Help I’m clueless!

Barpeeler

Hopefully I’m in the right place to ask this as I have no idea where to go!

I own my own home with my partner 50/50

Looking for insurance that would pay off the mortgage if the worst happens to either of us.

Also id like my 50% left to my son while my partner wants hers split between 3 children.

We’d like this only to be done when the last one of us passes away.

Is this all part of insurance or would it be part of a will??


Thanks in advance for any help as I really have no idea! 🙈

Quentin

You both look to need wills!

missile

Barpeeler wrote: »

I own my own home with my partner 50/50
Looking for insurance that would pay off the mortgage if the worst happens to either of us.

You should consider a joint life insurance policy. You may already have it(?) as most mortgage providers insist on this.

Barpeeler wrote: »

Also id like my 50% left to my son while my partner wants hers split between 3 children.

We’d like this only to be done when the last one of us passes away.

You need two wills. Decide who will be your executors and what if you both die together / beneficiaries die before you. See a solicitor to make sure your requirements are properly detailed.
See here

csgohan4

it may be more cost effective to have two life assurance policies rather than joint, as if one claims the policy is closed, while if you have two, they are independent of one another.


Consider using a broker if your not sure what to look for in life assurance.


Also consider income protection as well. Life assurance can be put into a trust as well, a will is also a sound approach especially for material assets.