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Lone parents

Use our Single Parent forum to speak to other parents raising a child alone.

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Original poster

Life assurance

14 replies

Scramble · 17/01/2008 22:58

ExH and I both have a life assurance policy on each others lives. We thought it best to continue them and I will pay the one on his life and he will pay the one on mine.

Does anybody else still have these kinds of policies in place? I always thought it was a requirement for the mortgage but I am not sure.

We are both happy to continue with them is this sensible?

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Alambil · 17/01/2008 23:08

What if he gets arsey and stops?

Surely it is better to try to budget in your own life insurance policy?

Original poster

Scramble · 17/01/2008 23:15

What do you mean? I pay the insurance that I am the proposer of and he is the life insured, to pay off the mortgage and support me if he dies. And vice versa.

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Alambil · 17/01/2008 23:23

TBH I am not entirely sure how it all works - I just wondered that if he were to have a change of mind re: paying, would you be up the creek without a paddle? (or rather, the kids - in the events).

I am going to insure my own life as soon as I can afford to, to know that DS will have something when I die - I am not in contact with "the sperm donor" though so maybe that makes a difference?

Lubyloo · 17/01/2008 23:34

I agree with LewisFan. I would arrange your own insurance so you know for sure that the premiums are being paid.

Original poster

Scramble · 17/01/2008 23:34

Ah right, see I am thinking that the parent that is left needs money to care for the children, rather than money direct to the children. As he would have charge of the children if I die then it is in is interest to pay it as he will get a lump sum if I go.

So from my point of veiw, I pay the premium each month so that if exH dies I get a lump sum to pay off the mortgage and leave me an amount of money to live off.

I have never considered a policy to go straight to the kids, I thinkI would switch to that once the kids are 18, so that they get the money direct to look after them selves.

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OverMyDeadBody · 17/01/2008 23:37

oh god, why did I open this thread? I feel so inadequate all over again now, I have nothing like this, can definatley not afford it, but don't have a mortgage.

I do worry what would happen to DS if I died or got terribly ill. As soon as I have some money I'm going to get some kind of life assurance.

Lubyloo · 17/01/2008 23:41

OverMyDeadBody- life insurance has really dropped in price over the last few years. You may be surprised at how little it is. For someone with no health issues you would pay less than £10 a month for about £150000 of life cover.

Original poster

Scramble · 17/01/2008 23:42

The policy exH has on my life is £9.50 a month and would pay out just over £95,000 if I died. He pays that.

The policy I have is £14.50 a month and would pay out £148,000 if he died. I pay that.

I could reduce my premium a bit as I am more self sufficent now we are seperated, that was the amounts we decided on we were together.

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OverMyDeadBody · 17/01/2008 23:49

Really? I thought it was much higher, have a friend who pays over £100 per month!!! Would it include dying from dangerous sports as that is high on the possibilities if I where to die in an accident.

I think I will look into it further tomorrow. This has also reminded me I should write a will, so if I do die DS goes to my parents and not the spermdonor his father.

Gosh what morbid thoughts to be ending the day with!

Original poster

Scramble · 17/01/2008 23:53

I don't have a will but, there is no problems really if I go, exH will look after the kids, if he couldn't cope or whatever his mum would take them. I am Ok with that, I have no special arrangements to write in a will. We are still married so exH would get everything, but I do trust him to look after the kids and their futures, he was a crap husband but he does love his kids.

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Original poster

Scramble · 17/01/2008 23:56

Normally dangerous sports are not covered my life insurance, if going on a shark diving holiday probably best to take out a special policy.

There are other policies that pay out if you are injured at work, good for self employed that don't get sick pay if off due to serious injury.

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Lubyloo · 18/01/2008 00:23

OMDB - your friend's policy may cover critical illness as that is a lot more expensive (not normally £100 a month though!)Maybe she has an endowment policy? If you practice dangerous sports regularly you would need to let the insurance company know that and they may attach certain conditions or exclusions to the policy.

Lubyloo · 18/01/2008 00:26

Would also recommend Lifesearch to find you a good deal.

OverMyDeadBody · 18/01/2008 10:07

thanks for the tips guys! Scramble glad your ex is a good dad. Unfortunately my ex isn't!

Lubyloo yes my friend's policy covers critical ilness and injury that would leave him unable to work, and it will pay off a very big mortgage too so maybe that's why it's so expensive. Thanks for the link.

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