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  • FIRST POST
    • JessicaLeLapin
    • By JessicaLeLapin 19th Jun 17, 4:10 PM
    • 3Posts
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    JessicaLeLapin
    Joint life insurance policy after divorce.
    • #1
    • 19th Jun 17, 4:10 PM
    Joint life insurance policy after divorce. 19th Jun 17 at 4:10 PM
    Hi. I need some advice regarding a historic joint life insurance policy please. I divorced my ex husband in 2001 but (possibly foolishly) kept a joint policy linked to our mortgage running. The property was sold in 2002 so there is no property linked to the policy. It is with Friends Life. Can I do anything about this policy? I have been solely paying the premiums since 2001.
Page 1
    • csgohan4
    • By csgohan4 19th Jun 17, 4:20 PM
    • 3,483 Posts
    • 2,164 Thanks
    csgohan4
    • #2
    • 19th Jun 17, 4:20 PM
    • #2
    • 19th Jun 17, 4:20 PM
    premiums back then maybe cheaper if you were looking to get a new life assurance product. Check the policy cover and t+cs and compare with current market products to see if your getting value for money
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Weighty1
    • By Weighty1 19th Jun 17, 4:47 PM
    • 163 Posts
    • 57 Thanks
    Weighty1
    • #3
    • 19th Jun 17, 4:47 PM
    • #3
    • 19th Jun 17, 4:47 PM
    Can you do anything about this policy..................you can cancel it! Alternatively, if your ex-husband was to die then you'd receive a payout from it (and vice versa) so it *could* be worth keeping depending on his health.
    • TrickyDicky101
    • By TrickyDicky101 19th Jun 17, 5:13 PM
    • 2,591 Posts
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    TrickyDicky101
    • #4
    • 19th Jun 17, 5:13 PM
    • #4
    • 19th Jun 17, 5:13 PM
    Was (is) it an endowment product that might therefore carry an investment value?
    • JessicaLeLapin
    • By JessicaLeLapin 19th Jun 17, 9:17 PM
    • 3 Posts
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    JessicaLeLapin
    • #5
    • 19th Jun 17, 9:17 PM
    • #5
    • 19th Jun 17, 9:17 PM
    Quite possibly as initially our mortgage was an endowment one. We then changed to a repayment one.
    • JessicaLeLapin
    • By JessicaLeLapin 19th Jun 17, 9:20 PM
    • 3 Posts
    • 0 Thanks
    JessicaLeLapin
    • #6
    • 19th Jun 17, 9:20 PM
    • #6
    • 19th Jun 17, 9:20 PM
    The insurance company are resending me full policy documents. The one advice they offered me was to see an IFA. I have zero contact with my ex (nor want to as there is a history of violence from him), so it would be impossible to gain any signatures from him.
    • TrickyDicky101
    • By TrickyDicky101 20th Jun 17, 7:58 AM
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    TrickyDicky101
    • #7
    • 20th Jun 17, 7:58 AM
    • #7
    • 20th Jun 17, 7:58 AM
    The insurance company should be able to tell you if the policy has a surrender value - your issue will be that it is very likely they will require authorisations from both policyholders to pay out (and if you have no means/desire to contact your ex that will be a problem).
    • castle96
    • By castle96 20th Jun 17, 2:40 PM
    • 1,571 Posts
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    castle96
    • #8
    • 20th Jun 17, 2:40 PM
    • #8
    • 20th Jun 17, 2:40 PM
    and even then, they would issue a cheque payable to you jointly ?
    • Chris Pollard
    • By Chris Pollard 21st Jun 17, 10:11 AM
    • 65 Posts
    • 23 Thanks
    Chris Pollard
    • #9
    • 21st Jun 17, 10:11 AM
    • #9
    • 21st Jun 17, 10:11 AM
    Jessica, check the T&C's, as many products have a "divorce" option whereby you can transfer the policy into your name. This should allow you to transfer the cover without providing any more health or lifestyle information - it's called a "guaranteed insurability option" or GIO, within the industry.

    I am sure the insurer will have dealt with situations where divorced parties are no longer in contact. If you have this option you may be able to take out a single life policy and to consider placing it into trust for the benefit of your children, or other beneficiaries. At the moment if you, or your ex-husband, died the other would receive the death benefit.

    It is standard practice for an insurer to recommend you speak to an adviser as they cannot give advice about the suitability of a new contract. This could still be an option.

    If you did take out a completely new product and wanted to "cancel" the cover you have the insurer would require both policyholders to give this instruction as they jointly own the policy. Therefore the simplest thing to do is to stop paying premiums. After a few reminders, the policy will automatically lapse - but don't do this until you have alternative cover in place.

    Hope this helps.
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