General insurance Can children inherit their father's insurance policy, and continue where their father stopped?

[sincerem]

Since we can use our children as next of kin to safeguard our benefits with any insurance company over a policy plan. It is suppose that when untimely death occurs to the father, the children can claim the benefits associated with their father's insurance package.

My question now, is it possible for the children to continue from where their father stopped if it's an auto insurance policy which the father took up when he was alive?

Since we can inherit father's company, it is also possible to think this way, that insurance policy plan can also be inherited by the children just as the company of their father.

Do you think it's possible to continue from where our father stopped with an insurance policy?

 

[btaliat]

In every insurance policy, there must be a clause that states that we can choose our beneficiary in case of death or any in casity. This means that it is possible to inherit and even continue where the bereaved stopped or possibility of collecting the compensation if the person doesn't want to continue.

 

[sincerem]

In every insurance policy, there must be a clause that states that we can choose our beneficiary in case of death or any in casity. This means that it is possible to inherit and even continue where the bereaved stopped or possibility of collecting the compensation if the person doesn't want to continue.

You're simply correct, I've thought about it, but I never made proper research on it to determine if it's very much possible for children to inherit their father's insurance policy plan when the father is bereaved or deceased. I know it's possible since the children can still stand as beneficiaries when their father is no more due to unexpected death.

 

[Jamoflondon]

Let me speak for myself, with my little knowledge about this, I don’t think this is possible except it is stated in the contract. Because every stage of the process is documented so as to avoid any issue even after the death of the insured. And I do not think there is any way inheritance is involved

 

[btaliat]

Let me speak for myself, with my little knowledge about this, I don’t think this is possible except it is stated in the contract. Because every stage of the process is documented so as to avoid any issue even after the death of the insured. And I do not think there is any way inheritance is involved

I may not correct you but I will only do agree with you. Insurance do have some clause that allow the insured person to have some beneficiary even it also allows contingency beneficiary in case the primary beneficiary is not available. So it is possible for either of the two beneficiaries to inherit the insurance policy.

 

[Mandy96]

First of all, insurance is bought basically on a contract, and as far as I know, there is no place in the law to inherit someone else’s deal. Only the person alone can make use of it. But hopefully if their happens to be a space for next of kin then I think it can be considered

 

[sincerem]

Let me speak for myself, with my little knowledge about this, I don’t think this is possible except it is stated in the contract. Because every stage of the process is documented so as to avoid any issue even after the death of the insured. And I do not think there is any way inheritance is involved

That means the contract terminates after the death of their father, and the children stays off? What you said is ideal, with important points. If the insured doesn't include the term in the contract that the children take's off where he stops it wouldn't be possible for the children to jump in and continue from where their father stopped.

 

[Wisdom01]

It depends on the agreement the father made with the insurance company , if there is any benefit attached the children might likely claim the benefits ,unless there are no form of benefit attached and the contract would be terminated or put to stop when the father's dies then it's a different thing

 

[sincerem]

It depends on the agreement the father made with the insurance company , if there is any benefit attached the children might likely claim the benefits ,unless there are no form of benefit attached and the contract would be terminated or put to stop when the father's dies then it's a different thing

Yes, if the father never made any agreement with the insurance company over inheritance chances then their is no way the children can inherit where he stops. And again it must be in accordance to the terms and conditions of the insurance company. An insured can't make decisions for himself it must be from the terms set out by the insurance company.

 

[Wisdom01]

Yes, if the father never made any agreement with the insurance company over inheritance chances then their is no way the children can inherit where he stops. And again it must be in accordance to the terms and conditions of the insurance company. An insured can't make decisions for himself it must be from the terms set out by the insurance company.

Yeah everything is always contained in the terms and conditions of the insurance company , so that incase there is any issue , the terms would be checked on and also it must be followed accordingly , because the insurer family have the right sue the insurance company incase of any problem

 

[Alexandoy]

I don't think the title or topic of this thread is applicable to car insurance here. The car insurance is paid for 1 year for the coverage. That means when the owner of the car dies and the car is inherited by the child then it is up to him to renew the insurance when the coverage ends. If you mean the name of the owner it does not matter as long as the receipt is to the name of the child.

 

[Phabbyfundz]

This totally depends on the nature or kind of insurance policy or plans the father or relation or anybody in mention bought or is paying for. And the contract between thus person and their insurance companies . most premium plans insurance policies might have room for inheritance were a person writing under agreement with the insurance company can inherit their benefactor insurance plan in time if demise or death.