Life What happens if a Life policy holder dies?

michaelm

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To clarify, I hold a Convertible Term Life policy which pays out should my wife die . . what happens to that policy should I die? Can my wife continue to pay the premiums with my children being the beneficiaries should she die before the policy ends? or are policies terminated when the holder dies?
 
Do you have a joint life or dual life policy? Joint will pay out on first death, dual means both are covered, policy can continue on after one death and balance will go to estate on second death.
 
Do you have a joint life or dual life policy?
Neither. I hold and am the beneficiary of the policy if my wife dies during the term. I'm wondering what happens to the policy should I die, ie. does the policy cease or is it transferable?
 
Neither. I hold and am the beneficiary of the policy if my wife dies during the term. I'm wondering what happens to the policy should I die, ie. does the policy cease or is it transferable?

In that situation, your wife can arrange to transfer ownership of the policy to herself and can continue to pay the premiums herself. In the event that she subsequently dies within the policy term, the claim proceeds would be paid to her estate.
 
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