Life Insurance for Divorce, Child Support & Alimony
If it looks like you are going to be involved in a divorce or are already involved in one keep one thing in mind, you are not alone. Some of the latest statistics listed by a number of organizations that follow divorce statistics in the United States are indicating approximately 55% of first time marriages are becoming casualties of divorces and 70% of second time marriages are ending up in divorce also.
Life insurance for divorces, child support and alimony requests are on the rise all through the country.
The statistics also show that 75% of the divorces are filed by women and where alimony is in question, 97% of the alimony requests are granted and are being awarded to the female spouse. The poor and worsening economy is the number one factor that triggers divorces according to the statisticians. Money problems have always ranked the highest when it comes to lighting the domestic relations fuse. Life insurance for a divorce requested court orders is rising every year.
Purchasing Term Life insurance for a divorce, child support or alimony agreements can and should be very simple process.
Enough with the depressing statistics, let’s cut to the chase and discuss our main topic of discussion which is purchasing life insurance when ordered by a court of law. Our office has a complete line of life insurance products with the most competitive life insurance companies to help you in this very stressful period of your life. In many cases they court will require you to secure a life insurance policy without very much notice. Life insurance for divorce settlements is an extremely common request when there are children involved.
We can help you expedite this request if necessary with simplified underwriting type term life insurance. The three main life insurance products will be Term life insurance, Universal life insurance and Whole life insurance. If you have any health conditions that would complicate and increase the time consumption of the application we also represent carriers that offer simplified underwriting and guaranteed issue life insurance to help you get insured in a reasonable amount of time.
Usually the divorce case with be handled by two Lawyers, one for the petitioner and one for the respondent.
In most situations the subject of divorce begins with the two members of legal counsel. The first would be the legal representative for the Petitioner; this is the spouse that initiates the legal proceedings and the legal counsel for the Respondent, which is the spouse that responds to the law suit. They usually will try to come to an agreement on how much life insurance should be required and the length of the period that the life insurance should remain in force for the proposed beneficiary’s interests.
The main reason for this usually is financial protection of the children involved. The spouse caring for the children who will usually have custody of them could also be requesting life insurance to cover him or her also.
Assigning the requested beneficiary is an important step in the application process.
The beneficiary of the policy is normally going to be the names of the children. In many cases a trust is drawn up to keep the life insurance funds in a safe place until the children are of age to actually be old enough to handle money. If the funds are needed right away the guardian of the children will be elected to use the death benefit to pay the necessary expenses that are at hand. Sometimes the ex-spouse who is the legal guardian of the children will also be required to be insured.
This is normally done to make sure if the wife who has custody and is caring for the children passes unexpectedly there will be a life insurance payout which will cover the cost of someone else such as a nanny or a day care facility to take care of the children during the day while the father is working since the mother is now deceased.
The request to purchase life insurance for a divorce settlement is very common. The judge will always oversee the settlement to make sure the children are properly cared for. This is very important because the soon to be ex-husband and wife are usually too busy arguing over the terms of the settlement.
The normal product used for a divorce decree will be low cost term life insurance.
Term life insurance is normally going to be the most common form of life insurance used in a divorce settlement. You can use our real time consumer quote engine to immediately view life insurance products that will satisfy the court system and provide you will the highest rated carriers so you have confidence in the policy you purchase. Parents in many cases will be responsible for the upbringing of the children to age 25 especially for the education of the children.
Applying for life insurance can sometimes be a time consuming process and when it comes to a divorce, time can sometimes be of the essence. This is where simplified life insurance comes into play which can be approved within 24 to 48 hours. Unfortunately many judges do not realize the time that it takes to apply and then be approved for a fully underwritten life insurance policy which can take in many cases 30 to 90 days before an underwriting decision can be made by the carrier.
Purchasing Term life insurance for a divorce, alimony or child support should never become a stressful event. The legal system will create enough of that by itself.
Nobody knows the stress and mental pressure that is involved with a divorce unless you have gone through it personally like I have myself so we have you covered. Discussing the actual specifics of the terms of the life insurance request in a divorce should always be left to the Lawyers and the Judge involved the divorce case.
This is due to the fact divorce laws vary widely from state to state and the laws change with time. All divorce settlements can easily vary from one to another but the life insurance requested for the settlement is usually an easy process.
We do not provide any legal information or advice due to the fact we are insurance brokers and not lawyers. You may contact us 7 days a week to get answers to your insurance related questions with no obligation what so ever. We offer free online life insurance quotes with over 40 of the highest rated life insurance companies in the nation and we do business in all 50 states. Call us toll free at (800)-897-5699.
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