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Life Insurance
samuela66
Posts: 1,203 Forumite
Hi,
My friend is not married to her partner, they have been together 25 years and she thinks that if they get life insurance she will not be covered if anything happens to her partner because they are not married. Can anyone advise me if this is the case and is she eligible for them to be insured together.
thanks
My friend is not married to her partner, they have been together 25 years and she thinks that if they get life insurance she will not be covered if anything happens to her partner because they are not married. Can anyone advise me if this is the case and is she eligible for them to be insured together.
thanks
Sam B
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Comments
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marriage has nothing to do with life cover. So, she can have life cover. Although she does have the potential to be hit with inheritance tax and if no will, she may find she doesnt get some/all of the estate on death.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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My understanding of what the OP was asking was:- If one partner was to die would the other automatically receive the benefits of their life assurance. If they are unmarried and not in one of the new civil partnership arrangements surely the answer is NO. This means that in this instance it is essential to make a will.I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......
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The answer is yes if it is joint life with joint ownership or single life in trust.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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I may be a bit 'out of touch' but surely an assurable interest must still be shown.The answer is yes if it is joint life with joint ownership or single life in trust.
The OP does not mention children, house purchase or any of the other reasons for assurable interest to apply. How could they justify a joint life or even writing a policy into trust without an assurable interest. That would mean I could insure the fella down the steet and pop him off as long as I covered my tracks.................lolI have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......0 -
25 years of relationship with dependency on income is good enough for insurable interest nowadays.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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25 years of relationship with dependency on income is good enough for insurable interest nowadays.
This is still debatable in my opinion, however I will not pursue it further.
I will repeat my original post.......they should insure themselves and make a will leaving their estates to one another. Writing into trust is too messy if circumstances should change wills can ALWAYS be re-written.I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......0
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