the named beneficiary even in the event of a divorce, so if you don’t remove your former spouse, they’ll get the death benefit.

Update your beneficiaries

Make sure you’re still covered by health insurance

Health insurance could be another difficult consideration for people who previously got their coverage through a spouse.

Update your health care proxies

Your health care proxy is someone appointed to make health care decisions on your behalf if you’re terminally ill or mentally incapacitated.

It’s even more important to protect your income when you become single — there’s no one else to lean on if you’re unable to work.

Consider disability or long-term care insurance

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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