I’m a single parent. Should I use child support payments to pay life insurance premiums?
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UPDATED: Jul 15, 2021
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The child support payments you receive from your child’s other parent should be used to support your child financial needs for a happy, healthy and relatively comfortable life. However, if you are supporting those costs adequately and have a college fund set up for the child, you can consider using child support funds as life insurance premium payments—as long as your child or the child’s future guardian is the beneficiary of that policy. It is important that you choose a life insurance policy with a premium that you can afford even without the child support payments so that if you stop receiving support you can still keep the policy current.