On behalf of The Law Office of Gustavo E. Frances, P.A.
When two Florida parents divorce, one is usually granted the bulk of parenting time, while the other receives visitation. In most cases, the non-custodial parent is also expected to provide financial support for his or her child or children. Child support payments help ensure that the custodial parent is able to cover the cost of a child’s needs. While most parents spend a considerable amount of time negotiating child support, very few think about including insurance in the mix.
Obtaining life insurance on the parent who is making child support payments can make an enormous difference in the family’s quality of life if that parent should pass away before the youngest child reaches the age of 18. Without insurance, child support payments would cease upon such an event, and the receiving parent could be caught in a serious financial bind. He or she would also have to immediately provide child care or other accommodations for the children during the time that they would have been in the care of the lost parent.
Life insurance is one of those things that people often avoid thinking about. They may be reluctant to consider their own demise or the death of a relative. However, failing to ensure a parent who has ongoing financial obligations places the child or children at risk of loss.
The best time for Florida parents to discuss the matter of life insurance is during the larger property division and child support negotiations. Including life insurance may add additional costs, but the value that such a policy could provide far outweighs the up-front expense. Policies need only cover the period of time until a child reaches adulthood, although there are many different types of life insurance, and parents may want to consider a policy that would provide benefits for their children or other loved ones down the road.
cnbc.com, “Headed for divorce court? Here are your top 5 financial musts“, Andrew Osterland, Dec. 22, 2016