What is credit life insurance?

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Can credit card companies take a life insurance policy to pay someone's large debt if they left no other estate?

Credit card companies cannot "take" anything. Due process of law always has to be followed. When a person dies, their assets and debts are filed in Probate Court,if state law requires it. Some life insurance benefits can be included as assets and used to pay debts. However, many policies have specif ( Full Answer )

Is another person responsible for credit card debt after death if there is life insurance involved?

Answer . \nIf the issue is life insurance on the card holder, that is irrelevant, as that would belong to the beneficiary named on the policy. If it is life insurance that was purchased to pay off the account in case of the death of the account holder then it should pay as prescribed, after prope ( Full Answer )

If someone dies with 10K in credit card debt and no assets but has life insurance does the credit company get the insurance or does it go to the beneficiary?

\n. \n. \n. \n Answer \n. \nDeath benefits are generally not subject to attachment for creditor debt. States establish laws concerning property that is exempted from creditor seizure. Without knowing the state of residency it is not possible to be more specific. You can find out what propert ( Full Answer )

Is a surviving spouse responsible for a deceased spouse's credit card debt if the deceased had no assets except a death benefit from life insurance?

Answer . \nThe surviving spouse is only responsible for credit card debt if the account were joint or the married couple lived in a community property state; (Texas and Wisconsin treat marital debt differently than other CP states).\n. \nDeath benefits from life insurance with a named beneficia ( Full Answer )

Can life insurance benefits be seized to pay credit card debts of the deceased?

\n. \n Answer \n. \nCreditors can attach any assets of the deceased to make sure they are paid. If the debt is legitimate, the estate is obligated to pay. Credit card debts are among the most easily documented debts so it's doubtful that you can prove that the debt is not legitimate.\n. \n . ( Full Answer )

What are the rights of a credit card company when someone dies owing money and has no estate but has life insurance?

\n. \n Answer \n. \n. \nIf the life insurance policy has a named beneficiary creditors are not entitled to any portion nor is the beneficiary legally obligated to pay any of the deceased's debts.\n. \nFamily members are not responsible for the repayment of the debts of the deceased unless t ( Full Answer )

Is life insurance considered part of deceased person's estate when money is owed to credit card companies?

No it is not part of their estate, because once the person is dead the life insurance benefits belong to the designated benificiery.Who unless it is their spouse, is not responsible for the deceased debts. Edit: Life insurance proceeds payable to the beneficiary(s) are not themselves subject to ( Full Answer )

When a son is unmarried owns property has credit card debt who should he put as beneficiary on life insurance and why?

Answer . Think this would be a personal choice, are you asking if you are the beneficiary are you also then repsponsible for his debt as well? Not sure about that you will need to ask an attorney. I will tell you that my brother died two years ago, had mountains of debt, his ex-wife, and daughte ( Full Answer )

Who has life insurance on you?

I have life insurance on myself and I list my parents as primary beneficiaries and my siblings as contingent beneficiaries because I'm single and want to leave something behind to them in case I die.

Where do you get life insurance from?

You can check your local phone book or online to find an agent andget quotes. Independent brokers are best as they represent amultitude of companies and can literally shop for the best policyto your specific needs and qualifications. But, here I can help youto mention top insurance company of USA: A ( Full Answer )

What is life insurance?

With a wide range of life insurance policies available in themarket today, it is important to know how to select the bestoption. With rising awareness about financial products and itsbenefits, an increasing number of individuals are investing indifferent types of life insurance policies. In return ( Full Answer )

Who can you insure for life insurance?

Who can you insure for life insurance? . can you obtain a life insurance policy on some one other than your spouse or child? . Yes. You can obtain life insurance on anyone with whom you have an insurable interest. Each person has an insurable interest in his or her own life, and therefore c ( Full Answer )

No life insurance?

Life insurance is a necessity. It is cheap, especially if you areyoung and healthy. Even if you are older or suffer from healthimpairments, you can find life insurance companies which look morefavorably on your particular situation and offer you a good rate. Alife insurance policy can provide financ ( Full Answer )

Is life insurance considered inherited property that a credit card company can claim after the death of a mother for unpaid credit card debt?

Depends upon the State of your mother's residence, and the beneficiary of her insurance policy.. If the beneficiary was her estate, they might be able to recover the debt; if an individual was the beneficiary, unless that person was a cosignor of the debt, it is not likely they have any recourse.. ( Full Answer )

What is a life insurance?

Life insurance is where you pay premiums periodically for a setnumber of years and then when you pass away the value of your lifeinsurance policy is awarded to the beneficiary you choose (usuallya spouse or your children) to pay for your outstanding debts,funeral, tuition, retirement, etc. so they d ( Full Answer )

How is life insurance insured or guarenteed?

Life insurance companies may insure or guaranty your life insurancepolicy in one of two ways. First, a life insurance company may buyreinsurance to re-insure the losses they may pay out for their bookof life insurance business in any given year. Also, licensed lifeinsurance companies contribute to l ( Full Answer )

What is meant by credit insurance indeminity?

Since Indemnity basically means - protection against future loss,credit insurance indemnity is almost like saying credit insuranceinsurance or credit indemnity indemnity. The meaning of the term"credit insurance" would depend on the type of credit insurance youare talking about. Business Credit Ins ( Full Answer )

How do you get life insurance?

Call any reputable company. State Farm, All State, Prudential, and such. Please stay away from the staggeringly good offers that you'll hear of on the net and on TV.

What is business credit insurance?

Business credit insurance is a type of insurance that is purchased by businesses selling to other businesses of open credit terms. Business credit insurance guarantees against their business having excessive losses due to their customers inability to pay for goods or services purchased on credit. It ( Full Answer )

Do you have to have life insurance?

Answer 1 Yes i have life insurance that can pay well to my family after mydeath. At least, they will not depend on some one else. If i willalive that time i would like to convert it as my pension to securemy further future. Life is so insecure, if something happen to youat least that amount will he ( Full Answer )

What is credit shield insurance?

Credit shield insurance is a special type of insurance provided these days by credit card companies. Every individual is insured to a certain sum based on his credit limit and repayment capacity. Let us say Mr. X has a credit limit of Rs. 1 lac and he uses an average of Rs. 5000/- rupees in hi ( Full Answer )

Where can you get life insurance?

Where to get Life Insurance There are many fine company web sites that make life insurancequotes available on the internet. The problem with most quotes isthey fail to ask the right questions or do not know which carriersview certain underwriting issues differently. You are always in a better positi ( Full Answer )

What is insurable interest in life insurance?

Insurable interest refers to when someone (called Person A) wants to buy life insurance on another person (Person B). In order for Person A to buy life insurance on Person B, there must be an emotional and financial loss to Person A if Person B dies. You can't buy life insurance on some random perso ( Full Answer )

Who has life insurance?

Mostly families who have dependent kids have life insurance. And also people who been tricked into buying cash value life insurance. People don't buy life insurance. They are sold on it.

Life insurance insurability?

The beneficiary has to have an insurable interest in the insured. The insured has to pass certain qualifications in order to be insured.

Where can I get life insurance?

There are many life insurance policies available in the market which offers you impressive features at reasonable premium. I would suggest you to get quotes from various life insurance providers and accordingly select a best plan which offers you good savings and features. I have purchased a life in ( Full Answer )

What is Life insurance and general insurance?

Life insurance, as the name suggests, is insurance on human lives. Life insurance policies are considered to be "valued policies" because they are purchased in finite amounts, rather than designed to pay damages or the then-current value such as property insurance does. Life insurance comes in se ( Full Answer )

Who can get life insurance on you?

Anyone who has an insurable interest in you may purchase a lifeinsurance policy on you. However, the insurer may require that yougive permission and sign the application for coverage. Some peoplewho have an insurable interest in you may include your parents,spouse or partner, your adult children, bu ( Full Answer )

Can a credit card lender garnish your monthly income from life insurance benefits?

Perhaps. State's enact laws that protect the consumer debtor's real and personal property. The concerned party should research the laws of his or her state relating to the garnishment of insurance and private retirement benefits for debts owed. Please note, all Social Security benefits are exempt f ( Full Answer )

Is Commercial Credit Insurance casualty insurance?

Credit insurance is a type of life insurance policy purchased by aborrower that pays off one or more existing debts in the event of adeath, disability, or in rare cases, unemployment. Credit insuranceis marketed most often as a credit card feature, with the monthlycost charging a low percentage of t ( Full Answer )

Do I have life insurance?

It's not something you were naturally born with. Unless you took out a plan with your bank or job or somewhere and are paying into it my guess is no.

How do you get an insurance on life?

You are going to need to find a local or well known life insurance provider. They will have you fill out papers and possible meet with somebody to discuss the terms and price.

Which insurance is the best insurance for life?

There are 2 primary types of life insurance. Neither is "best"because they serve different purposes and may be more appropriateat different times in one's life. One type is "whole life", if which there are several varieties.This provides both insurance protection and within the policy is anelement w ( Full Answer )

What is life insurance and types of life insurance?

Life insurance is a policy people take out to ensure that theirfamily receives a pre decided amount in the event of sudden deathor loss of income.Life insurance is means protection and securityunder financial crisis.There are mainly 5 types of Life insurance policy. Term insurance is themost basic o ( Full Answer )

How is credit through insurance?

The question should have been more distinctive as there are various forms of credit through insurance. When a medical claim get settled by an insurance Co, it may be credited to the account of the policy holder. Cumulative bonus gets credited every year adding to the sum insured. If you are an insur ( Full Answer )

Is it illegal for a credit life insurance company cancel a policy without notification and still charge the bank for payment?

I got an auto loan 19 months ago with my grandma as the primary and myself as the secondary. I put credit life insurance on it, for a total of about $568 extra, raising my monthly payment about 9-10 dollars a month. When my grandmother passed away unexpectedly, I tried to file a claim but was denied ( Full Answer )

Can you sell Life insurance if you have bad credit?

Generally, the criteria for obtaining an insurance license involves an intense pre-licensing course of study, a criminal background check and specific educational requirements. I've never heard of a Department of Insurance running a credit check (or declining a license on this criteria), but it's un ( Full Answer )

How can one export their credit insurance?

There are many ways one might export one's credit insurance. The government website EXIM is likely the most reputable source of information concerning this process.

What is joint credit life insurance?

Joint credit life insurance is money paid to you or your spouse ifeither of your are ever arrested on drug charges.