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In a number of provinces, the Court has the authority to order a Payor spouse to maintain life insurance which provides security for support payments and names the Recipient as the beneficiary should the Payor die prior to completing his/her support payment obligations. Where the Court does not have the authority to order this life insurance coverage, it is prudent to include a provision for life insurance coverage in any negotiated separation agreement.
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Until now, family lawyers have either guesstimated an appropriate amount of life insurance coverage or have retained an expert to do this calculation; our LIFEmate Life Insurance Estimator actuarially calculates the amount of life insurance which is required!
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"How will LIFEmate help me to better service my family law clients?"
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Using currently accepted actuarial practices, LIFEmate will estimate the life insurance required to fund the continued payment of spousal and/or child support, should the Payor die.
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LIFEmate will provide your client with a progressive five year schedule of declining future insurance requirements for the life of the support agreement.
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LIFEmate may also be used to "present value" any number of different amount and time period combinations of spousal maintenance and/or child support. These different present value amounts will tell you which settlement proposal is most advantageous for your client.
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The LIFEmate Life Insurance Estimator was designed
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to quickly calculate life insurance information, requiring only the inputting of straight-forward and readily available information;
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to be easy-to-use and easy-to-understand, with life insurance amounts produced within seconds;
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to take the guesswork out of the life insurance coverage required to secure support obligations, by providing an actuarially derived estimate of the amount of life insurance which is required by a Payor to satisfy these obligations in the event that the Payor dies;
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to handle complicated or simple support payment arrangements;
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to calculate a lump sum amount to fund a support obligation for immediate pay out purposes;
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to provide an ongoing schedule, in five year increments, of the declining need for life insurance to cover support payment obligations over the term of the support order;
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to provide your client with valuable "value-added" life insurance amount information in order that he or she may shop the life insurance marketplace or deal only with his or her own life insurance agent when purchasing the required life insurance; and
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to provide present values for any number of proposed support/maintenance settlements.
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