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Posted: Tue Dec 17, 2013 9:24 pm
by anthony wood
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
Posted: Tue Dec 17, 2013 9:56 pm
by Foggy
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.
Posted: Tue Dec 17, 2013 10:52 pm
by anthony wood
looks like we don't need life insurance as we do not receive any benefits
Posted: Tue Dec 17, 2013 11:34 pm
by MelanieGiles
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?
Posted: Tue Dec 17, 2013 11:45 pm
by Michael Peoples
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.