Friday, November 7, 2014

Can a credit card company take the life insurance of my father in law to pay off his credit card

Question

Can a credit card company take the life insurance of my father in law to pay off his credit card



Answer

Probably not. The proceeds of the life insurance go to the beneficiaries listed on the policy. They are not part of your father's estate.



Answer

NO....unless there are no benificiaries of the policy. If there are no named beneficiaries of the policy, then it goes to to the creditors. If there is a benificiary of the policy then the proceeds belong to them and cannot be touched by any creditor of your father.



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