NLIC.org

Toni Said:

my husband just past away he owes credit cards, the house but he left life insurance, will they go after it?

We Answered:

I am sorry to hear of your husband's passing.
Maybe this will help you: http://locate-power-of-attorney.info/?id… you can post your job then they'll post it to their lawyers who will get back to you with a definite answer.
You then choose who to hire. It's a free service.

Mathew Said:

Personal Finance / Mortgage Questions?

We Answered:

I just know 5---------> d

Danielle Said:

Will my parents' life insurance payout be used to offset their debt when they pass away?

We Answered:

You aren't responsible for your parent's debts. If you are the life insurance beneficiary, then you get the proceeds.

Your parent's estate will be responsible for all debt. The lenders can attach liens against real and personal property to satisfy the debts. If one parent pre-deceases the other, which is most likely, the remaining parent will be hounded by creditors.

Kathleen Said:

Should I cancel my life insurance policy to pay off credit cards?

We Answered:

1st you should each apply for and get term life policies in place first. You don't want to cancel this policy and then realize that you are uninsurable for some reason.

If you do end up canceling the whole life policies I would apply the cash value towards your debt, pay off the rest of your debt, save up a down payment and then get a house. Don't let this tax credit convince you to buy a house that you can't afford and aren't ready for. People with no savings and debt don't need to be buying houses. Tax credits and tax deductions are nice, but they don't pay for leaky roofs, broken air conditioners, exterminators, etc.

My two cents. Good luck.

Kevin Said:

Credit life insurance on student loans?

We Answered:

First off you don't need credit life insurance. If you die your debt dies with you.

Second, in spite of the fact that your debt is extinguished if you feel there is some moral obligation just buy a standard term policy for the duration of your loan. So if you think the loan will take 10 years to pay off buy a 10 year level term policy. It will be cheaper than buying a credit life policy.

Claudia Said:

Credit life insurance?

We Answered:

Check with the mortgage life insurance or credit life insurance company. Also the mortgage holder (bank) should answer that question. Simply ask if the balance is paid off with the credit insurance.

Edward Said:

life insurance for spouse?

We Answered:

You can get a court order, to allow you to purchase a life insurance policy on him. You want to make sure YOU are the policy owner, otherwise, you have no control over who the beneficiary is, and no control over whether or not he actually PAYS for the insurance.

This type of life insurance is commonly court ordered in a divorce, when there is a minor child involved.

Mortgage life insurance, probably isn't going to work. You probably can't afford to keep the house anyway, as far as upkeep, insurance, and property taxes, and since it's so heavily mortgaged, there's no equity there.

Courts don't usually require life insurance to be purchased for the benefit of the SPOUSE. As his ex wife, since you've been married at least ten years, you'd qualify for social security spousal benefits if he dies, or when you turn 62, based on HIS earnings.


Debt is not inheritable at all, but in a community property state, you're probably going to walk away with a fair share of his debt, due to the divorce.

Life insurance probably isn't going to be the solution here. You'll have to hope he pays whatever alimony the court orders.

Unfortunately, just because there's a divorce, and you're critically ill, and have a minor child, doesn't mean there will be some way to finance your living costs. You very well BOTH could be looking at a bankruptcy; and with no income of your own, and him in his late 50's, life insurance is NOT going to be cheap, even if he's in perfect health. Then, you'd have to convince the life insurance company he's WORTH however much you want insurance for . . . and if he's got no net assets, and only six more years of income potential until he retires . . . you might have a hard time.

Lastly, even if he's "ordered" to keep medical on you, that doesn't mean it's going to happen. See, the second the divorce is final, you no longer qualify for health insurance through his employer's group plan - so you're looking at trying to find coverage, at your age, in your health, through private insurance - which probably isn't going to happen at a reasonable cost (under $1,000 a month).