Sunday, January 27, 2008
How to protect your new spouse in case you die and owe child support
I strongly urge divorcing parents to take out a term life insurance policy in case they die while the children are still minors. If you die, the entire future child support that you would have paid, comes due immediately. If you remarry, your new spouse and children, comes AFTER your first born children. Please take out a separate term life insurance policy to cover any unpaid child support and protect your new family! For example, if your first child is 3 and you pay $1,000 per month, your estate will owe $180,000 if you die.