Separation/Divorce & LIFE insurance

[2hanger]

Hello, Im after some advise PLEASE on Life insurance after separation.

I've been separated from ex approx 4 years and soon to be divorced. She is soon to buy me out of the family home too.

WHAT happens with the Joint Life insurance policy we've had running for the last 12 years? Do we have to cancel this and take our own separate ones out now?

We've payed around £50 a month for the last 12 yrs so around £7k, Does this just come to an end now?

Do we get in contact with them and see what they say?

Do you only need Life insurance if your a home owner? As I may rent for a bit? As If I were to die my next of kin would get 3x my annual salary as death in service?


Thanks in advance!

[Noel-1972]

The joint policy stays a joint policy, but the small print probably says you need to inform the insurer about the divorce.

You don't need life insurance as a home owner. You need insurance for the property, buildings insurance, not life insurance. But if you've taken out life insurance that would likely not have been as a result of the mortgage company's demands.

[2hanger]

(02-04-2019, 08:00 PM)Noel-1972 Wrote: The joint policy stays a joint policy, but the small print probably says you need to inform the insurer about the divorce.

You don't need life insurance as a home owner. You need insurance for the property, buildings insurance, not life insurance. But if you've taken out life insurance that would likely not have been as a result of the mortgage company's demands.

ok thanks Noel.

Mark (admin), do you have any knowledge on this subject please? 

[Hazy]

You do need life insurance as a joint owner if you want the mortgage to be paid off if either of you die ( house goes to joint owner) .

If you’re coming off the joint mortgage only the one on the mortgage needs life insurance if they have dependants.

However as an NRP with your own home you are classed as single and childless (with no dependants) so you do not have to have it unless you want mortgage paid off to pass property on to your children perhaps.

For your death in service grant you would need to inform the pension company of who you are nominating to receive it

[2hanger]

(02-05-2019, 11:14 PM)Hazy Wrote: You do need life insurance as a joint owner if you want the mortgage to be paid off if either of you die ( house goes to joint owner) .

If you’re coming off the joint mortgage only the one on the mortgage needs life insurance if they have dependants.

However as an NRP with your own home  you are classed as single and childless (with no dependants) so you do not have to have it unless you want mortgage paid off to pass property on to your children perhaps.

For your death in service grant you would need to inform the pension company of who you are nominating to receive  it

Thanks for the info Hazy.