Life Insurance on dead person

gaylem_2

Early days but my mother died in jan this year. Looking into her policy we have been advised this was under my fathers name (he died 25 years ago!) She had remarried and was still paying the policy. Will they pay out for him/her/overpayments? I understand this is vague as we are waiting on forms coming out etc. Wondered if anyone had any advice? thanks in advance 😊

Nearlyold

Who has advised you the policy was under your father's name and what do they mean by this?

Who is the life assured on this policy & who is the policy holder?

Its perfectly possible that your parents perhaps originally had two life of another policies, each owning a policy that insured the other, then when your father died the policy your mother owned paid out and the policy your father owned was assigned to your mother. 

Of course it could be that your mother should have claimed on "her policy" when your father died but for some unknown reason didn't

tasticz

What kind of policy was it? Would it pay out on first death only or first and second?

Did your mother claim the first time?

IMO, if it only pays on first death and has not been claimed then they should pay the Life Insurance out and return all the money from that day on wards.

If it only pays on first death and has been claimed but does not pay on second death then all premium from the month after first death is due for refund. 

If it pays on first and second death, and first death has not been claimed then both life insurance amount is due. if first death is claimed then second life insurance payment is due.

Nearlyold

tasticz said:

What kind of policy was it? Would it pay out on first death only or first and second?

Did your mother claim the first time?

IMO, if it only pays on first death and has not been claimed then they should pay the Life Insurance out and return all the money from that day on wards.

If it only pays on first death and has been claimed but does not pay on second death then all premium from the month after first death is due for refund. 

If it pays on first and second death, and first death has not been claimed then both life insurance amount is due. if first death is claimed then second life insurance payment is due.

I've never seen a joint policy that pays out on both first and second death, can't even see why one would exist as you'd just buy two single life policies on an LOA basis.

Jaybee_16

Back in the day it wasn't unusual for a husband to take out a policy on his wife and vice versa. It looks like it could be one of those. Your father may have taken out the policy on his wife.

Thrugelmir

Sounds as if the policy has been written in trust with your late father as the beneficiary. Your mother would have had a similar policy for your late father. Normally taken out to cover first death and ensure that the surviving party could clear the mortgage. 

gaylem_2

Thanks everyone for your input. I’ve spoken to them again today and it seems my father had taken the policy out for my mother and they wanted to check his will (he didn’t have one) I had to send a letter from me and my brother with our signatures assuming this is something to do with authorisation then they will send out claim forms. Are they likely to pay out?

dunstonh

Are they likely to pay out?

If the policy was still in force at the point of death (which seems likely) then yes they will.  They just need to make sure it goes to the correct beneficiaries.