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  • FIRST POST
    • Reilly01
    • By Reilly01 18th Oct 19, 2:44 PM
    • 2Posts
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    Reilly01
    Life Insurance or a Will ???
    • #1
    • 18th Oct 19, 2:44 PM
    Life Insurance or a Will ??? 18th Oct 19 at 2:44 PM
    ím looking for advice on what sort of policy I should get. Iíve been with my long-time partner for 10 years, however we are not married.

    My partner and I have a joint mortgage, and I have a small nest egg of savings in my bank account.

    Recently a friend of mine passed and Iíve had to watch his partner (again not married) struggle with their mortgage repayments.

    This had me think about my own situation, as to what would happen with my half of the mortgage/savings if anything was to happen to me.

    I have a daughter from a previous relationship and my fear is that if I pass my partner will be left with nothing.

    Of course I would want to make sure my daughter is looked after, but I hate to think my partner being left with nothing just because my daughter is my next of kin.

    I'm looking into either getting a Will or Life Insurance, can you please advise what is best to ensure my partner is okay if anything was to happen to me.

    Kind regards,
    Reilly.
Page 1
    • gettingtheresometime
    • By gettingtheresometime 18th Oct 19, 3:08 PM
    • 4,924 Posts
    • 12,356 Thanks
    gettingtheresometime
    • #2
    • 18th Oct 19, 3:08 PM
    • #2
    • 18th Oct 19, 3:08 PM
    As you have a joint mortgage I'm guessing the house is held in joint names so the first question how do you own the house - tenants in common or joint tenants because if it's the later then if you were to die, your partner would become the sole owner and your daughter wouldn't receive anything.


    Secondly if you were to die (or your partner!) what plans are there for paying off the mortgage as there would still be the debt to pay off.


    So yes you both need life insurance to cover the mortgage and then you need to look as to how the house is held.


    Obviously you will need a will to deal with the issue of the house and your daughter's inheritance but that then opens up another can of worms eg how long would you expect your daughter to wait for her inheritance etc
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card / JD Williams cleared thanks to the 1 debt v 100 day challenge
    • TBagpuss
    • By TBagpuss 18th Oct 19, 3:21 PM
    • 7,643 Posts
    • 9,946 Thanks
    TBagpuss
    • #3
    • 18th Oct 19, 3:21 PM
    • #3
    • 18th Oct 19, 3:21 PM
    ím looking for advice on what sort of policy I should get. Iíve been with my long-time partner for 10 years, however we are not married.

    My partner and I have a joint mortgage, and I have a small nest egg of savings in my bank account.

    Recently a friend of mine passed and Iíve had to watch his partner (again not married) struggle with their mortgage repayments.

    This had me think about my own situation, as to what would happen with my half of the mortgage/savings if anything was to happen to me.

    I have a daughter from a previous relationship and my fear is that if I pass my partner will be left with nothing.

    Of course I would want to make sure my daughter is looked after, but I hate to think my partner being left with nothing just because my daughter is my next of kin.

    I'm looking into either getting a Will or Life Insurance, can you please advise what is best to ensure my partner is okay if anything was to happen to me.

    Kind regards,
    Reilly.
    Originally posted by Reilly01
    Both.

    It's always sensible to have a will, and as you have both a child, and a partnerto whom you are not married, it's especially importnat for you.

    You need to think about:
    - Who would you want to deal with sorting out your affairs when you die?
    - Who do you want to look after any finacial assets for your daughter until she is an adult?
    - Are there any personal items youwant to giveto your duaghter (or anyone else)?
    - What arrangmetns do you want to make for your partner?


    If you own your house jointly with your partner, then you need to look at whether you own as joint tenaqnts or tenants in common, as this will affect what happens when you die. If you own as joint tenants, your partner gets the house if you die, and you can't leave any part of it to your daughter, so you might wnat to ensure that you have life insurance to provide a lump sum for her.

    If you own as tenants in common then your half of the hounse can be left by will - you might want to provide for your partner to be allowed to continue to occupy for a certain legth of time following your death, before the hosue was sold and your share of the sale proceeds paid to your daughter, or your partner, or both.

    You should talk to your partner about whether you both need life insurance to cover the mortgage if one of you dies, and also to then consioder whether you want to take out a further policy to provide something for your daughter.

    If you have apension, also think about what provisions you have made for the death benefits (if any)
    • Mrs Arthur Crown
    • By Mrs Arthur Crown 18th Oct 19, 3:29 PM
    • 166 Posts
    • 139 Thanks
    Mrs Arthur Crown
    • #4
    • 18th Oct 19, 3:29 PM
    • #4
    • 18th Oct 19, 3:29 PM
    Both of you need to make Wills!!! Regardless of mortgage, house, etc, etc. You both doubtless have other assets too. Car? Stamp Collection? Gold bracelet. General contents of the house?

    The fact that you have a daughter makes it all the more important to draw up Wills. If you and your partner were to die in an accident tomorrow, the last thing your daughter would want is to try and sort everything out whilst grieving. You may have other family members who you wish to consider giving a bequest too.

    Obviously you don't say how old your daughter is, or whether you or your partner has siblings. A Will is the best way to help whoever is left behind to deal with both the grief and the effort (both physical and emotional) of dealing with money and material things.

    Life insurance will help ensure that your partner doesn't struggle financially after your death, so by all means consider that too. Just don't forget the Will!
    • Keep pedalling
    • By Keep pedalling 18th Oct 19, 4:32 PM
    • 7,104 Posts
    • 8,331 Thanks
    Keep pedalling
    • #5
    • 18th Oct 19, 4:32 PM
    • #5
    • 18th Oct 19, 4:32 PM
    The answer is simple you need both and so does you partner.

    So many people in your position fail to make wills and adequate provision for their surviving partner, and frankly it is irresponsible not to do those things, but at least you are now seriously thinking about it.

    Covering the mortgage with term life insurance is not expensive, not having will is likely to be very costly for the survivor so a few hundred spent on that now is worth it.
    • Reilly01
    • By Reilly01 21st Oct 19, 9:42 AM
    • 2 Posts
    • 0 Thanks
    Reilly01
    • #6
    • 21st Oct 19, 9:42 AM
    • #6
    • 21st Oct 19, 9:42 AM
    Thank you all for all the advice given.

    It’s not a nice thing to chat about, but my partner and I have both agreed to get Life insurance and a Will.

    We just want to make everything as easy as possible for our loved ones when we're gone.

    Many thanks,
    • 74jax
    • By 74jax 21st Oct 19, 9:52 AM
    • 5,216 Posts
    • 7,308 Thanks
    74jax
    • #7
    • 21st Oct 19, 9:52 AM
    • #7
    • 21st Oct 19, 9:52 AM
    Just to say as well for all those reading. It doesn't go to your daughter because she is your next of kin. It goes to your daughter due to intestacy rules.

    Even if you made your partner your next of kin it would still go to your daughter.
    Forty and fabulous, well that's what my cards say....
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