Just wondering what happens when someone dies and they have a loan. The person was 85. I have read about insurance 5 is this the case? Would the shares be used to offset the loan?
Just wondering what happens when someone dies and they have a loan. The person was 85. I have read about insurance 5 is this the case? Would the shares be used to offset the loan?
It depends...at that age, a health declaration would have been required, so the insurance company will consider the coverage on the loan. In addition, savings may be added to depending on when they were accumulated, subject to maximum increases which is determined by the credit union's own policy. Further, a death benefit payment should be due, varies by credit union, maybe between €1,300 -€2,000. Check with the particular credit union for their particular policy and cover.