Do you need life insurance in a divorce?

On Behalf of | May 3, 2022 | Divorce |

Divorcing a spouse whom you have children with can be a complex process. There are many issues that you need to consider before you finalize your divorce in the state of Alaska. One of them will be life insurance. If you do not come to a settlement, the judge can order you to procure it to secure your child support.

Why is life insurance considered necessary?

Before your divorce in Alaska is final, you will need to provide for your children. A full policy of life insurance is considered mandatory.

This policy will be taken out in order to ensure that there is a supplement for child support in case the other spouse should pass. A policy of life insurance will likewise be needed in order to protect against the untimely passing of the spouse who is paying for it.

How much life insurance will be needed?

The issue will now become one that concerns just how much life insurance will be needed to underpin your regular child support payments. The age of the children in question is a determining factor. A child of 5 will need more life insurance than a teen.

The amount of medical expenses that may be accrued is another factor. A young child will be expected to need more life insurance than an older one. You will need to consider the expenses related to medical care that may not be reimbursed by your other policies. Life insurance will be needed to cover these expenses.

You must also take into consideration the age and level of health of the parent who is paying for life insurance. A parent who is older and in less robust health may find the cost of insurance prohibitive. The court may arrange for a settlement to mitigate these costs.

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The Law Offices of Herbert M. Pearce

The Law Offices of Herbert M. Pearce
731 I Street Suite 203
Anchorage, AK 99501

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