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WILLS AND INSURANCE RELATING TO A MORTGAGE

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  • WILLS AND INSURANCE RELATING TO A MORTGAGE

    hi

    I have a 100k mortgage with my girlfriend on a property. This property belongs to her, i am not mentioned on the deed, thus this house is not part of my estate.
    I have an insurance policy for 100k from mapfre to cover the mortgage in case of my death presuming that the bank would receive this cash and wipe out my mortgage thus leaving my girlfriend free of debt.

    I recently made a basic will leaving my estate to my nephew, however someone has told me that in the event of my death, the insurnace money would go straight to him as it is an asset of the estate and not tied to the bank.

    how is the money sliced up, would the entire mortgage be paid off, or just my half, or none,

    any help appreciated

    kevin

  • #2
    In the event of decease, the life insurance would cover the mortgage debt (your part) and the remaining would be in the inheritors� benefit, but if it is a redemption insurance, then it would only pay the outstanding mortgage.

    Please should you require further information, do not hesitate to contact us.

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