Welcome to the DAD.Info forum: Important Information – open to read:
Our forum aims to provide support and guidance where it can, however we may not always have the answer. The forum is not moderated 24 hours a day, so If you – or someone you know – are being harmed or in immediate danger of being harmed, call the police on 999.
Alternatively, if you are in crisis, please call Samaritans on 116 123.
If you are worried about you or someone you know is at risk of harm, please click here: How we can help
Hi. This is my first post so please be gentle with me 🙂
I am currently going through my divorce and my wife and I have come to an agreement over maintenance ourselves which we will need to be approved by the court in order for my wife to have that income accounted for when she applies for a mortgage. Her solicitor has suggested that I should pay to insure my maintenance payments (principally against redundancy because I already have good life insurance cover). Whether I agree to that as a condition of the agreement is largely going to depend upon the cost but a quick Google search didnt turn anything up. In addition, my own solicitor has said that this is rather unusual.
Does anybody have any experience of this type of insurance? If so, which companies offer it and what kind of costs are associated to it?
Any advice will be very gratefully received.
Hi there,
I've had a quick google and I've found that this can be covered by a life insurance policy but this isn't really tailor made for your requirements . There is also something called Fresh Start by Maintenance Assist but that looks expensive...I think your best bet would be to consult a financial advisor about this.
You could also enquire about PHI/income protection insurance
Hi Nanny.
Thanks for the post. Googling Fresh Start and/or Maintenance Assist doesnt give me anything usueful - i am clearly being daft. Do you have a link?
I have a Financial Advisor that I use and I need to consult him about changing my will so I will bring this up too.
Thanks again.
There wasn't a link as such...it was mentioned on the Money Saving Expert forum and also an article in the Telegraph.
I think a chat with your advisor is the best call!
Id be surprised your ex will get a mortgage using maintanance unless you were to go garuantor...if thats how you spell it. 🙂
I agree about the guarantor bit for the mortgage.
You can get income protection, which will cover you for sickness and unemployment - it covers you for up to a maximum proportion of your takehome pay (I think the maximum may be 50%, but I can't be sure) - I have one, and is costs me about 5 per month per 100 of cover, but the cost also depends on when you want the payments to kick in (30, 60 or 90 days after redundancy I think were the options). However, you need to be aware that it pays out for a maximum of 12 months, and if you take a job with a lower income, it stops paying. If you have any concrete reason to think you may be made redundant, then they won't insure you anyway.
Welcome to the DAD.info forum.
We don’t like to set ‘rules’, but to make sure that you and the other dads are kept safe, we have some requests. When engaging with the forum, please be aware of the following:
- The forum is not moderated 24 hours per day.
- Many of the moderators do so on a voluntary basis. Whilst they may be able to provide some guidance, advice or support, they may not be able to deal with specifics.
- We are not an emergency crisis service so if you or someone else is in immediate danger, please call emergency services.
- If you are concerned about the safety of a child, please click here to find the support you can get for them (link to new page)
- If you are in crisis, please call Samaritans on 116 123. They are open 24 hours a day, 7 days per week.
We hope you find this forum a supportive environment and thank you for joining us.