old life assurance

[chattykathy]

My ex recently part bought me out (he still owes me �35k) and I have noticed from a joint bank account we still have that life assurance monthly premiums are still being paid. It covers us for �70k ish. My question is could I claim this insurance if my ex died being as my name is on the policy? I have agreed I have no claim to the property but insurance has never been mentioned. I'm also wondering could he claim if I die and use the money to pay off his mortgage?

[factor-fiction]

Was there a solicitor involved? The life policy benefits, and who should pay the premiums,should have been taken into account in the settlement. If there was no solicitor then was the settlemnt documented and signed?

I assume it is a joint life policy which covers both of you. So I think you would get the proceeds if he dies and the policy hasn't been amended/assigned. But are you sure this wasn't taken into account and addressed in the settlement.

I'm not clear why you still have a joint bank account- are you both paying the premiums?

[chattykathy]

Firstly, we had a solicitor and signed a deed of separation but there was no mention of the life insurance.
We have a joint account to pay for our son's university fees and rent and there are still various direct debits for utilities that my ex still pays, I don't contribute to these, only son's stuff.
So, the life insurance is still being paid - it's only �30, but I'm not my ex realises it. He has a new mortgage with a new building society and I'm not sure what life insurance he has organised.
Thanks factor30 for your thoughts

[Krypton27]

If it is a joint policy i.e written on both lives - is it payable on first death ? Probably is. If the policy is still in force when your ex dies then the �70K would be paid to you. If you were to die he would get the benefits.
This is entirely seperate from the mortgage loan.
If he is paying the policy he will realise this at some point but it could be in both your interest to maintain it as you would lose the potential benefits on cancellation-unless it is an endowment.

[chattykathy]

Thanks, Krypton, that's something to think about. I think I should encourage him to keep it - & share the costs with him, but I'm not sure what, if any, policy he has organised for his new mortgage. Thanks for taking the time to reply

[Krypton27]

He may have assigned this policy to his new mortgage ?
All the best !

[chattykathy]

Yes, I ought to check it out with him

Ta