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Covering a child support obligation through life insurance

Those in San Antonio that are obliged to pay child support likely have little problem in needing to meet that obligation given the love that they have for their children. Yet at the same time, they may not be taking the steps necessary to ensure their children's continued support were something to happen to them. No one knows when they may meet an unexpected end, and thus few may plan for it. Indeed, information shared by the website ThinkAdvisor.com shows that while 85 percent of consumers recognize the need for life insurance, only 62 percent actually have it. 

Child support obligors are often the main source of income supporting their ex-spouses and their children. Without the protection of something like a life insurance policy in place, the well-being of their children could be compromised were they to die unexpectedly. That is why the potential for the death of an obligor is addressed in the Texas Family Code. In Section 154.016 it states that the court may order an obligor to carry a life insurance policy that would establish either an insurance-funded trust or annuity for the continued support of his or her kids in the event of his or her death. When determining how much coverage should be required, the court will consider factors such as: 

  • The present value of the total amount of monthly payments due from the date an obligation became active up until the children covered under it turn 18
  • The total amount due in health insurance premiums for the kid's coverage for the same time period
  • Any special considerations needed to account for children needing support beyond the age of 18

The benefit created by the life insurance policy shall be made payable to the child support obligee. 

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