Divorce and Insurance: Make Sure Your Client Has the Right Insurance

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Every professional working with divorcing clients should be mindful of the importance of insurance, particularly for the spouse receiving spousal and/or child support. Insurance is crucial for the long-term viability of the support agreement. Without adequate insurance on the payor spouse, the recipient spouse is at risk of losing his or her support income. This could occur for a variety of reasons: the spouse with the ongoing child or spousal support obligation could die or become incapacitated, for example, or could lose his or her employment or could alter the designated beneficiary in the group plan.

Sean McLean

FEA

Sean is a co-founder of McLean Phillips Wealth Management and partner of Richardson GMP. He is an Investment Advisor and a Family Enterprise Advisor (FEA), providing wealth management advice to high net worth and ultra-high net worth individuals and families. MPWM is also the founding chair of the Vancouver chapter of Divorce Alliance.

Jay Gangnes

CFP®, CLU, CCS

Jay is the owner of JR Financial, where he specializes in corporate tax planning and high net worth personal estate planning. He works in house as an insurance consultant for Richardson GMP Insurance Services Limited to develop customized solutions that meet the client’s needs. He received his CLU designation in wealth transfer and estate planning in 2012, and is a member of the Million Dollar Round Table.