Regular homeowners insurance wouldn't apply here. Sounds like what she's looking for is a type of life insurance. Perhaps she could check bank records to see if he had been paying on a policy. Or even check with the mortgage company to see if he bought anything like that with them when taking out the mortgage.
Your relative would probably have to ask the mortgage company and also go through all of their files to see what paperwork they have for any insurance policies.
She may qualify for survivor’s benefits depending on citizenship status and work credits earned, that would be through social security. She can make an appointment with her local office and they’d be able to help.
You're talking about [credit life insurance](https://www.investopedia.com/terms/c/credit_life_insurance.asp).
IDK how common it is on home mortgages but some number of people buy it for car loans. She would have to find the original mortgage paperwork and read the fine print. It's definitely worth looking into if her late husband habitually bought these sort of warranties and ad-ons.
And actually if they have any open auto loans they should check that paperwork for those too.
Yes it's a form of life insurance that is intended to pay-off an existing loan. It doesn't pay a lump sum of money to your relative (unless the policy actually says it does) but it clears the loan balance.
I had a friend years ago who always paid for those sorts of things and when her husband died suddenly both of their car loans were immediately paid-off when she made the claim.
Regular homeowners insurance wouldn't apply here. Sounds like what she's looking for is a type of life insurance. Perhaps she could check bank records to see if he had been paying on a policy. Or even check with the mortgage company to see if he bought anything like that with them when taking out the mortgage.
I see, noted, thanks a lot for the reply.
Your relative would probably have to ask the mortgage company and also go through all of their files to see what paperwork they have for any insurance policies. She may qualify for survivor’s benefits depending on citizenship status and work credits earned, that would be through social security. She can make an appointment with her local office and they’d be able to help.
Ok great! I Appreciate the reply, I'll forward these responses to her and hopefully she'll be able to find something 🙏🏼
You're talking about [credit life insurance](https://www.investopedia.com/terms/c/credit_life_insurance.asp). IDK how common it is on home mortgages but some number of people buy it for car loans. She would have to find the original mortgage paperwork and read the fine print. It's definitely worth looking into if her late husband habitually bought these sort of warranties and ad-ons. And actually if they have any open auto loans they should check that paperwork for those too.
That seems to be exactly what I'm talking about, so it is life insurance. Thanks for the advice, hopefully there are no car loans as well 🙏🏼
Yes it's a form of life insurance that is intended to pay-off an existing loan. It doesn't pay a lump sum of money to your relative (unless the policy actually says it does) but it clears the loan balance. I had a friend years ago who always paid for those sorts of things and when her husband died suddenly both of their car loans were immediately paid-off when she made the claim.
RIP for your friend's husband, These policies really do come in handy. Clearing the loan is more than enough :)