Should You Insure Your Spousal and Child Support Payments? (Pt 1)

Should you insure your alimony and child support payments in Michigan?


Insuring your car, your home, and your life are common precautionary steps that many people take to make sure they’re protected in case of disaster. But did you know you can insure your spousal and child support payments as well? No? Well, you’re not alone, many people don’t realize that it’s possible. And yet there are a number of family law attorneys who recommend insuring support payments, especially in certain situations. Want to know more? Let’s take a look…


Why would you want to ensure your child and spousal support payments?


In essence, for the same reason you would ensure anything else – to make sure that the people who benefit from those items aren’t left in the lurch if something unplanned happens. For example, if a couple with two children is getting divorced, and the father earns considerably more than his wife, chances are he’s going to be paying child support and spousal support payments. There’s also a good chance that his ex and children will be relying on those payments for a long time in the future.


Life is full of unexpected bumps along the way.


What if something happens to that man whose ex wife and kids are relying on the money he provides every month? What will they do if he suddenly can’t make payments anymore? How could that happen? Think about it… what if he loses his job and isn’t able to get another one? Or the job he can get doesn’t pay nearly enough? What if he has an accident that leaves him unable to work and earn money, or worse – what if he dies unexpectedly? How will the people relying on him for support continue to survive in the face of that terrible tragedy?


This is why insuring support payments can be such a good idea!


For the parent who relies on those support payments to pay the bills, put food on the table, and meet the needs of growing children, child and spousal support payment insurance can be a life saver! Knowing that no matter what, you and your kids will be taken care of, can bring enormous peace of mind during difficult times. And for the person making the payments, the knowledge that your kids will always be provided for is a huge weight off your shoulders!


So how do you ensure your spousal and child support payments?


There are actually two options for people who are considering insuring these two types of payments – insuring them through life insurance, and through disability insurance. There are pros and cons to each one, and they are each handled differently. Join us next time for a break down of what each of these options would entail, and which might be better for you.


Do you have questions about your support settlement agreements?

Spousal and child support settlements can be complex, and are sometimes a source of great animosity. Having a highly skilled and experienced family law attorney on your side can make all the difference when working to create a fair support payment agreement that works well for your family. If you’re considering divorce, or need help structuring your child or spousal support agreement, call The Kronzek Firm today at 866 766 5245. We are here to help.