Disability Insurance and Divorce Mediation

As a NJ divorce mediator, I am always discussing with my clients the need for life insurance to cover each of their outstanding obligations to the children for child support and college expenses and in the case of someone paying alimony, the need to cover the obligation for that as well. Sorry to be morbid here but what happens if you don’t die but instead, are tragically injured and unable to work? What good is life insurance going to do for your family? That’s why it’s important you also consider disability insurance as another tool in your toolbox to provide for your children post-divorce should something unfortunate happen to you. Whether you realize it or not, insurance is getting more expensive and even if you have coverage through your employer, the benefit is probably capped and only for a fraction of your income. And if you lose or change jobs, you may lose the benefit. I know it’s not the nicest thing in the world to think about but better to prepare for the worst than hope for the best…