Who Pays Your Debts When You Die?

Ben Gordon
Who Pays Your Debts When You Die?
Quick FYI: The companies and recommendations in this post contain sponsored links. Which means A Quarter Richer receives compensation or a commission. You can learn more about our Advertising Policies by visiting here. We are telling you this because honesty is the best policy.

Debt is a way of life in America, but what happens to your debt when you die?

Depending on your state’s laws, your family could be racked with debt and skyrocketing interest rates after you pass—all while they’re trying to grieve and pay for funeral costs.

How Do You Protect Your Loved Ones From Your Debt?

The simplest solution to this problem is also the most difficult to accomplish—pay off your debts. The average American household is in 140k of debt. So dying with debt will be a reality for many.

There are actions that you can take right now to protect your family, such as life insurance offered by Bestow.

Affordable, Flexible Term Life Insurance With No Medical Exams

It can be stressful to think of adding another expense to those monthly bills, but this one costs less than a cup of coffee.

Bestow offers a comprehensive life insurance policy that costs as little as $3 per month for coverage of up to $500k. Or, you can choose a long-term plan and pay as little as $8 a month for up to $1M in coverage. Plus, there are NO medical exams!

That’s enough money to pay off a house, a car, and send the kids to college.

Can My Family Really Inherit My Debt?

In many cases, the responsibility to pay your debts can fall on your family. This is because most families are financially linked via one of the following:

  • A co-signed mortgage
  • A co-signed loan
  • A joint credit card account

Any co-signed loan or joint account will NOT be forgiven if one of the parties dies. Instead, all of the remaining debt will be transferred to the living party.

Life insurance offered by Bestow will protects your home by giving your loved ones enough money to cover the mortgage, in the case of your death. Any joint account you currently have can also be covered by your life insurance policy.

None of us know when our fateful day will come, so it’s not safe to assume we’ll be able to pay our debts before then. Because there are no medical exams you could have a $500,000 life insurance policy in as little as 15 minutes today.

Get Protected Now