If my sister got life insurance for my mother is she responsible for all her debts?
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UPDATED: Nov 15, 2011
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Insurance Question from Casselberry, FL
Asked on 11/15/2011
If my sister got life insurance for my mother is she responsible for all her debts? NULL
Answer given on November 16, 2011
The short answer to this is “no”. Just because there was a life policy taken out on a person does not make the beneficiary of that life policy responsible for the debts of the deceased. Some people take out a life policy and will give the beneficiary of that policy instruction to use the death benefit to clear up any debts that are left. However, after the person is decease, it is still up to the discretion of the beneficiary as to what they truly do with that money. That is why it is so important to choose a beneficiary that is honest and will carry out your wishes. Once funeral expenses are paid, there could be medical bills associated with a death or payment to maintain such as rent or mortgage until these items can be resolved. But the mere fact of having a life insurance policy does not make you responsible for these items or any debt.
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