Many couples carry life insurance on each other, especially once they have children. The purpose of life insurance is to replace income and provide for the survivors if one of the spouses passes away. The same concerns exists after a divorce. Most people understand the need for the parent paying child support to have arrangements to replace the child support in the event of an unexpected death; a noncustodial parent should carry life insurance to replace the child support and other financial support being provided for the children. However, the custodial parent should also carry insurance. If a custodial parent dies unexpectedly, the noncustodial parent will suddenly be responsible for caring the children. That could involve having to establish bedrooms for the children, providing for child care, or numerous other expenses involved with caring for children, even moving into a larger home to accommodate the children full time. All of that is in addition to caring for children who have just lost a parent.
If you are divorced and have minor children, whether you are the custodial or noncustodial parent, you should consider speaking with an agent to obtain sufficient life insurance to protect your children. If you are in the process of a divorce, be sure to speak with your attorney about requiring both parties to carry life insurance to provide for the children. If you need to speak with a family law attorney about life insurance or any other issues regarding divorce, call 678-535-3232 to schedule an appointment (serving Paulding, Bartow, Cobb, Douglas, Polk and Haralson Counties).