What happens to my life insurance if the policy holder dies?
What happens to my life insurance if the policy holder dies?
A family member has been paying life insurance for me since I was a baby and I was wondering what happens if that person died? Does the policy go to me? Also is there a certain age where the policy is handed to me or is that just something I heard? I'm 21 by the way.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
2 Responses
1.31.2010
Best Answer – Chosen by Voters A life policy is a piece of property like anything else the policy owner has – a car, a houseplant, a bank account, etc. If there is no contingent owner named, it becomes part of the estate and is distributed according to probate laws. In order to have the smoothest transition and make sure all payments are made on time, it's a good idea to name a contingent owner to the policy. This should be easy for the owner to do.
1.31.2010
the policy holder will no longer be paying therefore more than likely the policy will become yours to do with as you chooseit probably depends on the terms in the policy which is something you probably need to find out