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If some one in an IVA dies,does lifeinsurance goes to the creditors
Posted: Sat Aug 24, 2019 6:33 am
by jhonpaul12
if life insurance policy has a beneficiary it is assigned to it,It is very unlikely to say that you will responsible for someone else if the amount of money that goes directly to the beneficiary. Will it reflects to IVA is there any advice?
Re: If some one in an IVA dies,does lifeinsurance goes to the creditors
Posted: Sat Aug 24, 2019 9:34 am
by Foggy
As I have said before -- if the payout is to a named beneficiary, the money is theirs and has nothing to do with the IVA. If the payout goes into your estate debts can be settled from it in the usual way, The IVA itself will cease on death.
Re: If some one in an IVA dies,does lifeinsurance goes to the creditors
Posted: Mon Aug 26, 2019 7:21 am
by jhonpaul12
Sat Aug 24, 2019 9:34 amFoggy wrote:
As I have said before -- if the payout is to a named beneficiary, the money is theirs and has nothing to do with the IVA. If the payout goes into your estate debts can be settled from it in the usual way, The IVA itself will cease on death.
OK but if it an individual debt how they should also stop that taking out regular payments of someone who has died . How long does that Life insurance payouts do not usually form part of the estate.
Re: If some one in an IVA dies,does lifeinsurance goes to the creditors
Posted: Mon Aug 26, 2019 10:29 am
by Foggy
Mon Aug 26, 2019 7:21 amjhonpaul12 wrote:
Sat Aug 24, 2019 9:34 amFoggy wrote:
As I have said before -- if the payout is to a named beneficiary, the money is theirs and has nothing to do with the IVA. If the payout goes into your estate debts can be settled from it in the usual way, The IVA itself will cease on death.
OK but if it an individual debt how they should also stop that taking out regular payments of someone who has died . How long does that Life insurance payouts do not usually form part of the estate.
Everything depends on what type of insurance you have taken out: If it is the one your IP is recommending, I suspect that it is only to protect the IVA payments and the IP will get a lump sum ( one payment) to cover the remaining payments if and when you die. There would be no payments to your estate, none of the money would be yours.
Re: If some one in an IVA dies,does lifeinsurance goes to the creditors
Posted: Tue Aug 27, 2019 6:32 am
by jhonpaul12
Everything depends on what type of insurance you have taken out: If it is the one your IP is recommending, I suspect that it is only to protect the IVA payments and the IP will get a lump sum ( one payment) to cover the remaining payments if and when you die. There would be no payments to your estate, none of the money would be yours.
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Ok but whether it covers the health insurances also.If someone pass away the IVA would be terminated or and then creditors would claim against any estate. whether the IP will look at the finances and work out when the IVA is likely to be approved.