…or a better title could be, “How to Guarantee Child Support by Insuring Your Ex”.

The other day in a conversation with a friend we talked about the wisdom of taking out a life insurance policy out on our exes. As morbid as it sounds it made sense, especially if said ex is regularly engaged in high risk activities. Jail. Drugs. Military. Race Car Driving… you get the picture.

If he dies then you are left with no child support or any other financial support that’s needed through the rest of your child’s life. A million dollar policy would take care of so many things should a high-risk ex perish during one of his excursions.

Insurance on the Ex Has Many Benefits

My friend regretted not keeping her policy payments current now that her ex is in jail. Anything can happen in the “big house”, so having a backup plan is wise. I don’t know if she will get a policy on him, but I’m seriously considering getting a policy on my ex. He has a pretty high-risk occupation so a policy on him is not unreasonable. My daughter has college on the horizon so his untimely death would put a damper on plans.

Insurance on My Son Might be Beneficial Too

I even toyed with the idea of taking out a policy on my son. Not because he’s all that high risk (at the moment) but because he is at risk in terms of being a black male. This is my reality. Beyond that, there is also the chance he could decide to take up high risk activities like skydiving, race car driving, hunting, or any number of things.

Taking out a policy on my daughter is not as critical. She is pretty safe, however if she decided to do a lot of traveling overseas I will take out a policy on her.

Life Happens So Be Prepared

Does all this sound morbid? Perhaps, but we live in a much more dangerous world than before. Cars and trains crash, planes fall out of the air, people get shot (accidentally or on purpose) like a friend whose funeral I attended over the weekend. Things happen. Life happens and as a single mom you owe it to yourself to be prepared.

When They Are More Stable Sell the Insurance

Later on you may decide to sell your child’s insurance policy or simply discontinue the payments (and lose cash) if you don’t think you need it any longer.  A life settlement is a good option to consider even though it’s a fairly new industry. Find life settlement consumer information here to help you make a more informed decision.

Do the research and see what is best for you and your situation. To be forewarned is to be forearmed, as the old saying goes. You want to be prepared to meet the expenses of an untimely death, the medical bills that result from an accident, and any other financial obligations. If your ex passes away you want to be sure your child’s future is financially stable too.