When a couple gets divorced, the court often requires alimony or child support payments. But, what if the spouse who is responsible for the court-ordered payments dies? The surviving ex-spouse will no longer receive payments and may not have the means to support himself or herself, or to adequately support their family, if children are involved.
That’s why an increasing number of decrees require the support-paying spouse to purchase a life insurance policy on his or her life with their ex-spouse as the beneficiary – at least for a specified period of time.
Since critical advantage pays a lump sum payment upon diagnosis, it can be used to fill gaps like specialized treatments not included in standard health insurance, elimination periods, reduced income and tax implications.
The For Better or For Worse sales idea discusses this life insurance need and compares the different life insurance product options.
If you have any questions, please contact Mutual of Omaha’s Sales Support at (800) 693-6083 or e-mail email@example.com.
Using Life Insurance to Satisfy the Requirements of a Divorce Decree