n/a - Life insurance beneficiary question

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Sun 24 Jan 2021 14:24
n/a - Life insurance beneficiary question - csgmart

I intend asking my IFA about this next week but wondered if any of the backroomers knew the answer to this question.

I've recently taken out a life insurance plan for myself. On death (or critical illness) it will pay my wife (the named beneficiary) a fixed amount of money each month so as she recieves an income to live off as I obviously won't be around to earn it for us.

We wondered what would happen in the event she passes away before me. Will the policy pay out to my estate (on my death) instead?

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Sun 24 Jan 2021 15:08
n/a - Life insurance beneficiary question - Bromptonaut

I intend asking my IFA about this next week but wondered if any of the backroomers knew the answer to this question.

I've recently taken out a life insurance plan for myself. On death (or critical illness) it will pay my wife (the named beneficiary) a fixed amount of money each month so as she recieves an income to live off as I obviously won't be around to earn it for us.

We wondered what would happen in the event she passes away before me. Will the policy pay out to my estate (on my death) instead?

I suspect it could do either.

The first will, I suspect, depending on the term (duration) of the policy be cheaper my several orders than the latter.

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Sun 24 Jan 2021 19:59
n/a - Life insurance beneficiary question - Manatee

The answer will presumably be in the policy wording or schedule somewhere.

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Sun 24 Jan 2021 20:04
n/a - Life insurance beneficiary question - csgmart

The answer will presumably be in the policy wording or schedule somewhere.

Yeah - I did look and it didn't specifically answer my question but does seem to suggest it would go to my estate.

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Sun 24 Jan 2021 21:06
n/a - Life insurance beneficiary question - Manatee

The answer will presumably be in the policy wording or schedule somewhere.

Yeah - I did look and it didn't specifically answer my question but does seem to suggest it would go to my estate.

Re-reading my comment it looks a bit terse - not intentional, I really mention that there probably isn't a standard answer and perhaps even an expert wouldn't venture a definitive answer without seeing the contract.

When I was knocked sideways by a heart problem at 65 a couple of years ago I did think I'd been lucky when I was working as I hadn't had "dread disease" cover as it used to be referred to. It doesn't matter so much now my income is pensions. Since then, via the cardiomyopathy group I'm in, I've heard a couple of people with very debilitating heart failure say they've struggled to get it to pay out. So probably worth a good read as a check anyway.

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Thu 11 Feb 2021 15:49
n/a - Life insurance beneficiary question - Ethan Edwards

Not wishing to upset you but virtually every disgruntled sick person v heartless insurance company small print story you see in the media is iro critical illness insurance. In practice the money you save by buying such specialist illness cover as opposed to simple life insurance just isn't worth it imo. I'm surprised your IFA didn't mention it.

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Tue 23 Feb 2021 10:05
n/a - Life insurance beneficiary question - Avant

I agree with Ethan: but it's not all that surprising as the IFA earns commission for setting up as new separate policy.

I was set up with one of these some years ago with an outfit called Unum. Eventually I stopped it and changed to a new IFA, as neither policy nor IFA were worth it.

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