Important issues when you get divorced
✔ Insurance cover
✔ Beneficiary designation
✔ Pension payments
Does your insurance cover match your new life situation?
Your insurance cover should always be tailored to you and your life to ensure you the best coverage. As single, it is especially important to be aware of your financial safety net if you get seriously injured or fall seriously ill. Generally, your income constitutes the majority or you and your children's finances, and, therefore, it is vital that you check your insurance cover when you get divorced.
Go through the Insurance Guide at My PFA
Who will receive the payout from your pension plan when you pass away?
If you have designated a beneficiary, the beneficiary will receive the money from your pension plan when you pass away, and, therefore, it is important to check who is named as beneficiary. You may previously have designated your spouse as beneficiary, and you may want to change this designation. Please note that you need to actively decide on designation of beneficiaries as it does not change automatically.
Read about beneficiaries
Who will inherit your money?
A beneficiary designation is an agreement on who PFA should pay out the money from your pension plan to in the event of your death. It is also a good idea to consider who should inherit any other wealth you leave. As divorced, you may have a will you need to change, or you may need to draw up a new will as your ex will typically be named in your previous will.
Read about will and inheritance
If your divorce means that you have extra money at your disposal after the division of property, it is always a good idea to consider whether you ought to increase your pension payments. This can help heighten your standard of living when you retire.
See what effect increasing your payments will have