What cost would get paid off first with Life Insurance?
Will I be able to pay for my Dad’s funeral with any off the money I get from the Life Insurance if he is in debt more then the actual life insurance?
He owns a house with a common law spouse. I’m not sure if he is in debt or if I’m even getting the Life insurance, but My Brother and I signed the Funeral Bill and my Dad's Spouse. But we Agreed who ever gets the Life Insurance with pay for it.
The person who receives the life insurance death benefit (beneficiary) can use the money as he or she sees fit. If you are the beneficiary of the life insurance policy it is up to you how you use the money.
Life insurance is separate from a person's estate, and is not responsible for paying any of the person's debt, or outstanding bills when a person dies.
If your father had any debt to be paid off they may sell his house to pay off the debt, or take the money from his assets, such as, his savings account or other investments.
Will I be able to pay for my Dad’s funeral with any off the money I get from the Life Insurance if he is in debt more then the actual life insurance?
He owns a house with a common law spouse. I’m not sure if he is in debt or if I’m even getting the Life insurance, but My Brother and I signed the Funeral Bill and my Dad's Spouse. But we Agreed who ever gets the Life Insurance with pay for it.
The person who receives the life insurance death benefit (beneficiary) can use the money as he or she sees fit. If you are the beneficiary of the life insurance policy it is up to you how you use the money.
Life insurance is separate from a person's estate, and is not responsible for paying any of the person's debt, or outstanding bills when a person dies.
If your father had any debt to be paid off they may sell his house to pay off the debt, or take the money from his assets, such as, his savings account or other investments.
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