What Divorced Parents Need to Know About Life Insurance

Your parenting plan may require you to maintain life insurance for your children. But does your beneficiary designation actually accomplish what the court order requires?

In this episode of The Death Readiness Podcast, Jill looks at a life insurance provision in Tennessee’s form parenting plan and walks through what happens when you try to translate those instructions onto an actual life insurance beneficiary form. She explains why naming a minor child directly can create problems, the difference between a custodian and a trustee, and how thoughtful estate planning can help make sure the parenting plan, life insurance policy, and estate planning documents all work together.

Having the life insurance policy is only part of the plan. The money also needs a clear path to the people you intended to protect.