Ex H wants me to pay life insurance

[pennydrops17]

He's demanding I transfer all bills over to my account for me to pay since separating including his life insurance because he says 'he won't be benefiting from it if he dies - me and the children will' so therefore I should pay it. I don't have life insurance myself.

Is this not a bit odd, though ie. expecting me to pay for his life insurance? Shouldn't he want to pay to ensure his kids are okay in the event of his death?

If he has a full time job with good pay, he may have a death in service policy through work. Or maybe able to take one out at a much lower cost than a life insurance policy.

Mine pays 4 times my annual salary, so isn't an insubstantial amount given I don't have to pay for it

It's definitely worth speaking to him about this before spending money on life insurance

My undwrstading is It will be paid to you unless he remarries, as this tends to void previous wills etc. Aditionally, he can actually specify who the payment is made to too (I,.e the children, not you) unless something specifx is written in your policy.

You definitely do not need life insurance for a mortgage, but you do need buildings insurance.

I pay life insurance on ExH, but it is limited till DD is 18. My solicitor advised and has put in place a deed of trust that ensures that DD/myself are the beneficiaries so that no future wills he makes can over ride this.
As far as mortgages go on have life insurance for myself that covers my own mortgage. It was advised, but not a requirement of the mortgage.
I guess if your maintenance payments form part of the basis of the affordability of the mortgage they may request a life insurance to ensure you would not default.

Wills would not override a joint life first death policy as the grantees are the two policyholders ie if he dies the proceeds belong to you not him so he is unable to dispose of them by will. Exception would be a trust you both enter into

And any company death in service benefit is disposed of by the trustee. They would look at his financial commitments and allocate accordingly . This might go to you but equally likely direct to the children in trust

There is some well meaning but inaccurate advice on this thread

See an ifa or call the insurance company they can confirm the policy terms and trust position

Oh that's interesting. I am thinking back a long way and maybe I was young and naive when I thought I needed life insurance for a mortgage, or maybe I did then, or maybe it was because it was high LTV. I haven't had a mortgage for years so it's good to know I'm out of date, thank you.

It's not a joint life death policy, it is a single life policy for him alone so deed of trust is needed.
I have separate life insurances of my own.

Was replying to mrsp

Please get indepedent financial advice. Death in service is never a guaranteed pay out. You must ensure your mortgage is covered and there are monthly or annual lumo sum pay outs to cover bills when he dies.

Please try and get a copy of the policy documents and get them reviewed properly.

Thanks all. Have had to deal with other family issues and have only just returned to pick up this post. Will read all tomorrow though and review where I'm at re this. Thanks again.