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Original poster

Can I take out life insurance for DP?

10 replies

TheBeanpole · 11/02/2016 23:17

I have a good amount of cover for myself, plus we are both civil service so have reasonable death in service/pension. If DP did die, though, I would like to make sure any payout covers the mortgage, which his DIS wouldn't.

However, he HATES insurance. I don't think I'll get him to take one out for himself. Can I do this, and if so how?

I'm not about to bump him off Smile

OP posts:
VimFuego101 · 11/02/2016 23:21

Yes, you ca, but he might have to have a medical if the company asked him too.

Sunseed · 12/02/2016 20:17

Is it a joint mortgage? In which case you have clear insurable interest. As PP said though, you may have a problem if he needs a medical for underwriting.

Why does he hate insurance? Would he want you to have to sell up and move if you couldn't manage the mortgage payments on your own if he died? How do you feel about that?

Piffpaffpoff · 12/02/2016 20:29

From my insurance exam days, I seem to recall that you have to have 'insurable interest' if you want to propose life assurance on a third party. I think it's things like husband and wife, joint mortgage holders etc. the insurance company will tell you if you meet the criteria.

Original poster
TheBeanpole · 13/02/2016 15:52

Yes, it's a joint mortgage. I would be ok if he died (I am the higher earner by a fair margin and can manage the mortgage fine) but it would just give me peace of mind and a few options plus not worrying about holidays, work on the house etc. Plus if he died in the next few years childcare is a killer and is currently quite subsidised by his job.

He thinks it's a waste of money and our work cover is sufficient. Which it technically is. This is why I do all the insurance! He's generally excellent with money otherwise; I've just chalked this up as an uncorrectable character flaw at this stage in our relationship. I guess I need to speak to a broker then- I will speak to him about it though again.

OP posts:
Sunseed · 13/02/2016 19:54

If he has a car then he has to have insurance, in case something happens, but may never actually make a claim. And you have to have buildings insurance as a condition of the mortgage, in case something happens, but you may never actually make a claim. So, as he is clearly far more precious than either a car or a house, doesn't he owe it to you and your children to have himself fully insured, in case something happens, even if you never actually have to make a claim?

If he did die then it could prove to be the very best investment that he had ever made. If he doesn't die then yes, the money has been spent on premiums rather than something else, but on the plus side he is still alive!

RB68 · 13/02/2016 20:10

so long as you have a legitimate interest in insuring him you can. But as others have said he may need a medical etc. You will pay more for none tested type insurance.

Perhaps look at other investment possibilities so that you say save an Extra £50 a month to a rainy day fund - so its a sort of insurance that there is that fund - accessible to you both should the other die etc. I have some empathy for your husbands views if I am honest

Sunseed · 14/02/2016 07:13

If you saved £25 a month to a rainy day fund then after 1 year you'd have £600, and after 20 years you might have about £8,500 including compound interest.

Or, you could 'save' £25 a month into life insurance policy over a 20 year term and, depending on age and health at the start of the policy, could have a sum of maybe £500,000 paid out if a claim was made at any point, and you have the peace of mind knowing that you've thought ahead and protected yourself and your children in case the worst happens.

KeyserSophie · 14/02/2016 07:18

This may no longer be correct, but it used to be the case that you could not insure someone else's life without their consent/ knowledge. Therefore, your DH has to agree to let you insure his life.

TalkinPeace · 14/02/2016 16:11

you are making the strange assumption that either of you as single people would carry on just as you are now

its not the case

if he does not want to be insured then you have to respect his wishes

Original poster
TheBeanpole · 17/02/2016 09:45

I'm not totally sure what you mean by that Talkinpeace - of course we wouldn't - which is exactly why we are having the discussion.

But anyway, no matter, because we spoke about it again and have agreed to take out insurance for him as well.

OP posts:
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