Single parents have been abandoned by the financial services industry. In the four years I've been attempting to create a child support insurance product I've talked to the nation's largest and most prosperous insurance company. They honestly do not know what to do about it.
I am proposing to create an insurance policy that will pay for child support during the time an obligor is temporarily unable to pay child support. The reason could be a job lay off, a disabling injury, or any other temporary break in employment.
This seems like such an obvious opportunity that someone would have thought of it sooner...but it hasn't happened yet.
If you have an interest in such a product, please call me at 806-791-2400.
If you have an insurance company and you want to create and fund this product, call me.
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Who would pay the premiums: the custodial or noncustodial parent? How would premiums be determined? Based on the premium:child support ratio, how would this differ from child support collection agencies when it came to out of pocket expense for the custodial parent?
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