Sudden Beareavent- advice needed

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Hi all

Unfortunately my Father in Law has suddenly passed and I am trying to help resolve some of the issues to ease pressure. He was retired with police pension.

My mother in Law believed she had Life insurance when the remortgaged (ran until 75) but bank 'can't see signs' of it. She did work for bank at time so ours have some cover through that but since left so we are worried.

Would it have been compulsory to have life insurance when taking outuntil 75?
Any other obvious products that may have it (cc etc)?
Any other obvious things to check as head is scrambled?

Sorry for rambling post but family is concerned RE what happens now etc

agrinnall

Here's some advice on locating lost life insurance.

http://unclaimedassets.co.uk/lost-life-insurance-association-of-british-insurers-abi/

I think it's very unlikely that the remortage would (or even could) insist on life cover accompanying the loan.

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Thank you for this- for some reason I thought you had to sign something saying you have life insurance etc.

This is really helpful and I will probably return for extra questions as you don't prepare for this unfortunately

Kynthia

The Mortgages & Endowments part of the forum has brokers who may be able to answer your question. Are you concerned because the mortgage isn't yet paid off? There may be options depending on your MIL's income, the amount of equity, any inheritance and her future plans. However there's no need to get into that now and no big decisions should be made any time soon.

Have you informed the pension provider as they'll need to sort the spousal pension? Have you looked through all the bank statements as any unknown regular payments out could be something worth investigating?

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The main concern is the mortgage immediately, although this will be around 10% of the house value. I would prefer to deal with the immediate aftermath but she is severely worried about having to sell house, and although we have tried to reassure, think getting answers will help.

The pension provider are being called tomorrow and great point RE bank statements. MIL thought they had life insurance but mentioned that in last review with bank they said they couldn't see signs of it.

Currently looking into widow entitlements etc

Thank you so much for input

Kynthia

As long as tge mortgage repayments can be made for now it's best not to rush any decisions. People do things tgey regret when in the aftermath of bereavement and severe grief.

Later on, perhaps in a year, your MIL will know if she can continue to afford the mortgage, whether downsizing to a smaller mortgage free property now that she's living on her own is something she'd like, or whether equity release or a lifetime mortgage are feasible ways of staying in the property. Age Concern and a good broker could probably advise. There are more immediate concerns to deal with and I'm sure you've all enough on your plate right now.

jonesMUFCforever

Quickest way to investigate queries like this is to check bank statements - d/d to insurance companies.