Divorce and How Disability Insurance Can Protect Alimony Payments
If you are one of the many Americans who will face divorce, you know that there are many things to consider. One of those things is the security of your alimony payments. If your former spouse becomes disabled and can't work, what will become of your alimony payments? Luckily, you can request that an individual disability insurance policy be maintained by your ex, to make sure alimony continues even if he can not work. Many good lawyers make this a standard request when negotiating divorce settlements these days.
The facts are that an individual has a 30% risk of becoming disabled for 3 months or more between now and the time he or she is 65. Average disability duration is 3.2 years in length. If your ex were to suffer a disability that kept him from work for a long time period, how would your alimony get paid?
Different Types of Disability Insurance
Disability insurance is exactly what is needed to ensure that an individual can survive and meet his or her financial obligations in the case of becoming disabled. There are three different types to choose from. Long-term disability coverage is available through your workplace. Plans are also available through professional groups and unions. Individual disability insurance is the third option and the best one. It is typically the option that provides the best benefits with the loosest set of qualifications, making it easier to become eligible. While this is also the most expensive of the three types, it is the most secure. If you are looking to protect your alimony, make sure that your lawyer includes a clause in the divorce agreement that your ex must maintain a private individual insurance plan.
The Reality of Disability
More than 90% of disability claims result from common illnesses such as heart disease, diabetes, cancer, stroke, MS and back and neck problems. Such illnesses often begin without warning unless you have major risk factors for them. Despite the fact that it is rather unfortunate when illnesses happen to anyone, you would still be concerned about your alimony should your former spouse fall ill. However if he or she carries disability insurance, you can feel more at ease about it.
Even though a disability insurance policy is just one of the multitudes of things to think about when planning a divorce, it can make a huge difference to your financial future. Get started today looking for an individual policy for yourself and get the information you need to pass along to your former spouse.