who gets life insurance

my parents borrowed 1 million euro but it was a condition from the bank that my brother and i took out life insurance for 500k each. the 1 million is now paid off and we are still paying the life insurance premium monthly, are we wasting our money by paying this or if one of us dies who gets the life insurance money. please advise..

If the policy was purely to cover a debt, and the cover is no longer req'd you can simply cancel it.

It's very odd for a parents debt to be secured by a life policies on 2 sons btw. Had either parent died during the loan term the debt would have continued, and had either borther died only 50% of the debt would have been cleared.

If you need the policy continue it. Your estate/next of kin would be the beneficiaries in the event of your death.

Oaky9, you are posting the same question as you did on 11/5/07, you are just changing the details and amounts.


Oaky9 11-05-2007, 10:01 AM
Re: do i have to get life assurance with mortgage
thanks for your answers everyone. one other quick question my parents took out a large loand for 880000 euro 4 year ago and one of the conditions was my brother and i take out life cover for 440000 each as security, the loan is now paid off and we still pay the life cover so if one of us die who gets the 440000 or is it a waste of time to still pay this.