Absolutely. Spot on with the Life insurance policy. If you're owed alimony, figure out what the amount is / duration and have him get a life insurance policy to cover that amount that he can then drop when alimony ceases.
That is exactly what I have in my agreement. I pay for a policy that has my xW as the irrevocable beneficiary (a very important point for her lawyer). The agreement states that once I make the final payment that she is required to contact the insurance company to remove the irrevocable clause.
When the agreement was made it covered about 50% of the total amount of alimony to be paid. Right now it it's about 180% of the balance owing but small enough that I hope it's not worth-while for her to bump me off
At that point I'll probably cancel the other larger term-life policy that I have with the kids as the beneficiaries and make them the beneficiaries of this smaller whole life policy. It's still more than enough to settle the estate and leave them a modest legacy if that should come to pass.
This is I think a very common thing in my area but not necessarily in all as some people on this board hadn't heard of it before.
On BD H52, W50 T27, M26 S21, D23 BD-9-Mar-16 D-15-Jan-18 Final-19-Apr-18 I am a storyteller. The story may do you no good. But a story is never for the listener. It is always for the one who tells
