Today I spoke to a client of mine and I wanted to share his story as it could resonate with others.
My client, “Dr. Spine” is an orthopedic surgeon who recently went through a nasty divorce. He has 2 children ages 6 and 10. He is responsible to pay his ex-wife $4000/month in alimony and an additional $4000/month for child support.
We reviewed his disability insurance to make sure it was up to par. He currently carried $3500/month benefit and has a group policy through his orthopedic surgery practice. After calculating his eligibility, he needed to add an additional $10,000/month of individual benefit. If he became disabled, he would still be responsible to cover the payments to his ex-wife.
For the life insurance, we needed to add benefit to those obligations, too. We decided on an additional 15 year term policy that would cover him until his youngest was 21. He purchased enough to cover those obligations as well as college costs and other items he wanted for the benefit of the children.
I made sure he contacted his estate planning attorney to ensure his will and trusts were up to date for the insurance.
Dr. Spine’s divorce decree spelled out his obligation to carry out his payments even if he died or were disabled.
If you are going through the process of a divorce, it is important to consider your insurance situation to ensure it is still performing properly.
For more information about disability and life insurance for divorce, insurance for physicians or to request a quote comparison, contact Set for Life Insurance today!
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