Bankruptcy – death
What happens if the person dies while under bankruptcy. Does their spouse get benefit of pension and life insurance policy?
Posted from: Ontario
What happens if the person dies while under bankruptcy. Does their spouse get benefit of pension and life insurance policy?
Posted from: Ontario
Life insurance benefits will be paid to whomevber the beneficiary is – the spouse, kids, whomever is named in the policy. If the bankrupt named their estate as the beneficiary then the life insurance will be paid to their trustee.
The CPP death benefit will eityher be paid to the trustee or to the funeral home that deals with the deceased’s remains. The CPP survivor pension will be paid to a spouse or children, depending on the circumstances.