LIFE INSURANCE POLICY FOR MY EX-HUSBANDIf you are an ex wife - you may probably have other things on your mind than thinking about getting a Life Insurance policy for your ex husband. However, having loving responsibilities means you may still wish to consider looking at the peace of mind Life Insurance will do to help protect each other, a family if you have one or maybe a joint mortgage still. Life Insurance & Insurable InterestInsurable interest means - that you could be adversely affected financially if that person ( your Ex Husband ) who is insured died. The reasoning behind insurable interest is so that the death of an insured person may not create personal financial gain for a policyholder. Can I buy a Life Insurance Policy on my Ex-Husband ?Yes - But UK Insurance rules state there must be an insurable interest eg; you have dependant children together. Your ex-husband can always arrange a single policy for themselves. Also both parties must consent to this arrangement. Can I keep my Life Insurance Policy on my Ex-Husband ?Yes - as UK Insurance rules state there must be an insurable interest at the time you took out the plan - eg; you had a family together. Legally speaking a solictor may suggest if now divorced, that both parties consent to this ongoing arrangement ie; On a joint plan, If one died, the other ex-partner may still collect the lifecover. Can I cancel my Life Insurance on my Ex Husband now we are divorced ?Ideally both parties should consent to this arrangement if you still maybe have some joint commitments together. Can I get a Life Insurance on my Ex Husband without them knowing ?No - both parties must consent to this arrangement ie; you cannot just apply on your Ex husband's behalf without their knowledge. Can I put my Ex Husband on my current Life Insurance Policy ?As above - UK Insurance rules state there must be an insurable interest between yourselves, so if you have financial responsibilities still with an Ex husband - you can add them to your life insurance policy Can a Ex Husband still be a Life Insurance Beneficiary ?Yes they can - if you wish to. Either your Ex- husband 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 ex husband is either one of or the sole beneficiary. Can my Ex Husband still 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 your ex husband or other beneficiary. Either your ex husband can be sole Trustee or have 2 or more Trustees ideally if one 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 an ex Husband means you may not 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 POLICY FOR EX HUSBANDS - PRODUCTS REVIEWMORTGAGE PROTECTION - for Ex HusbandsDesigned to cover a repayment mortgage on death or critical illness as it decreases during the plan term. LIFE INSURANCE - for Ex HusbandsOffering a family protection lump sum if the policy holder dies or is diagnosed with a terminal illness during the term or whole lifecover. Policies can be made joint or seperate. FAMILY INCOME BENEFIT INSURANCE - for Ex HusbandsOffering family protection via an income if the policy holder dies or is diagnosed with a terminal illness during the term. CRITICAL ILLNESS INSURANCE - for Ex HusbandsHelps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company. CHILDREN'S CRITICAL ILLNESS COVERHelps ease financial worries as a Ex Husband & Dad if your child is diagnosed with a critical illness as specified by the Insurance Company. INCOME PROTECTION - for Ex HusbandsProviding security by way of an income if you are off sick or have an accident.
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Ex-Husband's Life
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