Compare quotes instantly.

See Rates

Should You Own Life Insurance to Protect Alimony or Child Support?

Advertiser Disclaimer

Certain links on this page will refer you to products we might recommend. This creates no additional cost to you, and helps provide us an income so we can continue to bring valuable information to your fingertips. For more information on how we're paid, click our link below.
Full Disclosure

Life insurance to protect alimony and child support is a great idea to help you prepare for the unexpected and stay financially safe when unforeseen circumstances arise.

Many people are unaware that life insurance can actually be used as a part of a divorce settlement.

It can also be incorporated even after a divorce has already been finalized, though not as easily.

The main way life insurance is used in a divorce settlement is to protect alimony and child support.

Below, we’ll show you how using a life insurance policy to protect your alimony or child support can be a smart option to keep you and your children financially safe.

How Is Life Insurance Used to Protect Alimony or Child Support?

If you’re divorced, chances are you and your child depend on alimony or child support in some way.

And if your ex-spouse suddenly dies, what’s going to happen?

Without a life insurance policy, your alimony or child support suddenly stops.

This can be a life-changing moment, as you’re now left scrambling to maintain your finances.

Life insurance helps ensure your alimony or child support continues even after your ex-spouse passes away.

How Do You Get This Type of Coverage?

Including life insurance as part of a divorce settlement starts with buying your own life insurance.

You must make sure you are covered since you’re not only the caretaker of your children, but also their main monetary provider.

If you die unexpectedly, your children will continue to need financial support. Life insurance ensures they will continue receiving this support even when you are no longer around.

Of course, your sudden absence will still have a huge impact on your children, but at least they  will still have a sense of financial security.

As a single parent, you have several options for life insurance. Among these are term life and whole life.

Term life is your best option if you only want life insurance coverage until your child is old enough to live on their own. It’s usually available in 10-year, 20-year, and 30-year terms.

Whole life is a more permanent option. It lasts until you die. It’s more expensive, but has several additional benefits.

However, most single parents don’t need whole life coverage.

How Do You Set Up Your Life Insurance Policy Correctly?

Your children are the main reason you bought your life insurance policy.

This means both the plan you buy and the way it’s set up must put your children first.

You need to ensure they are the ones with access to the benefit, or at least that the person responsible for the money can only use it as you intended.

Simply put, you must make sure your children are the only ones who will be able to utilize the money left to them from the life insurance policy.

There are many ways to take such precautionary measures, including naming a living trust as the beneficiary of your life insurance policy.

What About Getting Coverage On Your Ex-Spouse?

It’s equally as important for your ex-spouse to have life insurance as it is for you to have life insurance.

Chances are they are paying some sort of alimony or child support, so it’s essential this financial support continues even if they die.

The best method is for the ex-spouse to take out the life insurance policy themselves.

This can be worked into the divorce settlement to include you and the children as the beneficiaries.

However, it’s also possible for you to buy life insurance on your ex-spouse, but they must know you’re doing so and be okay with it.

It’s more complicated to buy life insurance for someone else, but it’s still possible.

Furthermore, you must prove you are benefiting financially from their life before you can buy a life insurance policy on them, and alimony or child support is an easy way to do this.

Keep in mind that one of the main benefits of buying life insurance coverage for your ex-spouse is that it lets them off the financial hook, in a sense.

In other words, they won’t be financially liable for payments toward the policy.

When you buy life insurance on someone else, you are responsible for the required payments.

Are Both Single Mothers and Single Fathers Covered?

It’s important to note both single mothers and single fathers can benefit from life insurance to protect alimony and child support.

Just as mothers can buy life insurance on their ex-husbands, so can fathers buy life insurance on their ex-wives.

The same rules apply no matter the specific scenario.

What’s The Best Policy For A Single Parent?

There is no single company or policy who provides the best life insurance for single parents.

The right company for you depends on your own needs and preferences.

This is why you should really do your own research to find one which best suits you.

We recommend you start by deciding between whole life and term life coverage. This narrows down your search greatly.

Though both types of policies have their benefits, term life coverage is usually best in the sense that it will cover your children until they’re able to support themselves. Then payments will cease.

Whole life does provide more extensive coverage, but it’s almost overkill when you consider it will likely continue long after your children come of age, and after alimony or child support has ended.

What Should You Expect When Applying For Life Insurance?

After you decide between term life and whole life coverage, you should start getting quotes from several different life insurance companies.

Getting multiple quotes will enable you to compare and contrast both rates and types of coverage between several insurers all at once.

Next, know the life insurance application process can be extensive.

It consists primarily of being asked several questions by company underwriters, having your family history evaluated, gaining access to your criminal, financial and health history, and more.

The underwriters use this information to assess your risk to the company. This then informs them to set the premium you’ll pay.

Questions you’ll be asked are aimed at your lifestyle choices, current health, family health, and drinking/smoking habits.

On the flip side, when buying life insurance on an ex-spouse, these questions will be asked about them rather than you.

Many life insurance companies also require a medical exam to be set alongside your life insurance application to prove the information included is accurate.


Jason Fisher

Jason Fisher is the founder and CEO of, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.

Related Content