Life insurance

sgt.bilko

Just wondering if anyone can advise me on this one.

My father in law passed away in June and the Mother in law is struggling badly with finances as she has no income other than social welfare. His estate is still in probate and bank accounts still frozen.

On average, how long is the wait before life insurance is paid out?

3DataModem

sgt.bilko wrote: »

Just wondering if anyone can advise me on this one.

My father in law passed away in June and the Mother in law is struggling badly with finances as she has no income other than social welfare. His estate is still in probate and bank accounts still frozen.

On average, how long is the wait before life insurance is paid out?

It was a matter of weeks in the case of my father. Sent death certificate, received cheque. Why is it taking so long? What is the executor doing?

broker2008

The proceeds would be paid out immediately if the policy had her as the grantee on the policy. Otherwise I'm afraid you will have to wait until the grant of probate is taken up. To assist the solicitor or executor, make sure all institutions are written to and replies received. The quicker the replies are received and submitted the quicker the estate can be sorted.

broker2008

3DataModem wrote: »

It was a matter of weeks in the case of my father. Sent death certificate, received cheque. Why is it taking so long? What is the executor doing?

It depends on the value of the policy or even the estate. Some companies will issue proceeds if less than 10k. If the policy had a grantee, the proceeeds would be issued immediately. A good advisor would always ensure, where possible, that the policy is enacted in the most efficient manner.

sgt.bilko

broker2008 wrote: »

The proceeds would be paid out immediately if the policy had her as the grantee on the policy. Otherwise I'm afraid you will have to wait until the grant of probate is taken up. To assist the solicitor or executor, make sure all institutions are written to and replies received. The quicker the replies are received and submitted the quicker the estate can be sorted.

When you say "policy had her as the grantee on the policy" , i presume this means my mother in law as sole beneficiary of the policy?

Gareth2011

sgt.bilko wrote: »

When you say "policy had her as the grantee on the policy" , i presume this means my mother in law as sole beneficiary of the policy?

Definition: A grantee is the entity receiving title to a piece of real estate.
Grantee - someone to whom the title of property is transferred

Im guessing they mean she is beneficiary on policy.

broker2008

sgt.bilko wrote: »

When you say "policy had her as the grantee on the policy" , i presume this means my mother in law as sole beneficiary of the policy?

Effectively, yes. It is also known as life of another.