Life insurance for my ex-husband?

smiley-me

Is it possible to take out life insurance on my ex-husband so that the children have some provision if he should die? (He currently pays maintenance for them). If so, can I do it online or through a broker, or does it need to be through a FA? If either of the previous 2 options, any recommendations on who would do it?

Many thanks.

Jojo_the_Tightfisted

Think my ex would be very, very worried :eek: if I took out insurance on him...:rotfl: :rotfl: :rotfl:

dunstonh

Is it possible to take out life insurance on my ex-husband so that the children have some provision if he should die?

You cannot take out life assurance on another life without that party agreeing to it.

If so, can I do it online or through a broker, or does it need to be through a FA? If either of the previous 2 options, any recommendations on who would do it?

Buying direct is expensive. Brokers dont transact in this area. IFAs offer online services (as per martins article) where you buy on execution only basis or advice service on advice basis.

smiley-me

Yes, he has said it's OK for me to do if possible.

dunstonh wrote: »

Buying direct is expensive. Brokers dont transact in this area. IFAs offer online services (as per martins article) where you buy on execution only basis or advice service on advice basis.

Please excuse my Sunday night brain, but what does the above mean? (sorry!)

dunstonh

If you buy direct from the insurer (i.e. from their website, telephone etc) then you may get a small discount or none at all.

You mentioned brokers but insurance brokers dont tend to get involved in life assurance. So, they are not applicable.

IFAs have two options for you. Execution only which means you get no advice, no FOS protection and you have to pick the provider, amounts and options you want but usually its the cheapest way to buy. The other option is advice basis where you ask the IFA to research how much you need, which company is best and set it all up for you. This can be done on fee basis or commission basis. You get to choose. Its usually cheaper than buying direct from the insurer but more expensive than execution only due to the level of work and liability involved for giving advice.

In Martin's article on life assurance, he gives examples of a few IFAs that work on execution only basis.

greco_2

You cannot take out life assurance on another life without that party agreeing to it.

Are you sure? I was under the impression that the only requirement was that there had to be insurable interest and in this case, there would seem to be.

Having said that, it would seem to me that it would be simple courtesy to inform the person concerned.

dunstonh

greco wrote: »

Are you sure? I was under the impression that the only requirement was that there had to be insurable interest and in this case, there would seem to be.

Having said that, it would seem to me that it would be simple courtesy to inform the person concerned.

How do you answer the medical questions on someone else?
The declaration would be void as its not from the life assured. Plus, the section with doctor details and consent needs to be signed by the life assured.

You do need to have an insurable interest but the practicalities of setting one up with the life assured a different person to the policy owner means they would need to know.

stugib

dunstonh wrote: »

IFAs have two options for you. Execution only

Don't give her ideas! :eek:

smiley-me

stugib wrote: »

Don't give her ideas! :eek:

:rotfl::A

Thanks dunstonh for explaining things for me. Much appreciated.

I spoke to an FA today, recommended to me by a friend, who said that L&G would cover him for about £15 a month. I'm unsure if she's an IFA or what her actual job is, but I don't feel I got any advice per se from her - she just tapped some details into a computer & came out with that quote. Is it worth pursuing or is it better to do it some other way?

dunstonh

I'm unsure if she's an IFA or what her actual job is, but I don't feel I got any advice per se from her - she just tapped some details into a computer & came out with that quote. Is it worth pursuing or is it better to do it some other way?

Normally an IFA would show you the quotes list so you can see the company is well priced. L&G do operate a tied salesforce still (particulary at mortgage advisers and estate agents and a couple of banks). If it is an L&G rep they would be more expensive than an IFA.

Francesanne

Surely you're ex should consider his children and take out a life policy himself?