LIFE INSURANCE WITH AN IVA

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icebrick

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Post by icebrick » Mon Jul 21, 2008 9:52 am
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The meeting with my creditors is coming up on the 30th of July. In the meantime I also wish to apply for life insurance for peace of mind. Can my creditors or my IP claim any of those funds should the unexpected happen? Cheers.
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CoverItAll

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Post by CoverItAll » Mon Jul 21, 2008 10:03 am
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You should consult an Independent Financial Adviser. I think that the policy may be written in Trust for those you wish to benefit from it. That way the claim proceeds are never yours.
John Tegg
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Viki.W

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Post by Viki.W » Mon Jul 21, 2008 10:10 am
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Hey Ross, so you went for an IVA? I wish you all the very best of luck for your meeting. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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kallis3

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Post by kallis3 » Mon Jul 21, 2008 10:24 am
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Good luck for the 30th icebrick.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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IFA Law

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Post by IFA Law » Mon Jul 21, 2008 7:13 pm
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Hi Icebrick,
The proceeds from a life plan, unless written in trust, would form part of your estate on death and any creditors would probably be able to make a claim on them. If a plan were to be written in trust it is moved outside of your estate and from day one of the trust you are no longer the owner of the policy. You need to clarify with your IVA practitioner whether your creditors would be happy for you to pay into a plan that would have no benefit to them as the lump sum would be paid to the nominated beneficiaries. Hope this helps
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