What sort of insurance do we need?

mgdavid

I'm supporting son through his separation and impending divorce. The ex is staying in the house with the 2 children, he is renting. He doesn't earn a huge amount and they have agreed he will pay the equivalent of the CSA calculation maintenance for the children monthly. It's been suggested that he takes out insurance so that in the event of his death there is a sum to cover the maintenance ongoing until children are 18.,
a) because he wouldn't want the children to suffer through shortage of money, and
b) so that the ex cannot claim on his estate.
What sort of insurance does he need, and how does it work?

kingstreet

Family income benefit. Instead of term assurance, which pays a lump sum, family income benefit pays a monthly benefit in the event of death. He could make this equivalent to the amount he is paying.

mgdavid

Perfect, thankyou.