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Help me clever Life assurance experts!
dagrowler
Posts: 254 Forumite
hello,
I am well confused! I'm buying a house with my boyfriend... its worth 200grand, I'm putting in 40 and then we're splitting the rest 50/50.
we're not married and have no kids so in our wills we've put that our shares will go to our families if one of us dies. Our employer pays out a death in service benefit of 4X salary which would be about 120 each, do we need life assurance too? and if so how much?
sorry I'm sure this has been asked a million times before!
I am well confused! I'm buying a house with my boyfriend... its worth 200grand, I'm putting in 40 and then we're splitting the rest 50/50.
we're not married and have no kids so in our wills we've put that our shares will go to our families if one of us dies. Our employer pays out a death in service benefit of 4X salary which would be about 120 each, do we need life assurance too? and if so how much?
sorry I'm sure this has been asked a million times before!
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Comments
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Surely that means that the survivor could be left homeless if the half belonging to the one that dies goes to his/her family?0
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I would say life cover is a must in this case otherwise the surviving partner will not be able to buy out the parents from their share of the house.
Plus, death in service is not guaranteed to go to your partner. That could go to the parents as well.
Hopefully, you put in the will that the partner has the right to buy the parents out at full market price. Just in case there is ever a falling out with any of the parties.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 -
I would say life cover is a must in this case otherwise the surviving partner will not be able to buy out the parents from their share of the house.
Plus, death in service is not guaranteed to go to your partner. That could go to the parents as well.
Hopefully, you put in the will that the partner has the right to buy the parents out at full market price. Just in case there is ever a falling out with any of the parties.
cool thanks, so do you think the life cover should be for the full mortgage amount? sorry i know i sound dense but i have no clue._____________________________________________
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