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  • Various stages of load shedding for the week
    Source: SAnews - South African News Published on 2022-07-04
  • Protect children from alcohol, drug abuse
    Source: SAnews - South African News Published on 2022-07-04
  • Government pursues innovative ways of linking learning with earning
    Source: SAnews - South African News Published on 2022-07-01
  • Action expected against striking Eskom workers
    Source: SAnews - South African News Published on 2022-07-01
  • Proposed changes to school infrastructure regulations
    Source: SAnews - South African News Published on 2022-07-01
  • Winter rainfall boosts dam levels
    Source: SAnews - South African News Published on 2022-07-01
  • Odendaalsrus police station closed due to OHS non-compliance
    Source: SAnews - South African News Published on 2022-07-01
  • SA calls for probe into migrant deaths
    Source: SAnews - South African News Published on 2022-07-01
  • Load shedding downgraded to stage four until 4pm
    Source: SAnews - South African News Published on 2022-07-01
  • SA reports 399 new COVID-19 cases
    Source: SAnews - South African News Published on 2022-07-01
  • Changes to 2022 tax filing season
    Source: SAnews - South African News Published on 2022-07-01
  • SACU calls for dialogue negotiation in Ukraine conflict
    Source: SAnews - South African News Published on 2022-06-30
  • Eastern Cape communities receive forestry plantations
    Source: SAnews - South African News Published on 2022-06-30
  • Work underway to finalise awarding of R17 billion SANRAL projects
    Source: SAnews - South African News Published on 2022-06-30
  • Load shedding ramps up to Stage 6 from 2pm
    Source: SAnews - South African News Published on 2022-06-30

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What happens to life cover after divorce?​

2 min read

What happens to life cover after divorce?

By Saai Mahlangu

Many individuals who get married place emphasis on taking out life cover to protect their families in the unfortunate event of death.

However, when going through the emotional stages of a divorce, reviewing and updating your life policy can often be the last thing on your mind.

Lee Bromfield, CEO of FNB Life says, similar to the process of entering into a marriage contract, partners should factor in unfortunate circumstances like a divorce when taking out life insurance for their families, especially if there are children involved.

He unpacks five options available to consumers after a divorce:

  • Changing beneficiaries – if you are no longer financially dependent on each other, you should review and update your beneficiary details. This is to ensure that the correct beneficiaries are paid out should anything happen to one of you.
  • Banking details – individuals who are paying their policies from a joint account should contact their insurer and update their banking details, to avoid the policy lapsing if premium payments are no longer honored.

If your policy lapses, you will no longer be guaranteed the same premium on a new policy, due to factors such as age and your current health conditions, amongst other factors.

Similarly, if you were financially dependent on your partner, you can either take over the policy payments or discuss the way forward during your divorce settlement negotiations.

  • Financial need of children – when there are children involved, an agreement should be reached by both parties in order to protect them financially should both or one of you no longer be around. The decision taken will be based on your individual circumstances as well as estate planning arrangements.
  • Sum insured – your financial situation may change after a divorce, making it necessary to adjust your life cover amount to cover any shortfall.
  • New policy – individuals who did not have a policy of their own while married should now consider taking out their own policy.

“Failure to review and update your life policy after a divorce, may not only lead to family disputes and costly legal battles, but those who are dependent on you in financial distress,” concludes Bromfield.

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