Further Uses of Life Assurance Marriage

After marriage, both husband and wife should regularly review (on the lines indicated by the examples in Section 1) what the financial effects would be if either were to die. So long as men continue to be the main bread-winners, it is the wife rather than the husband who should insist on adequate cover. After all, she will be the poor widow left to bring up the children and pay off the mortgage should her husband die prematurely. Section 9 gives details of the state benefits payable under the National Insurance scheme. It is up to the wife to make sure that her husband provides sufficient extra cover to prevent any financial hardship on his death. In particular, don't forget the advantages of the Married Women's Property Act, described on page 0I - where the wife is named as absolute beneficiary under a policy, she has a legal right to the proceeds when they become payable. If the marriage should break up, the husband cannot change the beneficiary without an order of the Court or the consent of all concerned, so the original wife can, if she wishes, retain her interest in the policy. Make sure that any separation arrangements cover children adequately, including costs of education and the special child's policy described on page 309.

Where it appears that a woman is not going to become married, she must at some stage start thinking about her retirement, and this also applies to the separated and widowed woman. Section 9 described the cash benefit available from the state under the National Insurance scheme, but this will not be sufficient for most people.

Those who have worked for an employer will probably receive from their company pension scheme a pension based on salary, years of service and age at retirement. (See Section i0, which also explains what arrangements the self-employed should make.) In addition, a with-profits endowment (Section 6) or an equity-linked policy maturing say, at 60, should provide the single woman with a useful means of saving and a cash sum on retirement. Read the case-histories in Section i i and then work but how much additional private insurance is required. When comparing costs, remember that insurance premiums for women are cheaper than for men of the same age since women live longer annuities, on the other hand, are more expensive. As a guide, a woman should regard herself as the equivalent age of a man four years younger, so that a forty-year-old woman, for example, pays roughly the same premium as a man of 66.

In this web section, we have covered a few points of special interest to women, but, in general, their insurance needs are similar to those of men. Women receive state benefits and require mortgages for houses or flats, inherit property aid gifts which are liable for estate duty, support children and parents, and want to save for retirement.


Further Uses of Life Assurance Marriage

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

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read on: Further Uses of Life Assurance - Twins

After marriage, both husband and wife should regularly review (on the lines indicated by the examples in Section 1) what the financial effects would be if either were to die. So long as men continue to be the main bread-winners, it is the wife rather than the husband who should insist on adequate cover. After all, she will be the poor widow left to bring up the children and pay off the mortgage should her husband die prematurely. Section 9 gives details of the state benefits payable under the National Insurance scheme. It is up to the wife to make sure that her husband provides sufficient extra cover... see: Further Uses of Life Assurance - Twins