Hope my wording of Thread is ok?
A colleague of mine recently took out a life insurance policy to allow for lump sum payment to her daughter in the event of her death. The woman in TSB told her she hoped she had a will otherwise the childs father would be paid the money? They were never married - this seems a little strange to me? I thought the money would be kept in a trust until child was 18? Or do you have to stipulate in will that money is to be used by a certain person.
I myself have a policy with BOI and would not want my ex to get the money? Hope query makes sense. Thanks.
A colleague of mine recently took out a life insurance policy to allow for lump sum payment to her daughter in the event of her death. The woman in TSB told her she hoped she had a will otherwise the childs father would be paid the money? They were never married - this seems a little strange to me? I thought the money would be kept in a trust until child was 18? Or do you have to stipulate in will that money is to be used by a certain person.
I myself have a policy with BOI and would not want my ex to get the money? Hope query makes sense. Thanks.