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Married couple life insurance - payout twice?
If a married couple have a life insurance policy on each other then the wife dies and the husband receives a payout, will there be a second payout when the husband dies?
Comments
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What does the policy wording state ? That is the only way to find out exactly when and to who any given policy will pay out.
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Depending on the policy it will either pay out on the first death or the second not both which would require two separate policies.
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If it was single life insurance but the nominated beneficiary was the deceased wife, what happens, does the policy still pay out but to the estate and therefore whoever is named in their will?
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It depends, most would recommend life insurance is written into trust, with some types of trust it can still be paid out and the trustee(s) will decide who receives it. If the insurer can't find the appropriate person for it to be paid to then yes, it will go to the estate and follow the will/ intestate as appropriate
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