Can someone please help with this query. If I die while bankrupt and I have a life insurance policy. Will the life insurance policy payout be taken by the official receiver or will the family member that is named on the policy get the money? Thanks
I believe it will go to the OR. My husband I had the same problem and we have been told to cease payments or pay the OR £366 on each of our life covers to carry on with life insurance cover which will then go to our family when we die. We have cancelled our policy and will be taking out another policy - one of which is not an asset under our bankruptcy.
Hi, if you die before the end of the bankruptcy the money will go to the OR regardless of if you have bought the policy back or taken a new one out. This is an after aquired asset as it devolved upon the bankrupt between the BR order and discharge
So my husband and I can take out another life policy and after being discharged the OR will not receive any money when one of us dies - is this corrent??
Death and life insurance
Posted - 18 August 2009 : 19:37:25
