I have agreed a financial settlement for our divorce, which includes maintenance payments from my husband, but what if he were to die?
- Mrs Driver, aged 49
- Recently divorced
- Maintenance from ex-husband (age 53) of £1,030 pm
- Maintenance ceases at age 60
- Pension income commences at age 60 (from Pension Sharing Order)
- Concerned about loss of maintenance in event of ex-husband’s death
- Arrange Family Income Benefit cover
- Arrange on Life of Another basis
- Fixed term of 11 years
- Benefit £1,030 pm to age 60
- Premium £15.82p,* (based on presumed good health/non smoker)
*Source: Avelo comparison quotation system 05-01-2012
Benefits from advice given
- Peace of mind
- Replaces maintenance in event of ex-husband’s death
- Replaces maintenance until pension commences
- Policy owned and controlled by Mrs Driver
- Premium can be included in agreed maintenance payment
- Advice is obtained from a Resolution accredited specialist adviser
- State pension “substitution” is undertaken via Scrutton Bland
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This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.