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Is this possible?
narabanekeater
Posts: 1,892 Forumite
DH and I have been married for 7 years and have 2 children and im currently expecting number 3
We need to update our Wills as our last one only included our 1st child.
In the event of us both dying together I would like my best friend to have our children. She is their godmother also.
If we were both to die id like a policy in place that would pay off her mortgage of say £125k and then give her a sum of around £600 a month to care for our children for the next 18 years
Is this sort of plan possible? and if so what is it called please?
DH are young fit and weell non smokers who enjoy exercise
Many Thanks
We need to update our Wills as our last one only included our 1st child.
In the event of us both dying together I would like my best friend to have our children. She is their godmother also.
If we were both to die id like a policy in place that would pay off her mortgage of say £125k and then give her a sum of around £600 a month to care for our children for the next 18 years
Is this sort of plan possible? and if so what is it called please?
DH are young fit and weell non smokers who enjoy exercise
Many Thanks
Mad Mum to 3 wonderful children, 2 foster kittens and 2 big fat cats that never made it to a new home!
Aiming to loose 56 pounds this year. Total to date 44.5 pounds 12.5 to go. Slimming World Rocks!
Aiming to loose 56 pounds this year. Total to date 44.5 pounds 12.5 to go. Slimming World Rocks!
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Comments
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Is this sort of plan possible? and if so what is it called please?
Yes it is. It requires two products or one product with two segments. One is a decreasing term assurance for the mortgage and the other is a family income benefit for the income paying life assurance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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