As a parent going through a divorce, one of your top concerns is ensuring the financial well-being of your children, both now and in the future. This often involves setting up support payments and purchasing life insurance as part of the divorce agreement. While traditional term life insurance is a common choice, a better solution may be available to meet your needs - Income Provider Life Insurance.
Unlike traditional lump sum term life policies, Income Provider Life Insurance offers guaranteed premiums that provide a steady monthly income for your family for an extended period, either 10 years or up to age 65. This means your children will receive the support they need without the stress of managing a large lump sum payment.
Real-life example:
Meet Matt, a 35-year-old father who opted for Income Provider Life Insurance over a term policy. By paying a monthly premium of $486.90, his children would receive $1,500 per month until he would have been 65 in the event of his passing. In comparison, the equivalent lump sum term policy for Matt would have been $522,000. By choosing the income provider 10-year income plan, Matt pays a monthly premium of $298.30, ensuring his family receives guaranteed income for a decade.
The benefits of Income Provider Life Insurance are clear - guaranteed premiums until age 65, no worries about managing a lump sum, and a reliable source of income for your family. So, when it comes to securing your children's future post-divorce, Income Provider Life Insurance is a smart choice to consider.