There comes a point in life when people start thinking that they should get protected and take out some life insurance. We all know the old music hall jokes about insuring your husband or wife just so that you can collect the insurance, but it does pay to be insured.
Life insurance can mean different things to different companies. For some, it should perhaps read death insurance because all that your relatives are going to get are the funeral costs and maybe a lump sum. This is why it makes sense to go visit an independent broker or have a good look online so that you can compare insurance prices and policies.
Some life insurance might look cheap when you start out but if the percentage rate goes up every year, you could find yourself paying out more money or getting back less than you thought. Life insurance policies have different premium rates. The premium is the amount you pay every month or every year. If you decide to stop paying your premiums, there is no guarantee that you will ever get any of your money back. These are sometimes called lapsed policies; people might think that they are insured but if they have not kept up regular payments, there could be nothing at the end of it.
Life insurance should be about life, not just death. Some policies have built-in protection if you have an accident or if you are off work for any length of time through no fault of your own. Other policies will pay you some money if you have to spend time in hospital. This means that when you compare life insurance, do not compare on price alone. Make it your business to find out exactly what your policy offers and how much it is going to cost.
If you have a family, you might want to take out life insurance that pays your funeral costs and enough money to your family to ensure that they can still have some sort of decent living standard if something happens to you.
There is a tendency when you are young to think that you will live forever and that life insurance is for old people. But what will happen if you are suddenly taken ill and unable to work? You might be able to survive on sickness benefit but you would not have a very good standard of living. Under these circumstances, the right sort of insurance could make all the difference. Just be sure to do a comparison before you buy.
Derek Rogers
http://www.articlesbase.com/non-fiction-articles/get-your-life-protected-with-insurance-95721.html
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Can you legally require the father of your child to get life insurance?
Mother and father never married. Father's name is on birth certificate and he does pay child support and daycare, and has for four years. He's now re-married with a new baby and I'm realizing if he should die, the new wife and baby would get everything, right? I just want to protect my child's future. He refuses to talk about the need for a life insurance policy for our child.
you do not have a standing as to get an order to have the father insure his life.
should the unfortunate happen, it depends if there is a will or not and as to how the estate is probated.
easiest solution? you take out a whole life insurance policy on your father's child – this is relatively cheap – and name your child the beneficiary.
better way to spend the money than to obtain counsel and lose in court.
i hope this helps.
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The court can order him too. My husband has to carry a policy just for his kids from his first. If he doesn't he's in violation of the court order.
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The court can order him to pay child support, get medical insurance. Have not seen them force anyone to get life insurance tho.
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No
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A court could order it but highly unlikely…as if he dies, you would receive social security benefits for your child instead of child support. And the courts can't force a parent to leave their child something in their will. He could have a life insurance policy and have his beneficiary be an animal shelter or some charity if he wants. You sound a little jealous maybe that he's remarried. Be grateful for the child support and daycare.
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This is not something that is usually addressed in a child support order. Your child would be entitled to social security benefits if he dies. You should consult an attorney about what your child might be entitled to receive from the estate. If he has nothing, there is nothing to worry about.
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former child support enforcement agent, 25 yrs experience