Question about life insurance and clauses in SA.
My partners agreement says he is to a) keep the joint policy he and his ex had (but separate it) for a certain amount and b) open a second policy for a lesser amount. His ex has to keep her insurance policy via work.
In addition to these he also has a third policy he has carried over from before his marriage that is not listed in the agreement.
Problem--the (a) policy is term and is expiring and to renew it his premiums triple or quadruple. He may not even qualify for the renewal since its been ten years, his health is different etc.
Could he take his personal life insurance that wasn't ordered, up the payout to the (a) amount and replace the insurance in the agreement? If no, what would happen if he no longer qualifies for coverage on that renewal?
He would still have the same coverage it just wouldn't be the policy listed.
My partners agreement says he is to a) keep the joint policy he and his ex had (but separate it) for a certain amount and b) open a second policy for a lesser amount. His ex has to keep her insurance policy via work.
In addition to these he also has a third policy he has carried over from before his marriage that is not listed in the agreement.
Problem--the (a) policy is term and is expiring and to renew it his premiums triple or quadruple. He may not even qualify for the renewal since its been ten years, his health is different etc.
Could he take his personal life insurance that wasn't ordered, up the payout to the (a) amount and replace the insurance in the agreement? If no, what would happen if he no longer qualifies for coverage on that renewal?
He would still have the same coverage it just wouldn't be the policy listed.
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