Can I take a life insurance policy out on my daughters Father?

Question

He's out there... His luck may run out.... Who will support pay for his costs and help me with Our Daughter? What's the best policy to go with? How much do people usually take out? Please give me the most info you can, please and thank you!!

Answer 1

Yes, you can take out a life insurance policy on anyone that you have an "insurable interest" in.

As long as your daughter's Father is helping to support your daughter and you would be forced to shoulder those burdens were he to pass away then you have an insurable interest in him.

As far as how much life insurance coverage you need: you will want to speak with a life insurance agent that can help you run a life insurance needs analysis.

To find the best life insurance rates be sure and compare quotes from at least 5 different companies.

Here is some more information on finding the best life insurance rates:

Answer 2

If he is currently providing child support then you should not have any problem obtaining a life insurance policy on his life that you own and control.  You will need to have him participate in the application and underwriting process.  

A good rule of thumb that many people use is to purchase term life insurance policies in the amount of 7-10 times their annual income when the life insurance is meant to replace lost income from death.  Using that rule of thumb I would recommend that you do the same with the amount of child support and any other incidental expenses he covers since that is essentially what he is contributing to the relationship.  I would also recommend a term policy that lasts until the child support ends or your daughter becomes an adult.  

If you don't rely on him financially, then I wouldn't worry about life insurance on him.  You are better off putting the money towards you and your daughter's current needs and savings and forgetting about dead beat dad.

Answer 3

You need to talk to an insurance agent.  After all, that is who you will get the policy from.  Check with the one that does your car insurance, most companies now days deal in several types.

Answer 4

You will need to show that there is an insurable value in this relationship.  Does your daughter's father currently provide support to your/his daughter?  Is he required to under a court order?  If her does provide support, or is required to by the courts, then you should be able to get a life insurance policy on him for the future value of the support payments.  You will need to seek out a good life insurance agent and you may have to obtain your daughter's father's approval for the policy.

Good luck.

Answer 5

Yes you can if you have his authorization, he will need to sign the application. This should have been addressed in divorce court, he should already be paying for it.

Just contact a broker and they can help you find a term plan that will last until your kids are no longer supported buy you or him. I would suggest getting a policy that would at the least provide enough to replace all the support he would pay until your kids are 18, if he were to die tomorrow.

With all the different life carriers and plans available most people really should use a life insurance broker. A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

You can try doing your own research on the internet, but if you give a good broker 5 minutes they will be able to make suggestions on which carrier and plan may fit you best.

I suggest using yellowpages.com to search for life insurance brokers in your area.  

You can call your auto and home agent they specialize in property and causality insurance and usually have a good knowledge of life insurance.

But you may have better luck with a broker that specializes in life insurance they will have a wider selection of companies to offer.

Answer 6

He has to sign the application, give you permission to do this, fill out the medical part, release medical history to the insurance department, and submit to a paramedical exam.  

There's no one best policy - any A rated company will do this.  Sounds like you need term coverage, until your daughter is grown - take the longest term you can get, 20 years.    How much do people take out?  There's no average.  If you buy $100,000 of coverage, if he's 30 and healthy, it will probably cost you about $100 a year.  

If he doesn't cooperate, you won't be able to get it.

Answer 7

You will need his signature... and if the policy is a larger amount - you may need a physical

Usually each company has different guidelines on the physical... but the signature will be required.

If you're desperate - try to find a term policy online & if they email you requesting a physical - try again with a lesser benefit amount