Joint life insurance claim

jusjul

Hi my partner and I took out a joint life insurance policy, we don't live together and we haven't got a will, we are both named on the policy. He has 4 grown up children, I don't have any. In the event that one of us two dies what happens to the policy? who does the payout go to, does it go to me or him as we are named on the documents.

Also, do we have to have a will, or separate wills.

any help would be appreciated.

jul x

rogerblack

Are you in England or Scotland?
Are any of the children on, or likely to be on means tested benefits for a considerable period?

Making a will clarifies things, and can reduce costs.

jusjul

Hi im in England, he has 4 grown up kids, I don't have any. hes also divorced

Mojisola

jusjul wrote: »

Hi my partner and I took out a joint life insurance policy, we don't live together and we haven't got a will, we are both named on the policy. He has 4 grown up children, I don't have any. In the event that one of us two dies what happens to the policy? who does the payout go to, does it go to me or him as we are named on the documents.

You need to check with the insurance policy. Usually the policy pays out to the survivor on the death of the first one to die.

If you're not married and don't have wills, you won't inherit from each other.

xylophone

Is this a "joint life,first death" policy?

jusjul

Hi yes whoever goes first