If I were to die tomorrow, does will my life insurance policy pay off some forms of outstanding debt?

Your beneficiaries would receive the insurance proceeds.

Your heirs would not be responsible for your debts.

your estate if any could be responsible for your debts, i.e you own a house with a mortgage on it.

This is not a simple question. You should talk to a lawyer about this.

Who did you designate as the beneficiary of your life insurance?

Who else owes the debt? (such as a spouse in the case of a mortgage or car loan or joint credit cards)

What other assets do you have like a savings account or stocks or an IRA account.

If you name a brother as the beneficiary of your life insurance, then at your death he gets the money and does not have to pay any of your debts including your funeral expenses.

Anyone to whom you owe money then can place a claim on the rest of your assets - your savings, your IRA etc.

You really should talk to a lawyer because this is a very complicated question.

Standard life insurance pays beneficiary. Estate is responsible for debit.

Life insurance will pay a death benefit. Your heirs pay off the debt..

Your heirs get it. Your executor is in charge of paying off debts.

Your neneficiaries get all of the money and your debts.

your beneficiaries get the money, however your spouse or closest releative gets your debt.