In our country, and indeed, in the world the number of single parents is increasing each year. This kind of social change has many implications and has left many questions to be answered. These implications have extended out into the life insurance field, as well. One question that has been thrown out there from single parents is “Can I purchase life insurance for the other parent of my child?” They are usually asking because they are concerned that if something happens to the primary guardian (the other parent) of the child, then the child will not receive the monetary benefits that they need.
The simple answer to the question is that you cannot purchase an insurance policy for another person without their consent. Thus, you cannot simply buy an insurance policy on someone without them allowing you to. In most cases, this throws out the option for you to buy insurance on your child’s other parent. However, there are other ways for you to take care of this issue. You can actually have a stipulation written into the custody agreement that has the other parent purchase life insurance for the benefit of the child. This is one great way to make sure that your child is taken care of if something horrible should happen.
You are not wrong for wanting to protect your child and you should look into anything you can do to make sure that happens. By reading this, you have given yourself a base knowledge on the subject. The next step is to go out and ask a legal or insurance expert about the specifics of your particular situation.