Life insurance | Mumsnet

Original poster

queenboot · 06/06/2023 21:13

queenboot · 06/06/2023 12:03

When oh wanted to split up with me few years ago she cancelled life insurance but never renewed after we stayed together.
What is consequence of this?

Also I have mentioned making a will as have dc who I want to have house if anything happened to us but no urgency from partner who just says it will be ok and we will do.

Both things bother me.

What does everyone advise?
And would I be ok in house if god forbid something happened to partner?
Mortgage in joint names.
But oh has paid off big chunks over years when got work bonus and such forth so have they got more entitlement to house than me?

Want to know dc and I will be ok as partner almost didn't want to be with us a few years ago and all ok now but it did shock and unsettled me.

Anyone?

OP posts:

HappyAsASandboy · 07/06/2023 08:24

The consequence of not having life insurance is that there will be no financial payout from a life insurance company if the people previously covered by the policy die. If you want a life insurance policy to pay out if you or your partner die, then you need to take a new policy out to cover either their life, your life, or either life.

Your Will is not really anything to do with your partner. If you want to write a Will leaving your assets to your children then write one. I recommend having a solicitor or Will writing service do this for you, as they can offer all sorts of advice and can word it properly so that it isn't picked apart by some disgruntled ex later on.

It is hard to advise whether you'd be "alright in the house" if your partner died. It depends on how the property is owned (Joint Tenants would probably mean the house became owned by the other person on one person's death, while Tenants in Common would probably mean the house was deemed to be owned 50/50 u less specified elsewhere, and so the deceased's Will or the laws of intestacy would apply - this might very well mean you'd have to sell your home).

In your position, I'd start with a hood Will writer and get that done. Listen to them and ask questions. A person on here is a Will writer and I found her very very helpful - www.marlowwills.co.uk/

Next, think about how you would manage financially if your partner died, and how your partner would manage if you died. Then look in to sorting life insurance if necessary.

You have absolutely no reason at all to wait for your partner to be involved with either of these things. You can sort them out so that you are protected, and if so inclined, you can go a long way to protecting your parter as well, all without their involvement!

queenbootq · 07/06/2023 12:42

HappyAsASandboy · 07/06/2023 08:24

The consequence of not having life insurance is that there will be no financial payout from a life insurance company if the people previously covered by the policy die. If you want a life insurance policy to pay out if you or your partner die, then you need to take a new policy out to cover either their life, your life, or either life.

Your Will is not really anything to do with your partner. If you want to write a Will leaving your assets to your children then write one. I recommend having a solicitor or Will writing service do this for you, as they can offer all sorts of advice and can word it properly so that it isn't picked apart by some disgruntled ex later on.

It is hard to advise whether you'd be "alright in the house" if your partner died. It depends on how the property is owned (Joint Tenants would probably mean the house became owned by the other person on one person's death, while Tenants in Common would probably mean the house was deemed to be owned 50/50 u less specified elsewhere, and so the deceased's Will or the laws of intestacy would apply - this might very well mean you'd have to sell your home).

In your position, I'd start with a hood Will writer and get that done. Listen to them and ask questions. A person on here is a Will writer and I found her very very helpful - www.marlowwills.co.uk/

Next, think about how you would manage financially if your partner died, and how your partner would manage if you died. Then look in to sorting life insurance if necessary.

You have absolutely no reason at all to wait for your partner to be involved with either of these things. You can sort them out so that you are protected, and if so inclined, you can go a long way to protecting your parter as well, all without their involvement!

I had to add an extra letter to my user name as wouldn't work earlier when I tried to log in to thank you for your helpful and informative reply.

Thankyou for taking the time to reply.
I will look into the things you advised.

LilacRos · 07/06/2023 13:56

Are you married? Because that makes a big difference to these things. Either way you should make a will even if your partner refuses, and while doing so make sure you know how the house is registered either joint tenants or tenants in common.

Life insurance isn't always essential but can be important if there is a mortgage and children. We had it until DC grew up and mortgage paid off but not now because we have sufficient income to live on.

queenbootq · 07/06/2023 15:46

LilacRos · 07/06/2023 13:56

Are you married? Because that makes a big difference to these things. Either way you should make a will even if your partner refuses, and while doing so make sure you know how the house is registered either joint tenants or tenants in common.

Life insurance isn't always essential but can be important if there is a mortgage and children. We had it until DC grew up and mortgage paid off but not now because we have sufficient income to live on.

Yes married and on mortgage statement house in both names.
But over years there have been occasions when partner has paid a big chunk off if she got bonus etc so overall she has contributed more financially towards paying off mortgage.

LilacRos · 07/06/2023 17:33

House in both names is not the same as joint tenants or tenants in common.
Joint tenants means that you both own the whole house. If one dies the other gets the whole house. Tenants in common is not often used for married couples, more used for house sharers. If one dies their share goes to their estate. Financial contributions will vary in all marriages, doesn't affect what happens when one dies but might (only might) in a divorce.

queenbootq · 08/06/2023 08:35

LilacRos · 07/06/2023 17:33

House in both names is not the same as joint tenants or tenants in common.
Joint tenants means that you both own the whole house. If one dies the other gets the whole house. Tenants in common is not often used for married couples, more used for house sharers. If one dies their share goes to their estate. Financial contributions will vary in all marriages, doesn't affect what happens when one dies but might (only might) in a divorce.

Thankyou
Where will I find that info as can't see on last mortgage statement just both our names?