Whole of Life Joint Life Insurance

Lyz

In the early 90s my partner and I took our a joint whole of life life insurance policy. We subsequently parted company in the late 90s but decided to keep the policies going as we had 2 young children. My partner has not contributed to the premiums since 1997 but I am still paying over £100 a month for both policies. Our boys are now grown up and are aged 24 and 28. They have limited contact from their dad and have had limited financial support from him. Particularly since he has had further children with his new partner. I on the other hand have supported them through their school days and the eldest through university and subsequently his first house purchase. The youngest still lives at home with me and my husband, My ex-partner also has a new family and went on the have more children, whereas I did not. When we discussed this policy about 15 years ago he said he was happy for me to continue paying it as it would be a help for the boys should anything happen to him. I'd like to know where I stand as I am still paying the premiums monthly but would hate to be paying this for his new family. As its a whole of life policy I feel it's worth keeping it running as long as me or my children benefit from it.

Any advice would be gratefully received, thank-you

dunstonh

How is the policy set up? You say it is joint life but is it also joint owner? (probably is but not always)

Was it set up in trust? (if not, if you were to die on a joint owner, joint life first death plan, he would get the money).

Whole of life plans are mostly niche nowadays. Most of the old 80s and 90s versions were obsolete by around mid 90s. Modern options becoming more cost effective and term assurance taking over most of the required needs. Have you looked to see if a term assurance could fit the job better for you?