Rhode Island Info

Rhode Island Divorce Start Your Divorce Find Professionals Rhode Island Articles Divorce Facts Divorce Grounds Residency Divorce Laws Mediation/Counseling Divorce Process Legal Separation Annulments Property Division Alimony Child Custody Child Support Divorce Forms Process Service Grandparent Rights Forum Rhode Island Products Divorce by County

Rhode Island Articles

Agreements Custody & Visitation Child Support Divorce/General Domestic Abuse Financial Planning Property Division Spousal Support SEE ALL

Info Categories

Contemplating Divorce Children & Divorce Divorce, Dollars & Debt Divorce Laws Divorce Process Divorce Negotiation SEE ALL

More Information

Articles Checklists Research Center Cases of Interest Dictionary Encyclopedia Encyclopedia (pop-up) Blogs

For Professionals

Advertise With Us Free Network Page Join Our Network Submit Articles Case Management Sign In

Network Sites

Rhode Island Divorce Support Rhode Island Divorce Online

You May Not Care If Your Ex Lives or Dies, But Insure the Payments

Life insurance is one of those subjects few people want to think about most of the time. Fewer still take the trouble to review coverage and implement changes (and some still need prodding from the agent or financial planner). In the divorce process, life insurance on the ex-spouse who is responsible for alimony and/or child support is an often overlooked area in the divorce settlement. Just as when the spouses were married and perhaps starting a family, the underlying reason for insuring one's life is still very valid; having the mechanism to replace the income needed to support surviving dependents.

It's interesting to see spouses and their attorneys draw lines in the sand and then engage in strategic warfare over alimony or asset division, but fail to insure the payments the receiving spouse (and children) depend upon for living needs. The paying spouse may even intend to fully and faithfully comply with their obligations, but fate may have other plans.

Depending upon the payment period, the insurance may not be an insignificant amount either. For custodial parent receiving even a few years of monthly spousal support and child support for small children, the life insurance benefit may need to be $250,000 or more. To determine the appropriate amount, a calculation of "present value" may be needed that includes the desired monthly payments needed, inflation considerations and usually a rate of return assumption (conservative recommended). Term insurance (for the period of payments required) is usually a good and least expensive choice as well.

Don't forget to also include life insurance on a custodial parent as well. Their income and care-support for the child or children are valuable too, since the non-custodial parent may not be able to afford total care for the children by themselves either. In addition, "living" insurance, (such as disability and health insurance) should also be reviewed. An ex-spouse may have every intention of making alimony or child support payments, but if they cannot work due to illness or injury, these obligations may be suspended or cease altogether.


Was this helpful? Like our site & let us know.

Related Articles


Start Rhode Island Divorce Start Your Rhode Island Online Divorce Today
Easy, Fast and Affordable with a 100% Guarantee.
Rhode Island Divorce Find Rhode Island Divorce Professionals in Your Area:
Join the Network
Rhode Island Divorce Products, Services and Solutions Rhode Island Divorce Products, Services and Solutions
Rhode Island Divorce Resources to Help You Through the Process.
Online Parenting Class Rhode Island Mandatory Online Parenting Class
Easy and convenient - complete at your own pace online.
Divorce and Custody Books Discount Divorce Bookstore
Over 100 Titles of the Best Books on Divorce & Custody.
Divorce Downloads Divorce Download Center
Instantly Download, Books, Manuals, & Forms.
Divorce Worksheet Free Rhode Island Divorce Worksheet & Separation Agreement
Your Guide to Get Organized and Put Everything in Writing.
   
Rhode Island family law recognizes common law marriages.
Divorce Lawyers & Mediators
 

Find Professionals

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code:

 

Start Your Divorce File for a Rhode Island Divorce

 

Settle Your Divorce Negotiate Your Rhode Island Divorce

 

Support Forum Rhode Island Support Forum

Children In Between - Online Parenting Class


FEATURED TOOL - Online Divorce Calendar (an ideal way to keep all of your divorce related issues private and well organized)

Guarantee Official PayPal Seal Facebook Twitter Versign Secure Site
Limited Offer Women's Rights Manual For Divorce
Cover Price: $55.95
Your Price: $29.95
You Save: $26.00

"The Absolute Best Investment in Your Divorce"

Men's Rights Manual For Divorce
Cover Price: $55.95
Your Price: $29.95
You Save: $26.00

"Uncover Your Options and Unleash Solutions"