At The Select Insurance Agency, serving the greater Coppell, TX area, we provide insurance products, including life insurance, to our customers. We love to answer any of their questions, helping them make the right decision regarding their insurance policies. We are occasionally asked whether a life insurance policy can be split between two people, such as a new wife and an ex-wife. Read on to get the answer to this question.
Can A Life Insurance Policy Be Split Between Two Parties?
In many cases, you can split life insurance policies as you wish. Most policies allow you to name beneficiaries and list the percentage of the policy the individual will be given should you pass away. This allows you to split your policy between your children or a current and ex-spouse.
What Are the Alternatives to Splitting a Life Insurance Policy?
If you do not wish to split your life insurance policy, an alternative would be to obtain two different policies, listing the beneficiary as a different party for each policy. However, in many cases, it is more costly to have two policies than one with a higher payout amount.
Life insurance helps protect your family in case you unexpectedly pass away early in life. If you have kids with two different people or have kids with your ex and have a new partner you want to provide for, you may need to split your life insurance payout, or you may need two separate policies to protect all of your loved ones. Regardless of the situation, the agents at The Select Insurance Agency, serving the greater Coppell, TX area, can help you. Contact us now to learn more.