What happens to a life insurance policy when the person who set it up passes away ? My grandmother passed away a few months back and we figured out that she had created children’s life insurance policies for me, my sister, and my brother when we were babies. Each policy is a $10,000 policy and she made payments on them each month. We are all in our 20s so the policies have been standing for a long time. But now that she’s passed obviously she can’t make the monthly payments anymore but they were paid up until August 1st 2024 which is this Thursday. Are we supposed to take over the monthly payment plans or what is supposed to happen now ? Are we supposed to contact them and let them know she passed away ? What is the policy even for ? I know nothing about life insurance and this is the first family death that weve dealt with anything like this so we’re not really sure what is supposed to happen or what we should do.