LIFE INSURANCE FOR YOUR SPOUSE
If you are recently married or been together for a while as Spouses - you probably have other things on your mind than thinking about getting a Life Insurance policy. However, having loving responsibilities means you should still consider looking at the peace of mind Life Insurance or Critical Illness will do to help protect each spouse, a family if you have one or mortgage.
Can I buy a Life Insurance Policy for my Spouse ?
Yes - UK Insurance rules state there must be an insurable interest - so between a husband & wife it is Ok to arrange a life insurance policy. The spouse can always arrange a single policy for themselves. Also both parties must consent to this arrangement.
Can I get a Life Insurance on my Spouse without them knowing ?
No - both parties must consent to this arrangement ie; you cannot just apply on their behalf without their knowledge.
Can I put my Spouse on my current Life Insurance Policy ?
As above - UK Insurance rules state there must be an insurable interest between yourselves, so as a spouse being married - you can add them to your life insurance policy
Can a Spouse be a Life Insurance Beneficiary ?
Yes they can - if you wish to. Either the spouse can own your life insurance plan directly; classed as life of another [ see comments above re Insurable interest ]. Note if they died first though, this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice. The alternative is to put the policy into trust where the Spouse is either one of or the sole beneficiary.
Can my Spouse be a Trustee on my Life Insurance Policy ?
Yes they can - if you wish to. If you put the policy into trust where for either spouse or as the sole beneficiary. Either the Spouse can be sole Trustee or have 2 Trustees ideally if your spouse died first. Note again if this happens, this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice.
Being a Spouse means you appreciate the various challenges that may come looking after loved ones if they are critically ill or sadly die; Let trying to get life insurance hopefully not be another great challenge. Either way please approach us for friendly Professional Help.
LIFE INSURANCE FOR MY SPOUSE - PRODUCTS REVIEW
MORTGAGE PROTECTION - for Spouses
Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.
LIFE INSURANCE - for Spouses
Offering a family protection lump sum if the policy holder dies or is diagnosed with a terminal illness during the term or whole lifecover. Spouses Life Insurance Policies can be made joint or seperate.
FAMILY INCOME BENEFIT INSURANCE - for Spouses
CRITICAL ILLNESS INSURANCE - for Spouses
Helps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company.
CHILDREN'S CRITICAL ILLNESS COVER
Helps ease financial worries as a Dad if your child is diagnosed with a critical illness as specified by the Insurance Company.
INCOME PROTECTION - for Spouses
Providing security by way of an income if you are off sick or have an accident.