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?
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?
Comment