Life insurance

[claireday03]

My partner and I aren't married and are not too bothered about it and we are thinking about getting life insurance. If I die (I know a bit morbid) would he still benefit from the insurance regardless of us not being married? Thanks.

You can name who you like as the beneficiary on your policy. One tip - buy term insurance, not whole life, which is often sold as an "investment". It isn't.

@MissConductUS thanks. What does that actually mean? I'm a total novice at understanding this. With the cost of living rising I'm just panicking about the future and my partners future!!

Yes you can name whoever as the beneficiary. It’s worth making a will as you don’t automatically inherit to each other if you’re not married

Term insurance is for a specific length of time eg it may cease when you reach 80. Whole life does just what it says - pays out when you die whatever age that may be. It’s more expensive and the cost increases with inflation but so does the payout.
for example, my DF had term insurance that finished when he was 80. He had paid into it for 40 years. He died 3 months after his 80th and it didn’t pay out anything. My DM had both, but the term paying out at 85. The term cost £40 a month and the other £110 a month. She had been paying them for about 10 years and both started with a payout of £15k. When she died they both paid out but the whole life one paid out £18k.
I was the named beneficiary on both policies.

Here's an explanation of the differences.
www.investopedia.com/term-life-vs-whole-life-5075430

Thank you all.

My son's father and I are no longer together and we weren't married. I now rent a property and have little to no assets, but know I should get life insurance. I have no idea where to start with it so any advice would be great thank you. I am aware that I should have a policy now I am a mother, but after the breakup and covid my finances didnt stretch to anything above vitals.

Should I also take out life insurance against my ex partner? If something happened to him I would not be able to afford all my bills without his child maintenance payment.