CPS now offers a proprietary Disability Income product through Lloyd’s of London – which will continue payments dictated by a divorce decree (i.e. spousal support, child support, children’s medical insurance premiums, tuition, activity fees/expenses, business buy-outs, equalization payments, etc) if the Payor becomes disabled.
This policy guarantees that 100% of these payments continue until the obligations stipulated in the decree have been satisfied – and the coverage is available in addition to any personal disability insurance owned by the Payor.
Disability Income Insurance through work or personal coverage typically only covers 40-60% of salary and many others don’t have any coverage beyond Social Security – making it difficult to near impossible to continue paying divorce settlements or child support payments on top of one’s own bills. And although major changes in financial circumstances allow an individual to return to court and file for a reduction, it is a costly and stressful process for both parties.
Contact us at (800) 326-5433 Ext. 155 to request a quote or more information.
A list of the financial obligations included in the divorce decree along with each obligation’s monthly dollar amount, monthly duration and the number of months following the divorce when each obligation begins will be required.