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A parents life insurance
Andy123s
Posts: 1 Newbie
I want to take out and pay for a over 50s life insurance plan for my father. But i am worried if he has any debt will i have to use the money to pay them instead of using the money for his funeral. And will i then have to take on his debt because i have taken life insurance out for him? Please any help would be greatly appreciated
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Comments
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His debts and assets will be settled from his estate.
If you take out cover in trust with you as the beneficiary, or write it on a life of another basis, you will get the money directly and it will not go near his estate.
If he took out cover and did it "own life, own benefit" the proceeds would go into his estate and be used to settle any debts, including the cost of the funeral.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I want to take out and pay for a over 50s life insurance plan for my father.
Have you read through this -
https://www.moneysavingexpert.com/insurance/over-50s-life-insurance0 -
I want to take out and pay for a over 50s life insurance plan for my father.
Over 50s plans are an option of last resort. Have you eliminated the other options? Such as conventional life assurance or funeral plans?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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