Page 5 - CPB March 21st

concerning the property.
The customer and his/her personal representatives may give notice at any time to Shaw Insurance to unwind the arrangements and may require a transfer back of the property (for a price equal to the accrued mortgage debt, together with any tax, and charges and expenses of Shaw Insurance).
On the death of the customer, Shaw Insurance will continue to rent out the property. It will apply the net rental income after tax towards paying off the accrued mortgage debt and the costs, charges and expenses of Shaw Insurance until such time as the property is debt-free and can be transferred to the beneficiaries of the customer’s estate.
This course of action may not always be practicable or desirable. The personal representatives of the customer may require Shaw Insurance to:
• Sell the property and receive the net proceeds of sale (after repayment of the mortgage and deduction of costs, charges and expenses of Shaw Insurance and any tax); or
• Transfer the property to the beneficiaries of the estate for a price equal to the amount of the outstanding mortgage and costs, charges and expenses of Shaw Insurance and any tax.
These decisions can be deferred in the light of the circumstances prevailing after the death of the customer. The most immediate priority of most families is to find sufficient cash to pay the care home fees. The Care Property Bond may serve to reduce financial stress at a time when health and care issues are the real priorities.