My husband and I have a joint life policy to cover our joint mortgage, if one of us dies can the kids claim?

can any of our children make a claim on part of it, we have no other assets and at the moment no will

I also need to mention my husband has children from a previous marraige and I also do so if I paid off my mortgage with the policy could his children make a claim on the house

Surely the payout from your policy is already signed over to your building society or bank which means that whoever survives will be sitting mortgage free.
Your kids may have some rights over the deceased's estate but they have no control of the insurance policy.

All the same, you should consider making a will one of your priorities.

It depends who you make the "beneficiary" of the payment, something that the company you are setting up with will be able to help you with.

I thought that type of policy was to pay off the mortgage so the other person didn't have that added worry?

Not sure the kids have any claim to that.

It really depends on the terms of the policy and how it is set up, some will some won't. You should phone the insurance company they should have a phone line where they will discuss issues like this.

You don't make it clear whether your kids making a claim is desirable.

Only if they are named beneficiaries in the policy.

I thought if one policy holder were to die, then the other made the claim and used the funds to pay off the outstanding mortgage. I don't think your children would have any claim on those funds unless you have specificaly written into your policy that that is what you want to happen. It would be unusual. A phone call to the life insurance company involved would perhaps be beneficial and put your mind at rest.

You can CALL this a "joint mortgage" policy, and that's the way it is normally sold - but, typically it is sold with a "combined age" to offset the premium. Mortality tables are used that have lower rates for women than men. It is usually sold as a "decreasing term" policy - as the death benefit decreases to coincide with the decreasing amount of the mortgage. You might have a 30 year term with a "fixed" death benefit. Just check with your agent or company and they can explain this in more detail.

Although it is normally sold as a "mortgage protector", unless you have assigned the death benefits to the mortgage company, the death proceeds would be paid to the benefactor/survivor - typically the other spouse...and then the benefactor can use that money for whatever purposes deemed necessary at the time. You might be able to "handle" the mortgage, and need the benefits to help with final expenses.

The kids CAN contest it, especially since you do NOT have a will, but the proceeds would STILL go to the surviving spouse (or whoever you have listed as a beneficiary.)

You can have CONTINGENT beneficiaries - in the case of something happening to you and your husband - and this can be done by contacting your agent or insurance company and requesting a change be made.

I would urge you both to get wills drawn up. A family attorney will normally do this or you can even purchase computer programs that you "fill in the blanks", sign it, get it notarized, file it with your district clerk, file a copy away in a safe place (or better yet, give to your executor.) Just check with your local court house to be sure they will accept a self made will.

Good luck and I hope this helps!