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ENSURING SUPPORT PAYMENTS THROUGH A LIFE INSURANCE POLICY


When you are settling your matrimonial matter, you should ensure that the spouse who is obligated to provide support procures a life insurance policy for the term required to cover these expenses in the event they pass away.


Once you have agreed on support number then you will be able to figure out the total amount of support that you will be either obligated to pay or entitled to receive as a result of the agreement. Basic child support can be calculated, and any pro rata add ons, like unreimbursed medical and dental can be estimated. For instance, you may be able to estimate how much extra-curricular activities will be, college and other additional expenses are going to total during the lifetime of the child support obligation. Once you have that number, a life insurance policy should be obtained to guarantee that all payments of support are secured. The policy should list the person entitled to support as the beneficiary.


As the years progress, the premiums can decrease as the support obligation will decrease. Typically, proof of said insurance policy is required within thirty (30) to (60) days after the execution of the Agreement. By obtaining this policy, support payments, especially for the children, are protected in the event of unforeseen death of the party responsible for the payments.

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