life insurance for partner and child

[AJ1]

Hi,

Apologies if this has been answered somewhere else. My fiance wishes to take out a life insurance policy so that in the event of his death i would be looked after and so would his child from a previous relationship. We do not yet have a mortgage and won't be getting married for a while. He has no pension. I have him named on my pension should i die in service. Just wondering what different options there are, who would be the best person to talk to and would he have to take out two separate policies, one for me and one for his daughter?

Many thanks

 

[Jimbobp]

Any decent independent broker/adviser will be able to help you. Prob best option will be a whole of life or convertible term policy written in trust to you and his daughter, he shouldn't need to take out two separate policies.

 

[LDFerguson]

Quick summary of options (in increasing order of cost) would be: -

(1) Term Assurance - pays out a lump sum in the event of his death within a specified term. Pays nothing if he lives to the end of the term. Fixed cost.

(2) Reviewable whole of life. Avoid like the plague. Purports to offer life assurance cover for the rest of his life, but premiums reviewed after 10 years, each subsequent five years and when he reaches 70, annually.

(3) Guaranteed whole of life. Pays out a fixed sum whenever he dies. Guaranteed premiums - will not increase.

As you're getting married, I'd say one policy should be sufficient (and cheaper than two). Any life assurance broker should be able to discuss your requirements and come up with a suitable solution.