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Topic	If you buy more than one insurance can you claim as many times?
Energy Surge 08/21/18 7:18:34 PM #28:	SunWuKung420 posted... Energy Surge posted... Life insurance for example pays out a sum of money on the event of your death. This money often goes to your estate to pay for funeral arrangements and settle your outstanding debts. Fun fact: Life insurance payouts go to your listed beneficiary(ies) not the estate and creditors have no right to any of it to pay outstanding debts. Now if the beneficiary is also a cosigner on loans/debts (ie, credit cards, mortgages, etc), they will still need honor those payments or file bankruptcy but at no time can a creditor say you must use the life insurance to pay them. Yeah, I mentioned beneficiaries in the last two sentences of that paragraph. I really shouldn't have said it "often" goes to the estate, "rarely" is the more appropriate term. If you fail to keep the beneficiaries up to date, and they are all dead at your time of death, then the policy's death benefit is paid to your estate. Which is obviously something you should not let happen as it then becomes subject to your debts and inheritance taxes before reaching your heirs. --- The only reason lightning never strikes in the same place twice, is that the same place isn't there the second time. <cite>Energy Surge posted [p:907307602] in If you buy... [t:76922000]...</cite> <quote><cite>SunWuKung420 posted...</cite> <quote><cite>Energy Surge posted...</cite> <quote>Life insurance for example pays out a sum of money on the event of your death. This money often goes to your estate to pay for funeral arrangements and settle your outstanding debts.</quote> Fun fact: Life insurance payouts go to your listed beneficiary(ies) not the estate and creditors have no right to any of it to pay outstanding debts. Now if the beneficiary is also a cosigner on loans/debts (ie, credit cards, mortgages, etc), they will still need honor those payments or file bankruptcy but at no time can a creditor say you must use the life insurance to pay them.</quote> Yeah, I mentioned beneficiaries in the last two sentences of that paragraph. I really shouldn't have said it "often" goes to the estate, "rarely" is the more appropriate term. If you fail to keep the beneficiaries up to date, and they are all dead at your time of death, then the policy's death benefit is paid to your estate. Which is obviously something you should not let happen as it then becomes subject to your debts and inheritance taxes before reaching your heirs. --- The only reason lightning never strikes in the same place twice, is that the same place isn't there the second time.</quote> ... Copied to Clipboard!
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