Ex partner won't cancel life insurance policy

dwsjarcmcd

agrinnall wrote: »

Actually I'm not sure the insurance is valid any longer, surely the ex has no insurable interest in the OP (assuming they have no children, joint property, etc.). Wouldn't it now be as if she was trying to have a policy on the life of a complete stranger?

Not the case, with life assurance insurable interest only needs to be in place at the start of the policy not at the time of a claim. With, for example Car or Home Insurance it is the other way round and insurable interest must exist at the time of a claim.

To the OP, your ex is entitled to maintain the policy even if you wish she didn't!

agrinnall

Thanks for the explanation, I must admit the little insurance training I received was in the dim and distant past and was primarily concerned with general insurance rather than life.

letthemeatcake

I still have a joint policy with my ex taken out 24 years ago and I also recently took one out in my own name with another company who are well aware I have an existing policy elsewhere. Your ex is sensible keeping her old policy running as a new one may cost more due to her age increase and any health issues which have arisen since.

amnblog

Your ex keeping this policy and paying for it has no effect on you now, or in the future. Unless your ex dies before you in which case you could get some cash.

Win, win

SuperHan

Have a look who the beneficiaries are. The insurance may pay out in to your estate rather than directly to your ex. If this is the case, you can leave it to whoever you like in your will.

ACG

You can have as many policies as you like.
Dont worry about the life insurance policy it doesnt affect you in the slightest unless she dies in which case you will get a decent sum of money.

magpiecottage

SuperHan wrote: »

Have a look who the beneficiaries are. The insurance may pay out in to your estate rather than directly to your ex. If this is the case, you can leave it to whoever you like in your will.

Normally the survivor will be entitled to the benefits of a policy taken out jointly so I suggest the OP makes sure the insurance company is aware of their address.

SuperHan

magpiecottage wrote: »

Normally the survivor will be entitled to the benefits of a policy taken out jointly so I suggest the OP makes sure the insurance company is aware of their address.

That is true, but it's worth looking in to as it isn't necessarily the case!

OP, you should be able to still discuss the policy T&Cs without your ex's permission, so maybe give them a call and see what they advise.