| Related: | Personal Finance•Insurance•Life Insurance |
I have heard of Life of Another policies whereby you take out life insurance on a third party (with their consent and subject to being able to prove that if they died you would be worse off financially) but nobody seems to be advertising them. I'm currently reliant on my exhusband for the child support payments for about 25% of our household income but he has just remarried and any life insurance would be payable to her rather than our children, so I want to ensure that I can still take care of them should his midlife crisis be the death of him. I'm honestly not going to bump him off I swear!!(I would lose the child free alternate weekends I have so come to cherish!) Any ideas? (Or Life Insurance Advisors?)
Hi Sulouli - Have a look at the link below this may be what you are looking for :-
www.money.co.uk/discuss/discussion/10098-are-any-insurance-cos-offering-life-of-another-policies.htm
Hi Sulouli - ignore the link below I tried to delete it but as usual it wouldn't which is a nuisance.
Instead have a look in the insurance section above but if you are unable to find what you require have a word with a reputable Insurance Company and they will soon tell you which policy you will require. Good luck.
Hi Sulouli.
When I worked as a Prudential agent, I recall that you could insure 'life of another' providing you had an 'insurable interest' in them, by that I mean you would suffer financial hardship as a result of their death.
That is certainly the case with yourself and you would need to tailor any policy to terminate in line with the cessation of child support maintenance. You would need to prove the 'maintenance' issue, either by CSA correspondence of a letter from your ex and you would also need to provide medical evidence on your ex's health etc ( in most cases ). I don't think the child free weekends could be classed as a financial loss.
Frankly, I don't have a definitive answer to this and you should run this by a decent FSA registered financial advisor who will have a first class understanding of your needs. Useful information link below:
http://www.lifeinsurance64.com/questions-answered/choosing-life-insurance-policies.html
check out the site:-
http://www.monetos.co.uk/insurance/life-insurance/terms-conditions/in-trust/life-of-another/
www.moneyhelpline.com/insurance
zurich.com/protection
But I prefer a broker doing the running around for me free of charge. I use the web to just to understand a little bit more about the subject.
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