Mortgage Protection For Unmarried Couple

Hi
My partner and I purchased a foreign property 2 years ago, no mortgage protection was necessary. However we have decided now to take out some kind of cover either mortgage protection or life assurance. I've got a few quotes had a lot of questions answered, but main issue is that as we are not married the policy will be liable to Inheritance Tax in issue of death of one of us. Does anyone know if this actual law or can an insurance company specify a cohabiting partner as a beneficiary? We have been together 14 years and I know this means nothing in legal terms, but just wondering if any way around the protection cover issue?

You can take out a policy on your partner and vice versa. You have an insurable interest in each other as joint parties to the mortgage.

I had heard of this option and mentioned it to the insurer I have been speaking to but he said as the property we own is foreign and we don't have a property together in Ireland then taking out a policy on each other isn't possible.

In relation to the thread title if you don't need mortgage protection life assurance (and that is presumably the case?) then you should forget about that and just look at the general life assurance options. I thought that the tax rules for long term unmarried cohabiting (same or different sex) couples had changed in recent years so that such couples benefited from some or all of the same treatment as married couples in some or all circumstances? Obviously some of the other non tax legal issues have not changed (e.g. civil partnership/marriage for certain classes of couples etc.).

Thanks for your responses, it seems after checking with a legal expert that as we do not own a property here in which we cohabit even taking out life insurance policies on each other won't get over the inheritance tax issue.

Have you checked with the legal expert whether it is possible to take out a policy to cover the inheritance tax liability only?