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.
