Ex Partner - Life/Income/Mortgage Insurance

Sam_55

Hi 

This is an odd question but I have split up from my partner and he has cancelled all of our life insurance and critical illness cover. I am in the family home and cannot pay the mortgage or provide for our 4 children if he was to die or be out of work and unable to pay mortgage or child maintaince. 

Is it possible for me to take out a policy on him ? And if so any advice on what I should be looking at would be very helpful. This is causing me a great deal of anxiety at an already very stressful time so I am very overwhelmed with everything. Thank you

tacpot12

This web page: Can I Insure Someone Else for Life Insurance? | LV= suggests that you might be able to take out life insurance on him. Be prepared to be asked for the details of the mortgage and child maintenance that he is supposed to pay. 

I would suggest talking to an insurance broker if you find it difficult to find a company that will allow this. You might consider asking the broker if it would make sense to take out a joint life policy (payable on first death). There is quite a lot to consider with this, such as whether the policy needs to be written in trust and how you might use the payout to clear the mortgage. You haven't said whether you will remain on the mortgage if he is going to carry on paying it, or whether you have a deed of trust in place that determines how the proceeds of the same of the proerpty woudl be divided. 

You also need to write a Will for youself (or revise your Will if it needs revising following your seperation). With children to provide for, you need some good legal advice about how to provide for them if you die. 

DullGreyGuy

Sam_55 said:

This is an odd question but I have split up from my partner and he has cancelled all of our life insurance and critical illness cover. I am in the family home and cannot pay the mortgage or provide for our 4 children if he was to die or be out of work and unable to pay mortgage or child maintaince. 

Is it possible for me to take out a policy on him ? And if so any advice on what I should be looking at would be very helpful. This is causing me a great deal of anxiety at an already very stressful time so I am very overwhelmed with everything. Thank you

What is your relationship like with your ex? 

You are able to buy cover on someone else's life but you need their cooperation as they'll need health disclosures and depending on history/sums insured etc then potentially have medical reports or examinations etc

Critical Illness only covers certain conditions and only pays a lump sum, very few (if any) cover mental health issues and in this day and age they are one of the more common causes of claims on Income Protection policies. There is a legal cap on how much income protection you can have and as such I struggle to see how a third party could therefore buy such cover on someone. If you didn't have IP/PHI before though this was a risk you were previously running so wouldn't be a new issue.

wjr4

Look at a Family Income Benefit plan