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
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