How to Purchase Life Insurance on Child's Father

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Wedded parents typically take out life insurance in the event that one parent dies. The objective is to ensure that funds are available to support the family, particularly the children, should the death of a parent cause a decrease in income. If you are a mother, divorced from the father of your children, you should receive child support payments from your ex-husband. A legitimate concern is what happens if your ex dies. The fact is you can purchase life insurance on your ex-spouse for the ultimate benefit of your children.

Shop around and examine different life insurance options that are available on the market today. In most cases, the appropriate type of coverage is term life insurance. Term life insurance pays out a set benefit upon the death of the insured. No cash value accumulates over time. Term life typically is the least expensive life insurance.

Complete an application for life insurance, with your ex-husband named as the insured and your children named as the beneficiaries. A person applying for life insurance needs to demonstrate what is known as an "insurable interest." Your children do have an insurable interest in the life of their father.

Submit the completed application to the insurance company (or agent if you are working through an agent). Many life insurance companies offer online application services--a very convenient way of applying for coverage.

Warnings

  • Be realistic in the amount of insurance coverage you purchase. Oftentimes a parent purchases too much or too little coverage. You need to consider the amount of child support your husband is obligated to pay and the age of your children as you calculate how much life insurance to purchase.

Tips

  • Some life insurance companies offer special coverage for divorced families. In considering different insurance companies, inquire as to whether they have special programs of life insurance coverage to benefit children of divorced parents.

References

  • "Take It To The Next Level: Life Insurance Solutions for Divorce;" Timothy E. Radden; 2008
  • "Questions and Answers on Life Insurance: The Life Insurance Toolbook;" Anthony Steuer; 2007
  • Women's Divorce: Divorce and Life Insurance

Resources

About the Author

Mike Broemmel began writing in 1982. He is an author/lecturer with two novels on the market internationally, "The Shadow Cast" and "The Miller Moth." Broemmel served on the staff of the White House Office of Media Relations. He holds a Bachelor of Arts in journalism and political science from Benedictine College and a Juris Doctorate from Washburn University. He also attended Brunel University, London.