Life Insurance

[col72]

Settle a general question if a married couple get divorced and have 2 kids but both of parents was stilling paying in to policy till death who does the money go to the divorced partner or the children

[lcg]

depends who the nominated beneficiaries are. it could be stated in the policy.....or that person's will. it needs to be clear what happens......if.

[bednobs]

it'll go to their estate. If their estate is willed, it will go as per the will, or if not as per the rules of intestacy

[col72]

Let's say there is no will but all the other money was down to the oldest child to sort out

[bednobs]

then unless there was a nominated beneficiary of th policy, it would follow the rules of intestacy.
Follow this flowchart:
https://www.gov.uk/inherits-someone-dies-without-will/y

[dzug2]

Are we saying both parents died together? And whose life was the policy on? One of them? Both of them? The first to die? The last to die? A child?

Sounds like the question is not that well understood.

But yes, if there were nominated beneficiaries, then it goes to them. If not, the rules of intestacy kick in. As they do for the rest of the estate - the oldest child must not forget that. Whose estate is an issue if it was a joint policy

[col72]

1 parent is dead

[ubasses]

http://www.howwillsandestates.co.uk/advice-a-tips/31-why-you-should-write-your-life-insurance-policies-in-trust
From the above website -
On the death of a life assured, the life company’s claims department need to know who to pay the money to. In the case of a jointly held life policy, where there is a survivor, this is straight forward and payment is made to the survivor.
AND
http://www.thepennygroup.co.uk/sites/default/files/pdf/Trusts%20%26%20Life%20Assurance.pdf

from this website -
Joint proposer / joint life assured policies
On a joint plan 1st death:
Do not put into a trust as it defeats the objective of providing for your spouse -
claim proceeds automatically go to co-owner.

It looks from these that the funds will go to the joint owner of the policy.