strange world of exh.....i got a letter from scottish equitable saying i have stopped paying direct debit ....i dont have any plans with them ...or so i thought till i ranmg them up...he has been paying it even tho we split in 1999..so should i start...

[zippitippitoes]

..........ok i had a letter today saying they couldnt take the hune payment because i have cancelled it

the letter is addressed to me at this address

which has only ever been my house not exhs

so i rang up to find out what it was

it is term assurance taken out in 1993 and they wouldnt tell me where they have been taking the money from

not me

so exh has been paying this since we split in 1999

and has presumably just realised

so if i found out how much my life has been insured for on a payment of 21.25 per month what would be a reasonable cover for me at 51

i would struggle to get cover now because of mental health issues so i am wondering if it would be worth starting paying it myself tho it sounds expensive to me a i have no money

i am sure he hasnt noticed he was paying it lol

i suspect that this is going to be one of thopse unsexy threads that no one answers

If you continue with the existing policy presumably it will pay out to your ex if you pop your clogs - presumably you wouldn't want this? So the existing policy would have to be cancelled and you'd have to start a new one, which as you say would be more expensive at your age. You need a financial adviser.

Ask to see a copy of the policy. Ask who took it out and who is the beneficiary.

My dh (48) has had a heart attack and a stent implanted has insured himself for double his annual salary, taking his medical history into account we pay and annual sum of +- £1200. It was loaded due to his medical background. If your condition predated the start of the policy it might be worth keeping it, I can't see why you cannot have the beneficiary changed?

well we will have taken it out together in 1993

it has just occurred to me that maybe it is insuring him and would have poaid out to me?

the letter says i am the plan holder is the plan holder the person who benefits or the person whose life is insured?

i just vassumed it was covering me

why would you need life insurance? It won't be any good to you if you're not here and your children are grown up are they not, so they won't need it?

well it would pay off some of my mortgage

the children would get it

it is for 90k

i just rang them up again

and it is on my life

and the sum would have gone to my estate

so he has been paying for something he wouldnt have got lol

Ooh, that's an interesting point, Zippi. Check if it's still active and start reading Agatha Christie for ideas.

So knocking him on the head wouldn't benefit you at all? Oh well, saves you from temptation, I suppose!

no its for me

i do occasionaly fantasise that he has secretly left me everything in his will lol

this just demonstrates how financially disorganised he is

he obviously went through a bank account last mopnth because dd1 said he had cancelled dds for her monthly contact lenses 35 quid and her clothes allowance 40 quid

ds clothes allowance 40 quid and 100 quid to me for ds...who doesnt actually live here

but then he did say last time i saw himbefore xmas that he had so much money he didnt know what to do with it lol

Don't you have life insurance on your mortgage already? it's up to you - if you die will someone you love be trouble financially? or could they manage? only pay for it if someone really needs it.

no i dont have any insurance on my mortgage

this sounds quite expensive to me how much would cover of 90k cost do you think

if i did have it

Zippi any chance he is going to turn around and ask you to repay him the money?

no

he is more likely to turn round and ask for the 30k he lent me earlier this year

but he knows i havent got it

unless i sell my house

which is what i intended when he lent me it but the possibility of selling looks unlikely and i am not sure whether i want to at the moment

so you think there is no point in me having term assurance?

it is tax free isnt it

or is it subject to inheritance tax..actually maybe it is..oh i dont know

pity it wasnt a huge pension plkan he was paying in to

personally I wouldn't bother with it in your position as it won't ever benefit you yourself, just your children

and if it's term insurance it will end sometime - do you know the end date? and if you haven't popped your clogs before it ends no-one gets anything anyway

term assurance never benefits the person who dies tho does it?

2019

is it one of those ones where you pay in a certain amount and IF you die your kids get so much...but if you dont you get a lump sum back?

no it is just theb plain vanilla sort die and it pays

damn, that would have been worth keeping.

This sounds similar to something Im trying to sort out atm. But im also unsure of what to do.

XDP had a mortgage b4 I met him and although we lived together for 7 years, as far as I know it was always only in his name, I wasnt inlvoled with it. But I do remember having to fill in a medical questionaire around 2002/03. I now know that is was to obtain a joint life assurance policy to cover the amount of the mortgage.

Last year I recieved a letter from insurance company asking me if i want to claim as XDP had died. I dont know if I am entitled to claim as Ive never seen the policy documents.
I asked for a copy to be sent to me in Feb, but never recieved it.

Company however keep sending me claim forms and seem desperate to pay the money to me. It would definatley b useful to clear the debts taken out in my name while we were together.