Life Insurance for the Benefit of the Minor Children
Most courts have recognized their inherent authority to require the support obligor to obtain or maintain life insurance on his/her life for the benefit of the minor children of the marriage, e.g.:
Once the children reach the age of majority, the support obligor may remove the children as beneficiaries of the life insurance policy, e.g.:
The courts are much more willing to find they have the authority to order the payor to maintain life insurance for the benefit of minor children than for the benefit of a former spouse because the obligation to support a minor child survives the death of the parent and is imposable on the estate of the payor.
Resources & Tools
DISABILITY INSURANCE -- A disability policy can be essential should an employment income source no longer be available due to disability. A single person who becomes disabled and unable to work may be at risk, particularly if the former spouse who is providing financial support becomes disabled. A disability policy pays a monthly benefit, which is usually around 60 percent of gross wages.
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