[ Text of section added by 2011, 124, Sec. 3 effective March 1, 2012 applicable as provided by 2011, 124, Sec. 4. See 2011, 124, Sec. 7.]

  Section 55. (a) The court may require reasonable security for alimony in the event of the payor's death during the alimony period. Security may include, but shall not be limited to, maintenance of life insurance.

  (b) Orders to maintain life insurance shall be based upon due consideration of the following factors: age and insurability of the payor; cost of insurance; amount of the judgment; policies carried during the marriage; duration of the alimony order; prevailing interest rates at the time of the order; and other obligations of the payor.

  (c) A court may modify orders to maintain security upon a material change of circumstance.