A Court in Arizona has just granted you spousal maintenance and child support in your divorce case. How can you ensure that your children will continue to be provided for in the event that your spouse dies before those obligations are fulfilled? One option is to require your spouse to obtain or maintain a term life insurance policy in an amount sufficient to fully cover the total financial obligation in the event of a death.
In Arizona, an ex-spouse is automatically removed as a beneficiary of a life insurance policy. As a result, if your spouse has a life insurance policy, your spouse must complete an official change of beneficiary designation form from his or her life insurance carrier and will need to designate you as beneficiary after the divorce becomes final. You should also be added to the policy as a party to be notified if the premiums are unpaid.
Finally, it is a good idea for you to become the owner of the policy in order to prevent your spouse from changing the beneficiary on his or her life insurance policy.