Where will the money from life insurance go in the event of death ?

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anthony wood

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Post by anthony wood » Tue Dec 17, 2013 9:24 pm
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My wife and I have been in an IVA since April 2011 ,we are both 61 years old
We have continued paying life insurance till 65
Heaven forbid but if one of us dies where will the money from insurance go to?
thankyou
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Foggy

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Post by Foggy » Tue Dec 17, 2013 9:56 pm
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Hi, the monies are likely to go into one or other IVA, in the same way as, if there were no IVA, it would have been used to pay any outstanding debt, before the residue is distributed according to your wishes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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anthony wood

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Post by anthony wood » Tue Dec 17, 2013 10:52 pm
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looks like we don't need life insurance as we do not receive any benefits
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MelanieGiles

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Post by MelanieGiles » Tue Dec 17, 2013 11:34 pm
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The monies will go to whoever the policies are assigned to - I assume that each policy is in the other partner's name as beneficiary?
Regards, Melanie Giles, Insolvency Practitioner
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Michael Peoples

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Post by Michael Peoples » Tue Dec 17, 2013 11:45 pm
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It may be worth getting specialist advice to protect the inheritances should the worst happen. Potentially either death could trigger a windfall in the other persons IVA while possibly defaulting the deceased person's IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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