Will/Life Insurance

JSB1977

Hello All

myself and my husband are thinking about starting a will. We are both in our forties and have a six year old daughter. We have also discussed a life insurance policy as we currently have neither of these. My husband's property, or should I say our marital home is in his name. Therefore should anything god forbid happen to him we want to be assured there will be no additional complications. Can anyone advise whether it is best to have both of these? I am thinking it would be. Just looking for general opinions/advice. Thanks

Flugelhorn

Yes to:
will / life insurance (is there some attached to mortgage?) / guardians for child etc etc

trailingspouse

Yes. Do it now.


And keep your fingers crossed until it's done.

Owain_Moneysaver

It is essential that you do.

If you write your life insurance policy in trust for your child(ren) then only the premiums within 7 years of death are counted for IHT, the insurance payout in trust isn't considered part of your estate.

And consider what happens if you die - assuming your husband is the main earner, but would he be able to continue earning if he found himself sole carer for your daughter? £150k / 10 year fixed term policy for someone in their forties might only be £15 a month, but if you die that's £15k a year to pay for childcare until your daughter's sixteen.

Mojisola

JSB1977 wrote: »

My husband's property, or should I say our marital home is in his name. Therefore should anything god forbid happen to him we want to be assured there will be no additional complications.

Why not change the ownership to 'joint tenants' so that you both own the marital home?

JSB1977

I assume in order for me to be put on the mortgage/deeds we would need to remortgage the house. The mortgage rate we have is pretty good so seems a shame to lose out in that way. Thanks x