Spousal and Child Support Insurance
We offer all kinds of insurance products including Term and Whole Life Insurance, Critical Illness Insurance and others.
Our flagship product is RBSI (Rebalancing Beneficiaries Support Insurance) securing Child Support payments and Spousal Support payments, specifically designed to address the nuances of family law. As support payments are paid out, the insurance coverage declines to match the remaining support payments. The balance may then be allocated to someone else such as children or a new partner. We’re making it fair for both co-parents.
Why Insurance Matters
Now there’s insurance to really help separated co-parents & children
Critical Illness or the death of a supporting spouse will change a child’s life. To financially support child(ren) means securing support payments with insurance. Come To Agreement works with leading Insurance Companies to help separated and divorced ex-spouses and children secure their financial future. It’s low-cost and responsible. Professionals find it easy to use.
Separation & Divorce Insurance Program
Calculate Support Insurance requirements for your support payments, children’s special expenses including future expenses (college or university costs, special needs, etc.), alimony / spousal support and equalization payments or debt repayment. You can also include COLA (Cost of Living Adjustment) to determine your Life Insurance, Critical Illness Insurance and Long-Term Disability needs. Critical Illness coverage secures support payments if the supporting spouse suffers a major illness while Long-Term Disability pays a monthly amount when disabled.
We work with some of the most prestigious insurance carriers.
Here’s How It Works
- In the event of death, the Support Beneficiary will receive a lump sum insurance payment for support she or he is still owed, while the policy owner can leave the remaining rebalanced proceeds to his or her children, a new spouse or partner or to secure a financial loan, etc. Each year, on the anniversary date of the policy, (or on a monthly basis), the beneficiary amount owed is rebalanced.
- There are provisions for trustees regarding underage children.
- The agreed to Beneficiary Designation Schedule is attached to the Separation / Divorce Agreement or Court Order and the Life Insurance Policy.
- There’s an option for the Support Beneficiary to be “Irrevocable” on the Insurance Policy and for the “Irrevocability” to be automatically cancelled at the conclusion of the agreed to Support Term.
- There’s even a Notification Option to advise the Support Beneficiary if a policy will lapse, without their knowledge, so payments can be made to keep the policy active. This is a significant benefit in Family Law.
- Licensed Insurance Advisors/Agents sell Rebalancing Beneficiaries Support Insurance. It’s underwritten by several of the largest insurance companies in Canada but only available through Come To Agreement.
Family Lawyers love our program.
It’s fair for both parties and great for separated and divorced families.
Please note: Come To Agreement’s Support Insurance Calculator does not replace professional advice. Co-parents should contact their own Family Lawyer, Family Mediator or Insurance Advisor before making any insurance decisions regarding their specific situation.
Getting Started
Please go to “Calculate Support Insurance” to determine your total Support Insurance obligations. If you don’t know your monthly or yearly amount of support you need to secure, please speak with your Family Lawyer or check your Separation Agreement or Divorce Order or your Court Order.
Separation & Divorce Insurance Calculator
Please go to “Calculate Support Insurance” to determine your total Support Insurance obligations. If you don’t know your monthly or yearly amount of support you need to secure, please speak with your Family Lawyer or check your Separation Agreement or Divorce Order or your Court Order.
Support Insurance Benefits
Rebalancing Beneficiaries Support Insurance (RBSI) is a new way to appropriately secure support payments that’s fair for both separated parties. The policy secures payments for child support, children’s current and future special expenses, alimony or spousal support, and for any equalization or debt repayments, upon the death of the policyholder. The Support Beneficiary receives exactly what she/he is legally entitled to while other beneficiaries can share in the rebalanced proceeds or also be beneficiaries on the Insurance Policy. RBSI integrates family law with insurance law and was created to be a win-win for both the Policy Owner and the Support Beneficiary.
Come To Agreement provides an easy-to-use Support Calculator to determine how much Support Insurance is required.
Insurance policies are underwritten by some of the most prestigious insurance carriers in Canada.
Rebalancing Beneficiaries Support Insurance covers:
- Child Support
- Children’s Special Expenses
- Children’s Future Special Expenses
- Alimony / Spousal Support
- Other Debt Repayments
- Rebalancing Payout to Other Family Members
- Monthly or Yearly Rebalancing Schedule
- Notifications to Beneficiary
- Irrevocability Waiver
- Critical Illness Insurance
Support Insurance Steps:
- Calculate the amount of Support Insurance required
- Add in Cost of Living Adjustment (COLA) – optional
- Add an amount for Critical Illness Insurance – optional
- Complete the Quotation Questionnaire and Request a Quotation for Rebalancing Beneficiaries Support Insurance
- Ask your Family Lawyer or Come To Agreement to provide a Rebalancing Beneficiaries Designation Form and Schedule.
Support Insurance Frequently Asked Questions
Which Life Insurance Companies does Come To Agreement deal with?
Currently, we deal with 7 of the largest Insurance Companies in Canada: Manulife, Canada Life, RBC Life Insurance, Foresters, Canada Protection Plan, Empire Life and Specialty Life Insurance.
How is Rebalancing Beneficiaries Support Insurance different from traditional Life Insurance?
Rebalancing Beneficiaries Support Insurance secures the Support Payments agreed to between the parties in legal Separation Agreements, Court Orders and Divorce Orders. Rebalancing Beneficiaries Support Insurance can be a higher policy value than the support obligations.
As support payments are made by the Support Payer to the Support Beneficiary, the insurance coverage of the support beneficiary declines to match the remaining support payments. The balance of the insurance policy value is then allocated to someone else such as a new partner or children.
How many Support Beneficiaries can I have?
Only one Support Beneficiary is permitted with each Insurance Policy.
How many Beneficiaries in total can I have on an Insurance Policy?
Typically, there is one Support Beneficiary but you can have one or more Rebalancing Beneficiaries.
Who do I deal with to purchase a Rebalancing Beneficiaries Life Insurance Policy?
You can arrange to purchase a Life Insurance Policy through a Licensed Life Insurance Advisors associated with Come To Agreement Ltd., or you can have your Family Lawyer or Insurance Advisor contact Come To Agreement directly.
How does this Insurance Policy secure my support payments?
Your Separation Agreement, Court Order or Divorce Order will typically have a Life Insurance amount agreed to between the parties. If not, you can contact Come To Agreement to discuss Rebalancing Beneficiaries Support Insurance. Come To Agreement can arrange for a Life Insurance Policy for the amount shown in your Agreement or Court Order or the calculation for the amount of Life Insurance can be made prior to the legal agreement.
What types of insurance does Come To Agreement sell?
Rebalancing Beneficiaries Support Insurance, traditional Life Insurance and Critical Illness Insurance. Life Insurance can be Term or Whole Life/Permanent Insurance.
If my children are on the Insurance Policy and they are under 18 years of age, can I have a trustee on the policy?
Yes, depending on the laws of your jurisdiction, Trustees (adult relatives or friends) are typically on Insurance Policies for children.
What does Irrevocable mean on a Life Insurance Policy?
Policies are either revocable or irrevocable. Revocable means the beneficiaries can be changed and an Irrevocable Beneficiary means the Policy Owner, (if they are also the Support Payer), cannot change the Beneficiary status of the Support Beneficiary. In family law, the security for Support Payments typically have the Support Beneficiary as irrevocable.
Can the Support Beneficiary and the Policy Owner be the same person?
Yes. But typically, the Policy Owner is the one who pays the insurance premiums.
Can the Support Beneficiary be notified if the life insurance policy is going to be cancelled while the Support Beneficiary is still owed support payments?
Yes, if agreed to between the Support Payer and the Support Beneficiary as part of the Rebalancing Beneficiaries Designation form & schedule.
How do I calculate the amount of Life Insurance required to secure Support Payments?
The Support Insurance Calculator allows you to complete the calculations required for the following types of Support Payments: Child Support, Children’s Special Expenses, Children’s Future Special Expenses (such as university costs or long-term health costs), spousal support/alimony and any other payments required. Once you know the total, add a percentage for cost of living adjustment for future inflation. This will calculate the amount of Life Insurance required.
How does Critical Illness Insurance help?
If the Support Payer becomes ill and cannot work, support payments are still required to be made. Critical Illness Insurance can provide money to live and make Support Payments for one or two years.
How do I request a Quotation?
Once your life insurance amount is determined, complete the short quotation form and Come To Agreement will have a Licensed Insurance Advisor contact you.
What is the Rebalancing Beneficiaries Designation Form & Schedule?
This is a Beneficiaries Schedule that attaches to both your Separation Agreement, Court Order or Divorce Order and your Life Insurance Policy, providing legal direction to the Insurance Company for any Insurance Payments to be made to any Beneficiaries, in the event of the death of the insured Support Payer.
What personal information is public and private?
Come To Agreement Ltd. will never share your contact information or any other information with third-party companies.
Do you offer 24-hour Live Chat support?
No. Please use the Contact Us Page to request answers for your questions. Depending on the question, we will get back to you in a timely manner.
What types of support are available should I have difficulty navigating my way through the Support Insurance?
You can contact us via email anytime at info@cometoagreement.com.
Does Come To Agreement offer legal advice?
No. We are not a law firm nor can we provide legal advice.
What are the office hours for Come To Agreement?
Our office hours are Monday-Friday 9am-5pm EST.
Insurance Quote
Please call us at 1-833-224-7330 or fill out the form below and an agent will be in touch.
“Come To Agreement’s Support Insurance Program can help all divorced families secure their financial future.”
Ronald Madzia – Former Vice Chairman – IDC Worldsource Insurance Network Inc.
How To Use The Rebalancing Beneficiaries Calculator
Many separated moms and dads are required by their Separation / Divorce Agreement, Divorce Order or Court Order, to secure support payments. Rebalancing Beneficiaries Support Insurance allows an insurance policy to secure those payments while allowing additional beneficiaries such as children or a new partner to be included on the policy.
Try our Support Calculators. Your calculations can be saved for use at a later time by joining our Co-Parent / Professional Membership.
- If you’ve made calculations with our calculators the information is available for the Rebalancing Beneficiaries Calculator. If this is a new calculation it can be done manually.
- Determine your support requirements and check the appropriate boxes.
- You may enter either your monthly or yearly payments, or other expenses.
- Make sure to enter the number of years for support obligations, for each child, according to your Agreement, Divorce Order or Court Order.
- The calculator allows you to estimate your share of Children’s Future Special Expenses (College, University, Special Needs, etc.). Enter the estimated Yearly Amount / child and the number of years needing the support. For example: If your share for the estimated future costs for college / university is $10,000 / year for 4 years and you have 2 children, your share would total $80,000.
- Once you’ve completed your requirements for A, B, C, D and E use the COLA (Cost of Living Adjustment) Calculator to adjust for inflationary costs or increased support obligations due to increasing wages.
- The calculator will provide a suggested amount of insurance required, however, insurance may be purchased in $1,000 increments.
- Critical Illness Insurance is a form of health insurance protection that provides a lump sum benefit should you survive a serious illness or condition covered by your policy. Illnesses such as Cancer, Heart Attack or Stroke can have an impact on you, your ex-spouse or partner and family members, on an emotional and financial level. Critical Illness coverage provides a lump sum payment to help with your support obligations.
- Long-Term Disability Insurance provides a monthly payment (when medically qualified) to help with your monthly personal financial requirements and support obligations.
- To get a Rebalancing Beneficiaries Support Insurance quote, from some of North America’s leading insurance companies, press the “Get Insurance Quote” button.