Life Insurance for Divorce

Not only is divorce a divisive force in a family it has serious life insurance implications. Whether you have life insurance, or find that you have to buy a policy because of your new financial obligations - alimony and child support - life insurance should not be overlooked in divorce proceedings. Many married couples buy life insurance to cover existing and anticipated debts and financial obligations in case one of them dies. For example, if your spouse dies tomorrow, the death benefit from the life insurance policy would help pay off the mortgage on your home or send your children to college. Some feel in a divorce preceding the spouse who has to pay alimony or child support for an identified term period is obligated to buy life insurance. That's because if you were to die tomorrow, your ex-spouse would be left without the alimony and child support that was part of your agreement.