Many large loans, such as mortgages and car loans, often automatically include life insurance. If life insurance is taken out, the insurer is responsible for paying off the balance of the loan. In the event of the client's death, the heirs should contact the insurance company to determine whether the event is covered.
Before the insurance company begins the process of paying compensation, it is necessary to conduct a thorough check of the circumstances of the incident to ensure that the situation complies with the terms of the insurance. Once the case is approved by the insurance company, the insurance company will compensate for the damage within the amount specified in the contract.
However, if the case is not covered by insurance, or there was no insurance, the beneficiaries must return the remaining amount of the loan.
Svetlana and Alexey inherited a two-room apartment in the vietnam mobile database center of Krasnoyarsk from their mother, which she took out a mortgage on. The insurance company covered the entire balance of the loan, so the heirs did not have to pay anything extra.
What debts are not inherited
Inheritance is the process by which the assets and liabilities of a deceased person are passed on to his or her heirs. However, not all debts.
This is due to the fact that some obligations, such as fines and alimony, are closely linked to the personality of the deceased and cannot be transferred to third parties. At the same time, if a debt for alimony arose during life, the heir will have to pay it.
For more than 2 years, Maria has not received alimony from her ex-husband for their daughter Katya. Maria decided to file a lawsuit, but found out that her ex-husband had died. All property was transferred to his second wife, who is now responsible for her husband's debt for alimony.
And if there were co-borrowers or guarantors in the loan agreement
A co-borrower usually acts as an additional guarantor of solvency. Often a situation arises when the main borrower passes away, leaving behind a debt to the banking organization. After the death of the main borrower, the co-borrower is obliged to pay off the loan debt, even if he did not use these funds.