Insurance for Child Support

When there are children of the relationship, or a spousal support obligation, it is important to have a provision in any separation agreement dealing with life insurance. These provisions serve as security for child support/spousal support in the event that the support payor dies while the dependent is entitled to child/spousal support. The life insurance provision should provide that the support recipient is designated as the beneficiary for the life insurance policy of the payor. If the support recipient is designated as the beneficiary in trust for the child, the Agreement should set out the specific terms of the trust. Once the Separation Agreement is signed, it is important to send the insurance designation to the insurer. The designation should be “irrevocable” so that the payor cannot change or revoke the designation. If a payor does not want the beneficiary to receive the insurance proceeds once he/she dies, the insurer must change the beneficiary.

Please feel free to contact Lorne Fine & Associates to discuss your child support/spousal support issues. Get the resolution you deserve. Our Toronto divorce lawyers will fight to get you a fair and just result. Contact our family lawyers with any inquiries you may have.