Life Paying life assurance after seperation

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marymary

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My ex and I took out life insurance, first death- life security term plan expiring 2018 when we had a mortgage in 1998 which luckily we've paid off.
The policy was loaded(12 extra years I think) because of a chronic health condition I have and continue to have at age 50. (treatment options have improved since 1998 though) We have a JS but no order as to the life assurance and I'm not going back to court. My ex was paying this at 55 euro per month for €125,000 benefit. But has now stopped. He does not respond to messages though he is paying court ordered maintenance for our 2 children (18 and 22 both in education) as I'm currently unemployed and living off savings. Hopefully this will change in the future. There is no critical illness ins is place as its too expensive with my condition.

I'm informed I can only continue the policy on present terms ie if I include my ex. I do not wish to do this as if he dies the proceeds will not come to our children.
I'd like to continue a policy as the proceeds (if anything happens to me) will help our children finish their education- another four years max hopefully.. I've changed my will so everything goes to our children. I hate the hassle of having a physical/medical history which I know will be required before the quote is finalised.
So my questions are:

Is it likely the premium on a new policy will be more expensive now and would I just be better off starting to pay the €55.
So far best quote for me only without physical is €33 at age 50, loaded 12 years to age 62 comes to €107 at LA brokers, so it seems cheaper to continue with present policy.

If I should continue to pay the existing policy, can I ask the insurance company to nominate our children as dependents or will they insist on ex agreeing to this. (we have the clearance from the mortage company in place on the policy)

Appreciate without specifics people can't be definitive but any thoughts appreciated.
Thanks
 
Can you give a bit more detail on the nature of your condition? It is possible that the loading may not be so much as you've been on treatment for the same condition for years.

I ran a quote based on a 50 year old female, non-smoker life cover of €125,000 for a 5 year term with the option to continue, at under €25 per month before any loading.

Alternatively, it would be possible to assign the benefit of the existing policy to your children, but your ex would have to sign such an assignment, as he is still jointly-named on the policy.
 
More details

Thanks for responding LD,
Basically it's an auto immune condition known as Seronegative hlab27 associated spondyloarthropathy-(still can't pronounce it after all these years!) a variant on rheumatoid arthritis. It affects my joints, (some of which have been replaced )and my eyes. The very expensive medication I'm on now stopped the disease progressing (just have damage from previous flare ups) but it does make me more prone to chest infections etc as my immune system is suppressed.
Hope this helps
 
Fitstly your should start to pay the plan yourself to ensure that it does not lapse.

Then contact the insurance company and see if there is a conversion option on it which would allow you to take out a new plan without evidence of health in your own name. The same rating would apply though.

If not you should continue to pay the plan yourself and have it assigned to your children. That way in the event of either of your deaths the money would go to the children. Your ex will have to agree to it though but if he pays maintenance then maybe he will not be adverse to having the proceeds of the plan go to his children on his death. If the policy is not assigned then the money will go to you on his death or to him on your death.
 
marymary said:
Thanks for responding LD,
Basically it's an auto immune condition known as Seronegative hlab27 associated spondyloarthropathy-(still can't pronounce it after all these years!) a variant on rheumatoid arthritis. It affects my joints, (some of which have been replaced )and my eyes. The very expensive medication I'm on now stopped the disease progressing (just have damage from previous flare ups) but it does make me more prone to chest infections etc as my immune system is suppressed.
Hope this helps
Click to expand...

Hi Mary,

I checked with a couple of underwriters and this condition would be likely to attract a loading if you were to apply again now. Indicative figures given were 125% - 150% loading, so you'd be paying roughly 200% - 250% of the normal premium.

Worth checking out IrishRain's suggestions.
 
Thanks for all the help- very useful. I have a judicial seperation which is a total waste of time and money(any of u folks considering this don't bother-go straight for a divorce or agree a legal settlement). I'll contact the insurance company tomorrow and post an update as to how I get on.

Much appreciated
 
Spoke to Aviva, There is no conversion option on the policy. When I spoke about assigning the policy to our children, they started talking about seeing a solicitor & creating a trust, but I persuaded them to send me their standard forms, so here's hoping the ex will sign them.
Thanks for all the help.
 
marymary said:
Spoke to Aviva, There is no conversion option on the policy. When I spoke about assigning the policy to our children, they started talking about seeing a solicitor & creating a trust, but I persuaded them to send me their standard forms, so here's hoping the ex will sign them.
Thanks for all the help.
Click to expand...

Trusts are a complicated legal area so I'd second Aviva's advice to get your solicitor's advice. You wouldn't want to think that the trust could be challenged in the event of your death because it wasn't drafted correctly, given that you wouldn't be around to defend it.
 
Thanks LD, I know trusts are complicated which is why I'd prefer to avoid as anything involving solicitors costs money and time.
They've sent me their standard forms which are very complicated and involve creating a trust. It seems there is no simple way to do a very simple thing-instruct Aviva to pay the the proceeds of any benefit under the insurance policy to our children. The troika got it right on our legal process, it needs reform.
 
Spoke to solicitor- trust not necessary

Spoke to a solicitor who stated that as our youngest is 18 very soon, a trust is over kill and it should be possible to do a straight assignment. Got back onto the insurance company who say they are now going to send out a different set of forms!!
 
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