Child Support and Life Insurance

Keep your children safe by having a life insurance policy on the child support payor

How Much Life Insurance Do You Need on the Other Parent? 


Life insurance is a touchy subject for some people, yet they spend too much time worrying about the costs. The bottom line is that if you have children depending on you, you need life insurance. 

It’s just as essential to have life insurance on your ex paying you child support. Even if you were never married, you could still claim life insurance on your ex. 

How Much Life Insurance Is Needed?

Many people feel life insurance worth $50k that might be part of an employee benefits package is enough. It is not. 

To start determining how much insurance you need, it is recommended you purchase a policy that is ten times the annual amount you are supposed to receive in child support. If you are supposed to receive $8,600 a year, you should not consider a policy under $86k.

This rule is a good starting point, but everyone’s needs are vastly different, and it’s hard to remember everything you need that will affect life insurance. The DIME system helps you think about what expenses you need to have covered.

D – Debt

I – Income

M – Mortgage

E – Education

When getting life insurance, you need to ask yourself four questions to decide how much you need. How much debt do you have? What is your annual income, or in this case, how much do you receive in child support? How much will it cost to pay off your mortgage? And how much do you expect to spend on your children’s education once they turn 18?

Education significantly adds to it, with some experts saying you should add an extra $100k per child to cover their college expenses. 

Why You Need Life Insurance

The thing about life insurance is once you need it, it’s too late. Life insurance seems like a massive investment, the kind that you want to put off until tomorrow. The kind that doesn’t seem necessary today. 

As a Mama, you have to be vigilant, continually looking out for your children. There isn’t room for blind spots. This isn’t something you can put off until tomorrow. 

Child support helps support you and your family, and because there is so much riding on it, you need a backup plan. Getting a life insurance policy on your ex on top of your child support will give you peace of mind that your children will still be taken care of even if something happens to their father. 

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