I recently consolidated my debt, and was asked repeatedly about my life insurance. Naturally, I’m curious as to whether my creditors can collect on my benefit payoff if I should die before the debt is repaid.
Oh man I am in the middle of a lawsuit where Im suing an older gentleman because of fraud. Please let me know if this is true so I can get his life insurance money as well as his house and boats and cars. Thanks, Stephanie
No. Once you die your life insurance is the property of the beneficiary. Cannot be attached for your debts unless the policy is payable to your estate (big mistake).
Oh man I am in the middle of a lawsuit where Im suing an older gentleman because of fraud. Please let me know if this is true so I can get his life insurance money as well as his house and boats and cars. Thanks, Stephanie
No. Once you die your life insurance is the property of the beneficiary. Cannot be attached for your debts unless the policy is payable to your estate (big mistake).
get a lawyer immediately and sue them
creditors are interested in cash value type policies to see if the debtor loaded up on cash in the policy in order to hide from creditors.
the death benefit will go to the beneficiary as intended originally.