Can Child Support Take Life Insurance?
4330 POINTSview profileJerry Vanderzanden, CLU, ChFCCo-Founder, Coastal Financial Partners Group, CaliforniaThis is more of a family law question than a question that can be answered by life insurance professionals. You should contact an attorney with family law experience for advice. It is not unusual for divorce decrees to address and give direction with respect to how life insurance is to be handled.Answered on May 22, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaThe question is a little vague, but if you mean can life insurance be part of the child support arrangement as a component of custody, the answer is yes. Many attorneys require the spouse to carry life insurance on themselves for the benefit of the children for their ongoing support in the event of death.Answered on May 22, 2013+01+1 this answer
0flag this answerview more answers by David Racich
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaChild support depends upon the person paying it to live. The children and the ex-spouse have an insurable interest in the person owing the child support. When the attorneyss hammer out the agreement the parent with custody should insist on two things, cooperation from her ex-spouse to secure life insurance, and that the child support include enough to cover the insurance premium in addition to other expenses. However, don’t use transferred life insurance to do this job. Have the spouse with custody apply for the policy and be owner, payer and beneficiary. That way you know that the policy will be in force when death occurs. This has happened to my clients.Answered on May 21, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
