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https://termlife2go.com/life-insurance-to-protect-alimony-and-child-support/
Jun 30, 2016 · Usually term life insurance policies: Offer fixed rates; Cover a certain period of time (as a parent, you are probably interested in coverage that will last at least until your child is 18 or 21) Term life insurance policies may: Be convertible; Not require a medical exam; Include provisions covering disability, such as long term care riders
https://www.waterwayfinancialgroup.com/life-insurance-to-cover-child-support/
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.
https://www.newjerseydivorcelawyersblog.com/life-insurance-child-support-alimony-new-jersey-divorce-practice/
Jun 17, 2014 · The rationale for requiring the person paying child support to maintain life insurance is that the child support obligation is a multi-year obligation. If the person paying child support dies without life insurance there will be no stream of income to cover the expense of raising the child to adulthood.
https://www.divorcehq.com/articles/child_support_life_insurance.shtml
Providing life insurance policies to cover one's support obligation is an excellent way to secure the costs of raising a child. The topic of support obligations following the death of the payor spouse, with specific reference to life insurance, should be addressed in the Separation Agreement.
https://www.separation.ca/videos/spousal-support/spousal-and-child-support-life-insurance/
Whether in a separation agreement or as ordered by the court, the maintenance of a life insurance policy is a necessary security measure to ensure that the payor’s dependents, to whom spousal and child support is owed, are not left financially destitute in the event of the payor’s untimely death.
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