According to Florida law, a life insurance policy can be used as security if the court finds that there is a need to protect an award of alimony:
To the extent necessary to protect an award of alimony, the court may order any party who is ordered to pay alimony to purchase or maintain a life insurance policy or a bond, or to otherwise secure such alimony award with any other assets which may be suitable for that purpose.
See: Florida Statute 61.08 – Alimony
In Florida case law, the court held that:
As to the third contention, the parties concede, and we agree, that the trial court erred in requiring the husband to maintain a life insurance policy with the wife as the primary beneficiary until she reaches age sixty-five. Sobelman v. Sobelman, 490 So.2d 225 (Fla. 2d DCA 1986); Mahan v. Mahan, 415 So.2d 146 (Fla. 2d DCA), rev. denied, 424 So.2d 762 (Fla. 1982). The husband’s obligation to pay alimony terminates with his death. See O’Malley v. Pan American Bank, 384 So.2d 1258 (Fla. 1980). The wife contends that the insurance required by the court is not post mortem alimony. Rather, she contends that the insurance is security for alimony vesting before the husband’s death and is proper under section 61.08(3), Florida Statutes (1985). Sobelman recognizes that the award of a life insurance policy is permitted under section 61.08(3), but states:
The amended statute, in our view, does not affect the prohibition against ordering a spouse to maintain life insurance as a form of post mortem alimony; rather, it contemplates a factual setting in which there exists a need for security or protection of the award to the other spouse.
Towards this end, we remand for a correction of the portion of the amended final judgment which requires the husband to maintain a life insurance policy with his wife as beneficiary. These corrections should reflect that the required insurance policy is for the purpose of protecting alimony arrearages up to $60,000.
See: Dwyer v. Dwyer, 513 So. 2d 1325 (Fla. Dist. Ct. App. 1987)
Related:
- Successfully Modifying Alimony in Florida
- Examples of Alimony Modification: Remarriage or New Relationship
- Examples of Alimony Modification: Inheritance and Gifts
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