Life Insurance News
Michael Jackson's insurance policy 'settled'
Michael Jackson's dependants have reportedly been paid $3 million (£2 million) after the King of Pop's life insurance company released the funds following an agreement.
Reports had previously stated that the chart-topping singer had a policy worth up to $20 million (£13.3 million) but temporary administrators of the singers' estate, John Branca and John MCClain, decided to settle for the smaller amount.
According to Hollywood gossip website tmz.com, the administrators of the singer were in a hurry to settle because of concerns that his death could have been drugs-related.
The insurance firm could have refused to pay out if an autopsy - that is due to be released - indicates that drugs were the cause of the musician's death.
It appears the move was a wise step because new toxicology reports now show that more than one drug could have resulted in the musician's fatality, according to law enforcement sources.
Michael Jackson's life insurance policy was taken out in 2002.
Life insurance is recommended for people with dependants as an ideal way of ensuring their financial futures are protected in the event of their death.
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