life insurance advice

[kevinmol]

my partner and i are not married but we have a joint life insurance policy. My partner has a child. My question is if either of us passed away would the other recive the insurance payout, as a friend of mine could not claim a policy due to not bieng next of kin.

thanks

kevin

[des8]

Re: life insurance advice

Without reading your policy (in case of an odd wording) I would not expect any problems in the policy paying out to the survivor if one of you dies.

After all joint life policies are used in all sorts of situations where there are interdependent relationships where if one "life" dies the other will face financial hardship e.g. business partners.

These policies are not solely applicable to married or co-habiting couples.

I wonder if your friend had a "joint life" or "individual" life policy. If it was an individual life policy it would need to name the beneficiary in the event of death, otherwise the payout would be part of his estate, which (with no will in existence) is distributed according to strict rules which would not include an unmarried partner.

[jami Mullen]

Re: life insurance advice

my partner and i are not married but we have a joint life insurance policy. My partner has a child. My question is if either of us passed away would the other recive the insurance payout, as a friend of mine could not claim a policy due to not bieng next of kin.

thanks

kevin

I understand it, these kinds of questions definitely rise in mind of many peoples. It totally depends on your requirements are priorities. There are certainly many types of insurance policies and each of them having its own premium rates. I remember when I purchase my wife term insurance I consult with SPAM LINK REMOVED I find customized insurance quotes with complete details. Since we all know that life is uncertain and each everyone of us will died one day. So insurance policies help a lot in delivering the financial freedom to our loves one. I am sure you will understand my point of view.

Regards,
Mullen