In any proceeding brought pursuant to the provisions of Section 40-4-7 NMSA 1978 or in any other proceeding for the division of property or spousal or child support brought pursuant to the provisions of Chapter 40 NMSA 1978, the court may require either party or both parties to the proceeding to maintain the minor children of the parties or a spouse or former spouse as beneficiaries on a life insurance policy as security for the payment of:
(1) support for the benefit of the minor children;
(2) spousal support; or
(3) the cost to equalize a property division in the event of the death of the insured on the life insurance policy.
The court may also allocate the cost of the premiums of the life insurance policy between the parties.