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Life assurance in event of a parents death

  • 09-03-2020 7:05pm
    #1
    Fiona
    Registered Users, Registered Users 2 Posts: 2,357 ✭✭✭


    My partner is due in court soon for his divorce, nil adjustment pension order has been agreed and we were offering 50% of the death in service benefit to be given to the kids split 3 ways and the other 50% to me.

    Ex wife is not happy with that she wants it all to go to the kids. Solicitor didn't seem happy with it either and he wanted an insurance policy put in place.

    A life policy insurance policy of €100,000 has been put in place for the kids to have a lump sum if my partner dies before the youngest turns 18. Then with this in place I will now take 100% of the death in service (we are not married yet but it's something we have discussed)

    Basically the ex wife doesn't want to me to have any of the death in service but it's either 50/50 me and the kids and no life policy or else 100% to me and a life policy for the kids. The death in service is currently worth approx. €36k it's very small.

    Anyway, my point is, when is a mother ever directed to put provisions in place to pay out a lump sum in the event of her death to safe guard the main provider of the 'family' when they need to take on the carer role of the children which would mean a reduction of working hours and a large drop in income?

    My partner and I live in a 1 bedroom apt so 3 kids moving in is not possible, the plan would be for him to move down to their home town and raise them in the area with the hope of taking over her social welfare home (ambitious I know but he would be doing it on his own I would not be party to it)

    Anybody ever heard or come across a situation like this?


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