“After the dust clouds of my divorce had lifted, I decided to take a thorough look at my financial situation. Insurance is of course also part of this. What I found surprised me. Every month I paid insurance premiums that were not necessary at all.”
Guilt
It wasn’t the first thing Yvette thought of when she and her husband decided to split up. “No, of course your thoughts go out to the children first. I felt so bad towards them. Their familiar life was suddenly turned upside down. No more mom and dad being in the house at the same time. You feel so guilty.”
But after the worst fright was over, Yvette thought it was time to dig through the finances. “My ex is certainly not into that, so he just let it run its course. But it seemed logical to me that things would change in terms of insurance if you split up. For example, my ex had taken the car, but it was in my name! So I paid for the insurance. We had also taken out health insurance together at the time. I don’t remember why, but it did mean that I was now dealing with the costs.”
After a divorce, it is important to arrange everything properly, for yourself and the children. So that no unnecessary financial risks arise in the future. “That feeling came over me very strongly,” says Yvette. “Once the divorce kind of landed, I dived into finances like a lioness.”
In the end, there were several insurance policies that Yvette could save on. “A divorce is not fun, so why would you also be left with unnecessary costs?”, she says. “I think that a lot of people don’t think about it like that with such an unpleasant event, but it really pays off to go through your insurance policies, for example. Not for my ex no”, she laughs. “He suddenly got costs, which he had no idea I had paid all those years.”
Expert advice
According to Joey van Druten, insurance expert at risk advisor Aon, it is important to always report changes in your family composition – such as a divorce – and matters such as moving house to your insurer. This may have consequences for a number of insurance policies.
The fewer souls, the fewer risks
Passing on a new family composition is important for several insurance policies. Changing the composition may have consequences for the premium. For example with a building and liability insurance. If fewer people live in your house due to divorce or death, the premium you pay for this may be lower.
The value of your household effects can change
When you get a divorce, there is a good chance that the value of the joint household effects will change. As a result, it may happen that the insured amount is not correct and that you pay too much premium. That is why it is important to report this to the insurer. In addition, it is wise to take out your own home contents insurance. If possible, take out this household insurance with the same insurer where the home insurance also runs (if applicable, not for apartments). Otherwise there may be overlap in coverage.
Legal aid in the event of a divorce is not always standard
The same applies to legal expenses insurance as to liability insurance. Some legal expenses insurance provides direct cover to the entire family. Such as that of Aon, where as standard the whole family is assured of legal aid. Incidentally, for legal assistance in the event of a divorce – which may come in handy in a disputed divorce – additional cover is required. This is not standard.
Car insurance: share your claim-free years after divorce
A move can have consequences for the premium. That is why it is important to always report this to the insurer. The premium of car insurance is partly determined by your zip code, because, for example, more thefts and accidents take place in one place of residence than in another. Do you no longer use the car together? Report this to your insurer and your partner will be removed from the policy. After a divorce, the claim-free years can also be shared between partners.
Correct number of people on the trip insured
When you get divorced, it is good to adjust the annual travel insurance to the right number of people. This is important when you travel, because it covers medical costs abroad. When you take out travel insurance, pay attention to whether you already have additional health coverage through your health insurance. If this is not the case, it is advisable to insure additional medical costs in the travel insurance.
Useful Links:
· How do you avoid under- or over-insurance?
· What does legal expenses insurance cover?
· Transfer claim-free years from your car to your (ex-) partner