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  • Life insurance

    I have a clause in my separation agreement that specifies each spouse will maintain a life insurance policy with the other as beneficiary so as to provide for their obligation to child support should they become deceased.
    The concept is that should, for example, I pass away, the policy would provide for a financial amount similar to what I would have provided were I alive. The principal amount is loosely based on the full table rate since the survivor would then become the sole parent and provider.
    My question, however, is what would happen (God forbid) should my child die with me, for example in a car accident or plan crash. Seems that the other spouse would still get the insurance benefit even though there would now be no children to support?

  • #2
    Holy fxxx,

    If your ex and your child died on the same day, don't you think a little help financially at that time would be a welcome thing?

    Don't be so damn bitter, let the mother of your child catch a break and have the money!

    Comment


    • #3
      Billm:

      Oldernwiser didn't seem bitter at all. He/she has a question to be answered and is looking for help.

      Don't be so judgmental with your responses Billm, this forum is here to help others.

      As for a response to Oldernwiser:

      I do not have one, but felt Billm should know that what he wrote was un-called for.

      Good luck with your question....

      Comment


      • #4
        Think of it as covering the costs for your child's funeral.......and counseling for losing one's child.

        And pray it never ever happens.....

        Comment


        • #5
          I named my children as the beneficiaries with a trustee (not my ex) to cover my child support and my ex as the beneficiary of a separate policy to cover her spousal support, so the support for our children and my ex are not together. If something happened to me and our child(ren) my trustee is named as the beneficiary. Also the policy is reduced each year by the amount of support paid in that year. My trustee has instructions to pay out one year of support to cover costs of funeral services on my behalf. Hope this helps.

          Comment


          • #6
            This is the sample I based the clause on:

            7.2. Life Insurance.
            The father will secure a term life insurance policy for the child to cover remaining child support in case of his premature death. The policy will name the child as the Beneficiary and the mother as the Guardian of all proceeds.

            A. The policy for the child will be in the amount of $xxxxx, declining by $xxxx a year, until the child support obligation ends or the child is emancipated.

            B. The mother has the right to full disclosure regarding the father’s life insurance policy including any changes that are made to the policy. This information will be provided to the mother within 7 days upon request. If the insuring agency is changed, the father will notify the mother in writing and provide a copy of the new policy within 30 days of receiving the new policy.

            C. If, in the unfortunate event of the accidental death of both the father and the child / ren, the father names, xxxx xxxxxx, as sole beneficiary, receiving the full benefits of the policy.

            Comment


            • #7
              I have a clause that states that I will keep $200,000 in life insurance for my daughter.

              I am not 100% sure on legal rights, however, what if the worse happens, we have a car crash. I die on the scene, and my daughter falls in a coma only to pass away a week after.

              Does this mean that the minute I die, she inherits my insurance and assets. Then, a week after, because she has no will, when she passes away, my ex inherits it from her?

              By the way, I am not opposed to that. Primarly because I have nobody else to give it to at this moment, and frankly, I have almost nothing to give. Just curious, and thought it might need to be clarified.

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              • #8
                My understanding is that: Yes, your ex will inherit your insurance and assets. Theoretically speaking, both you and your child have both died, so you no longer have any interests in this material world. Let your ex have the money.

                Comment


                • #9
                  I have made arrangements through my life insurance company for my life insurance if I should die to go to my three children. I have a trustee in place if this unfortunate incident should occur. I was mentally, physically and financially abused by my ex and there was no way he is going to have my life insurance. The man actually tried poisoning me on three separate occasions. There isnt a judge alive that would let a spouse who abuses their spouse to this degree worthy of your life insurance.

                  Comment

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