Should I Maintain Life Insurance on My Ex-Spouse? How Much Should I Purchase and How Do I Make Sure it Stays in Place?
The primary purpose of life insurance is to fill a financial “gap” that you might face upon the death of someone you depend on financially. While the need for life insurance is generally obvious with a married couple, many people overlook the need for life insurance on an ex-spouse. If you receive alimony and/or child support, life insurance can provide critical protection if your former spouse were to pass away.