Life Insurance for children as a single parent

Unicorn79

I am a single parent and would like to take out a life insurance policy for my child.  Does anyone have any advice on this?  Where would the payments go if the other parent is absent but still has parental responsibility?  Ideally I would like an amount paid monthly to my child rather than a lump sum at 18, but I am not sure how I would structure this request?

It's a horrible subject, but I really would like something as a security.  I already have a will.

Thank you.

dunstonh

 Does anyone have any advice on this?

Any local adviser (either whole of market mortgage adviser or IFA) will be able to give advice.    Anything written here is just opinion and discussion.

Where would the payments go if the other parent is absent but still has parental responsibility?

Either the policy owner, if you chose the policy owner not to be you. Or the trustee if you chose to put the policy in trust.

Ideally I would like an amount paid monthly to my child rather than a lump sum at 18, but I am not sure how I would structure this request?

You would buy a family income benefit policy rather than a level term assurance.  However, it may not be best value to do so. Although it would meet your objective.