• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Who gets life insurance payout id the deceased owes money?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

What is the name of your state?What is the name of your state? KANSAS

My husband – Married w/ two kids (11 and 13) divorced in 2001, pays child support, has some arrears from when he was laid off.

My husband – Remarried w/ 1 child (16 months) and another due in July.

If I purchase a life insurance policy (with myself or my children as the beneficiary) on my husband and he dies, will a portion of this payout go to his children he had from a previous marriage? Would his life insurance policy go into his “estate” and be subject to being taken from his beneficiary(me or our kids)?
 


nextwife

Senior Member
If you buy and pay the premiums on a life policy on your husband, it is seperate and apart from his estate assets or debts. IT goes to whomever you name as the beneficiary for the policy you own.

And even if life insurance that he owned DID pass through probate, this is not "his" life insurance (you own it) it is life insurance on him.
 
Last edited:
Thank you so much for responding. Who decides what goes through probate? Would anyone even know about the policy that my children and I owned on him?
 

Betty

Senior Member
If you took out a life ins. policy on your husband & you owned it, whoever is named as bene(s) (ie you and/or your children) would get the proceeds if your husband passed away. Life insurance proceeds are not considered as part of the estate but go to the named beneficiary/beneficiaries. You would be given a policy to put in a lock box (or elsewhere) to turn in to the ins. co. at the death of your husband so the proceeds can be paid out - would also need to send them copy of death certificate.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top