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Life insurance and mortgage in Belgium
I am asking on behalf of my sister.
She lost her husband last year in April and log paperwork for life insurance in Aug and as she currently lives o/seas left the process to be managed by the Notary however, no payment has been received till todate and no letter/update. They have a house in Belgium which the kids are living in and the mortgage was stopped at the time of applying for life insurance payout.She is following up with the notary but would like to find out based on people's experiences how long does it take?
Thanks
If your sister had the typical life assurance that most people have linked to their mortgage, then it's unlikely that she will get any "payout". Most people get what's called an assurance "solde restant dû", or an insurance that pays the outstanding balance of the mortgage. i.e. that means that it is just a transfer of money from the insurance company to pay the bank for the outstanding balance of the mortgage. The survivors don't get anything, except obviously they now own the house outright with no mortgage. A simple phone call to the bank will determine whether the balance has been paid or not.
