Insurance to cover child maintenence

katyp

Does anyone know if it is possible to buy insurance to cover my partner's CSA payments if he died?
The total amount would obviously decrease as the children got older, so I would imagine it would work on the same principle as mortgage insurance cover.
Is there such a thing out there?

dunstonh

Yes, its called life assurance.

Wherever there is an insurable interest, you can take out life cover. Loss of income is one such insurable interest. Family Income Benefit would be the generic name of the perfect product. However, Level Term Assurance (this year) or Pension Term Assurance (from next April) may be more appropriate purely because the cost of the cover in real terms is likely to be lower than an FIB. (it shouldnt be but not many issue FIBs now and LTAs are priced very competitively at this time)