This is a nice article how the court can order life insurance to be maintained by the parent responsible for making child support payments. This is done to protect the residential parent in the event of the untimely death of the spouse required to pay child support. While life insurance is one mechanism to ensure that child support payments are protected, another way to accomplish the same result is through Social Security. The parent responsible for child support may be entitled to a monthly Death Benefit through Social Security that meets or exeeds their child support payments. Even if it doesn’t, that portion could be used in conjunction with life insurance benefits to cover the monthly child support. So look at your Social Security statement that is mailed usually every March to see if you have accumulated a Monthy Death Benefit. If you have, you can name your children as beneficiaries and they would be entitled to receive these benefits if you are deceased.
By using this option, you can reduce your expense for life insurance to cover child support in your divorce proceeding partly if not entirely. If you have any questions, please feel free call me to discuss this further.