Some people make the decision to purchase life insurance to cover child support, while others are mandated to do so through a court order. Many states are now making it mandatory for people to purchase life insurance when they will assuming life insurance payments. We are big proponents of all parents owning life insurance to protect not only themselves, but also their family. Life insurance will make sure your family will have the financial means to keep the standard of living they currently have if a breadwinner were to pass away.
Whether you are voluntarily purchasing life insurance to cover child support, or it has been court ordered we can help you evaluate your different options. We have many different types of policies which offer affordable coverage options from term life insurance to more permanent life insurance solutions. More importantly, we can help you obtain coverage quickly.
It is becoming increasingly more popular for life insurance to be included in divorce settlements. One of the uses is life insurance to cover alimony, but even more popular has been using life insurance to cover child support. Many of these agreements are being settled upon by both parties in a divorce, since it is for the welfare of the children involved in the family. The basis of child support is to provide income to children to be sure they are cared for.
If the paying spouse in a child support situation were to pass away, the income would stop going toward the children. A great way to make sure children can still be taken care of is through the use of life insurance to cover child support. Life insurance is designed to pay a specific amount of money out upon your passing. This money can be earmarked for the care of your child to avoid misuse. To enter into this type of agreement it is important to work with a legal professional.
When it comes to purchasing life insurance, you have many different options. The first thing to consider is the amount of coverage you are looking for. In the case of life insurance to cover child support this probably pretty easy because you are most likely told how much you need to purchase.
The second factor which goes into your life insurance purchase is how long do you need to keep it. Normally, child support agreements will want you to keep life insurance in place until the youngest child is 18. Be sure to check with your agreement before making this decision.
The great thing about term life insurance is we can match the term of the insurance policy to how long you need to keep it in force for. Term life insurance provides to coverage you need with a very affordable monthly premiums. We would be happy to also get you proof of insurance which is most likely needed in the legal agreement.
We have helped insure many people who need life insurance to cover child support. One of the commonalities is they need coverage quickly, and without hassle. This is where our online life insurance quoting tool comes in play. Through our quote tool you can see quotes from over 50 carriers in less than a minute. Once you find what you’re looking for, our experienced agents will reach out to you in order to finalize the application process.
If you have any further questions about life insurance to cover child support please don’t hesitate to reach out to us.