Present position, my fianc!e’s current life insurance was taken out with her ex as a joint policy when they bought their house. They have since split and my fianc!e and me have now bought a house. I have cover through work for my half of the mortgage if I should die(more than half actually), but we had a conversation all around her current coverage. She has never changed it and just keeps paying £29 per month for the policy which has her and her ex on. Couple of questions…does the fact that she is now no longer with her ex invalidate the policy? From her point of view, if he dies then she wants to keep up the coverage to ensure that their daughter together gets the benefit of the policy…cynically when she said that I said “to the police that would sound like a motive!” went down like a lead balloon that did.
I think my concern is that she doesn’t have proper coverage, what is the situation with this. I am assuming that if the coverage is invalid then she could get some kind of income protection coverage so that if her partner did die then she would continue to get his equivalent payments? but I haven’t really researched that. Just wanting to know what the current situation means so that I know whether we have to go get her a different policy, or maybe a joint policy with me and her, and some kind of income protection policy against him?
thanks in advance