Life Assurance policies and divorce

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
2 replies 817 views
PThomas_2PThomas_2 Forumite
62 Posts
Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Hi

We have 2 seperate life assurance policies with critical illness, an orriginal one from our first mortgage and an additional one from a different company to top it up when we added an extension. Both have us jointly named on the policy.

Divorce is complete, house is sold and we are just sorting out the financial settlement.

What are my options likely to be as far as removing my wife's name from the policy and continuing it on my own?
Would it perhaps be cheaper to start a new one?
Could I remove my wife and add my girlfriend instead?

Just some advice at present, I will obviously have to speak to the Companies directly at some point.

Replies

  • benjaminMbenjaminM Forumite
    238 Posts
    Without seeing the policies or knowing your full circumstances it is difficult to offer any guidance.

    If your circumstances are relatively straight forward then the simplest thing to do would be to just cancel your existing policies and set up a new one. Where you need to be careful is if there have been any previous medical conditions, if the existing policies have been written in trust and if there are any children the policies may affect.

    As I said without knowing your history it would be unprofessional to suggest any course of action. I would contact your financial advisor to explain your options and give you a full review.
    I am an Insurance & Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Be careful of replacing - a lot of older critical illness policies were more generous in their definitions than their current counterparts and in the extent of conditions covered.

    But note that they cover specific conditions. My cancer 6 years ago wasn't covered by my critical illness plan but it was by my income protection policy which only needed a doctor's note to cover any illness.

    You need a proper review with an Independent Financial Adviser who can advise on the products of all companies.
    I am an Independent Financial Adviser.

    Anything posted on this forum is for discussion purposes and should not be considered financial advice.

    If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your individual situation.
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