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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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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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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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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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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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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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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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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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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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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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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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