My father have duration insurance that will retribution bad the house if he pass?
is that only if he passes acciedently ( approaching in a car crash or something) or is that also go for if he passes cuz he got antediluvian or sick?
Answers:
It depends widely on the singular policy. Read it in detail and it will tell you what types of extermination are excluded.
covers i expect all but suicide i think
This depends on two things. The type of insurance and how long he's have the insurance. There are insurance policies that are strictly accident plans that would only cover if he died surrounded by an accident. More likely though by the wording of your interrogate, it sounds like he bought "mortgage protection" which is probably term insurance i.e. sufficient to pay off the debt of the house which would cover both situations. Also, within repsonse to the last couple of answers, in Ohio at hand is a 2 year restriction on suicide. If someone were to commit suicide after the 2 year anniversary of purchasing the policy the policy still pays out in full. Source(s): Licensed insurance agent
Private mortgage insurance will pay no matter why he died unless he commits suicide.
No idea. Could be either. There are policies that do both. Why don't you ask him?? Source(s): agent, 21+ years
Your father have an accidental death policy. Clauses and expressions are slighly different from company to company, but in general the coverage is one and the same.
If you father passes away on an accident the policy will compensate a benefit; if he passes away due to age or any kind of virus, the policy will not pay anything.
Be sure to check what is defined as 'accident' in the policy. Some companies will cover any nature of accident, some will only cover specific accident. The amount of money this policy provides is fixed, it might pay what's left of the mortage or it might not.
The best article to do would be making a call to his agent, so he/she can review the policy. Source(s): Working in insurance for 3 years.
It entirely depends on the type of insurance he have. If it is term or whole existence, then it will pay for any cause, including suicide if it is after two years. If it is accidental, then he MUST die by misfortune; death in any other deportment means no pay out. If it is mortgage insurance, it too will payment for any reason, maybe/maybe not for suicide.
Ask your father what he has. Let him know that you are interested surrounded by the family's finances. He should be glad that he has someone to help him out.
Related Questions:
Answers:
It depends widely on the singular policy. Read it in detail and it will tell you what types of extermination are excluded.
covers i expect all but suicide i think
This depends on two things. The type of insurance and how long he's have the insurance. There are insurance policies that are strictly accident plans that would only cover if he died surrounded by an accident. More likely though by the wording of your interrogate, it sounds like he bought "mortgage protection" which is probably term insurance i.e. sufficient to pay off the debt of the house which would cover both situations. Also, within repsonse to the last couple of answers, in Ohio at hand is a 2 year restriction on suicide. If someone were to commit suicide after the 2 year anniversary of purchasing the policy the policy still pays out in full. Source(s): Licensed insurance agent
Private mortgage insurance will pay no matter why he died unless he commits suicide.
No idea. Could be either. There are policies that do both. Why don't you ask him?? Source(s): agent, 21+ years
Your father have an accidental death policy. Clauses and expressions are slighly different from company to company, but in general the coverage is one and the same.
If you father passes away on an accident the policy will compensate a benefit; if he passes away due to age or any kind of virus, the policy will not pay anything.
Be sure to check what is defined as 'accident' in the policy. Some companies will cover any nature of accident, some will only cover specific accident. The amount of money this policy provides is fixed, it might pay what's left of the mortage or it might not.
The best article to do would be making a call to his agent, so he/she can review the policy. Source(s): Working in insurance for 3 years.
It entirely depends on the type of insurance he have. If it is term or whole existence, then it will pay for any cause, including suicide if it is after two years. If it is accidental, then he MUST die by misfortune; death in any other deportment means no pay out. If it is mortgage insurance, it too will payment for any reason, maybe/maybe not for suicide.
Ask your father what he has. Let him know that you are interested surrounded by the family's finances. He should be glad that he has someone to help him out.
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