2.5 Life policies
We recommend that you dig out or obtain any Life Policy documentation and have a good look through each one, listing them in the Document checklist we provide
Not every life policy has a surrender and maturity value, but if they do it needs to go in this form.
If it has a maturity value, it is useful to obtain the projected maturity value of any endowment policies or ‘with profit’ policies, for discussion in mediation.
For example, you may decide to keep the policy going if you receive a bonus on maturity in which case, who is going to continue paying the premiums and who is going to receive the maturity proceeds? Matters for discussion in mediation.
It will be important to know whose life or lives and health, if it is a critical illness policy, are insured, how much the policy would pay out and who would receive the benefits in the event of death or critical illness.
You may have assigned or nominated someone to receive the policy benefits, such as dependent children. If so, please use this form to provide details.
It is important to know whether you have enough life insurance in place in the event of death, especially if you have dependent children for whom maintenance is being paid.
It may be helpful to work with a Financial Adviser, if you are not already doing so. If you would like a recommendation please ask your Mediator
All this information is likely to form an important part of your mediated financial discussions.