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We pay $48.11 on it now, we can either drop it or pay lots more! My sister and dad took this term life insurance policy out on my dad the year my mom died in 2008 thru Colonial Life. They were going to pay on it. I nor my other siblings knew nothing about it until mom died, long story short, dad felt like he couldn't pay for it then and he didn't want it to come out ACH from his checking, so they told me about it and asked if I would allow it to come out of my checking account and they pay me back for it. My husband and I agreed, well, long story short, guess who got stuck paying for it??? you got it! Me and my husband. I didn't check into finding a long term because I actually dint think that he would live up to or even past the 10 years especially since mom was gone, but he has and next year the cost will go considerably up or we can drop it. So I seriously don't know what to do!!! Dad is not going to want to keep paying on it, shoot he wont even pay his hospital and doctor bills from when he had to go to the doctor, got really mad and jumped on me when he found out I was doing it from his funds.....and I do not think it is fair to my husband and I to just let it drop or to have to make the higher payments when us taking him in has already but us in a financial burden and the other siblings definitely can't or wont help pay on it. So any advice, I wonder if there's any other type of policy's we could find for him.... I am the sole beneficiary on this policy. Thanks in advance for any info and or suggestions

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Sorry to hear you dad is in hospice. My step-mother was taken care of by hospice for a few years. You do have your hands full with someone so hard headed. It does not sound like he needs to worry about a driver's license. I wish you the best.
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The life insurance policy is for $20,000. We have already made his funeral and visitation arrangements and we'er locked in on the cost of that, we made the arrangements back in April because he was actually passing away at that time but he's recovered since then and I have not contacted the funeral home since we made the arrangements,
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He is with Hospice, the nurse comes once a week and some times a registered nurse comes also. They say he is in the early stages of Demintia and COPD, they say that mst of his short term memory loss is from lack of oxygen, he has a consintrater but uses it very seldom, he is very stuburn and head strong. He has a phobea of going out side so we can't ger him out to see a doctor, he gets highly upset when we tell him he needs to go to the doctor's or to his bank or anywhere's. He let his driver's license expire cause I couldn't convience him to go and get them reneued, I told him they would expire if he didn't go...
It's not worth getting him all tore up.
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Spending $251 on a term life insurance policy from a monthly income of $945.00 a month seems to be good financial management. How much is the policy for? Wouldn't pre-paying for his funeral be cheeper in the long run?

"but he gets confused and he doesn't remember everything." I think he needs to be seen by a geriatric doctor to have a third party decide if he is in is right mind. Your profile says he has "alzheimer's / dementia" It would be helpful to know what stage he is. At 78, he could still live many more years.
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The life insurance is going up to $251.00 a month, it already comes out of my dad's bank account, Im going to continue it until he decides he dosen't want to pay it anymore, in the mean time I think Im going to make arrangements with the funeral home where we have already made all of his arrangments to go on and set up payments with them, Dad gets confused when I try to talk to him about financial stuff, he's still in his rite mind and he still knows how things go but he gets confused and he doesn't remember everything.
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Term life insurance does not seem like the appropriate match for anyone who no longer has dependents. You can probably use that money instead to start prepaying his funeral expenses. Cremation is less expensive than burial and is acceptable by all religions, if that is a consideration.
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Than you all.
My dad does not have an estate, he draws his retirement thru Social Security and he does have medicaid and medicare, I don't pay his bills out of my funds, I can not afford it. I had to quit work for him to move in with us and my husband is the only one working and making the money in my house hold, i have 3 siblings,one is an alcoholic, cant depend on him, my sister is no help and my only other brother has a few health issues his self and is on disability, but God Love His Heart, he does what he can do to help as much as he can. My dad has nothing but. $945.00 a month so there will not be any dividing anything up. LOL
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Immediately write and file a bill for this cost. Bill Dad..in writing. You want to establish your priority in his estate.

Before any estate is divided up...all bills have to be paid first. Get this documented..in writing. When you send the bill to Dad..and his POA...make sure it is a certified letter. You want proof of delivery!


Then..stop paying any of Dads bills. Inform POA immediately of both the bill and that you will stop paying.

If your Dad was a veteran, he can be buried at the local VA Cemetary for free. As for the rest...in the event that there is no money..the county will do the cremation at no charge. So..you could get this taken care of, ,just do the advance planning
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My husband took out a 15 year term life policy for $199 a month. At the end of the 15 years the premium jumped to over $1000 per month. Each year after that the premium would triple. I guess he thought he wouldn't live that long. Needless to say I got him to cancel it when it jumped to $1000.

I think Barb's idea of prepaying for a funeral is a good one. Had my husband done that he would have saved over $35,000.

Term life insurance is a gamble which I'm sure insurance companies win more often than their clients.

My mother had a small $2000 "funeral" policy. I had to cancel that so she would qualify for Medicaid when she went into a nursing home. 
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Immediately write and file a bill for this cost. Bill Dad..in writing. You want to establish your priority in his estate.

Before any estate is divided up...all bills have to be paid first. Get this documented..in writing. When you send the bill to Dad..and his POA...make sure it is a certified letter. You want proof of delivery!

Then..stop paying any of Dads bills. Inform POA immediately of both the bill and that you will stop paying.
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Hello and thank you all for your responses,I'am very grateful to be able to hear from others and get others advice:
I do not have a POA, and the insurance was not set up to compensate for any care giving, letalong me! lol, It is solely for funeral expenses, We need it because he, I or and of my siblings will not have the money to bury him, My husband and I have paid on this insurance ever since it was started as stated previously, I do not feel that it is fair to my husband and I if we loose it because of the amount of money we have paid thru out the years and if it is let go he, I or the other siblings has nothing to bury him with,
thank you
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Yes, that policy Is set up to pay final expenses. I know one we had was going to be $1000 a yr by the time my husband retired. We dropped his when our house was paid off and kids grown. Need to call company and see what they say.
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The question with any insurance policy is " why do you need it?".

Is this a policy to pay for dad's "final expenses"? If it is, you need to figure out if it's cheaper to prepay for funeral expenses right now out of dad's funds.

Analyze why he needs insurance, and you'll have your answer.
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That is the problem with term insurance, the premiums never generate any cash value. Over the course of 10 years he has paid in around $6K in premiums (if my math is correct), whether that was a reasonable cost depends on what the final payout will be. Also, it is my understanding that some insurance can not be renewed past a certain age, so if he lives to be 85 or 90 he may be unable to renew and there will be no payout.  You might want to make an appointment to speak with the insurance agent so you have a better understanding of the policy. I wonder if this was set up to be compensation for you for your caregiving? In that case in hardly makes sense for you to carry the premiums. I also wonder if this policy might complicate things if he should ever need to apply for medicaid in the future.
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I would not pay it and if you are his POA, I would pay his medical expenses from his money not yours.
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