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My dad is 58 spinal cord injury. Says he has a small life insurance policy $5000. The other one he did have he took loan out against it then didn't pay it back and they dropped him. Anyhow he smokes and is disabled. He has this bad thing on his nose. He told me you better get life insurance on me before they tell me its cancer and its in my medical record. He got life insurance on his mom before she passed of stage 4 ovarian cancer last year. He used some for her funeral and the rest to pay things. Anyhow i was wondering if its just wrong to take life insurance out on my dad - or smart? thoughts?
Thanks!

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It's absolutely not wrong. Finances are a large part of caregiving. You have to find out if it's possible though to take out a life insurance policy given his medical condition. He will have to have a medical exam. They will draw blood so nicotine will show up. He might be able to get insurance, but you have to weigh the monthly cost. You should certainly investigate it and find out what is available. There is nothing wrong with having a life insurance policy for your Dad. We take out a policy for our spouses or partners. It's actually being fiscally responsible. Start calling agents and see what they say.
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I don't feel its wrong thats why its there, to help you when they pass there is a lot of expense in funerals, also if his financial situation is bad it will help you cover that and straighten it out so its not passed to you! We know you love your father and his best interest is at heart just by the question you asked!! Good Luck To You
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Insurance companies are businesses and only out there to make money. For the right amount of money, they will insure anyone. Shop around, you may end up paying more than its worth. Also, if you buy it for him, in his name, it may have a negative impact if he is on medicade.
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It would be responsible, not wrong.
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Assuming (which is bad) , That he is in pretty bad shape 'conventional life insurance is NOT an option" PERIOD and done.
Speaking as a licensed agent:

We are likely looking at "Final; Expense" plans which are simplified issue
They are of several types:1 Pay Premium& get immediate Death Benefit (DB)
or
2. a Graded policy: Pay premium and get a % in first year, a larger % in second year; and then after one or two years, (Often two) get the full DB.

3. Another Is pay premium, and if Death occurs in 1 or 2 years, get all $$ paid in plus an additional 10%...

All of those beat the return on a CD which is likely under 1%

Now If there is any $$, and it looks like MEDICAID as in Nursing home is coming: A Funeral Trust is in order, as There is no Medicaid look back on that, and the funds can't be attached by creditors: Hospitals, Nursing Home, Dr. Credit cards, someone else lawyer.

And oh by the way it is generally good practice to have policies on those whom you have insurable interests.
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I don't think its wrong. When a loved one dies having the finances to take care of arrangements that have to be made makes it easier to deal with. It lets you focus on your loved one and not on how you're going to find the money to lay them to rest. I have insurance on myself so that my family doesn't have to go thru that. Also if your dad said to get life insurance then do what he says.
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Smilebeth, your question made me smile. It reminded me of my dad trying to talk me into getting a life insurance on him - he too had a myriad of things wrong. He saw it as a money-making deal though -- the way he made money investments all his life. I was horrified that I would be betting on my dad's longitude and turned him down. And it turned out he lived longer than we thought so it wouldn't have been a good bet. But it tickles me that he wanted to beat death in his own way to my advantage.
Good luck and -- Buy the insurance if you find a good deal but be aware that it is amazing how long our old folks can hang on.
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Thanks everyone!! He takes life insurance out his family members as a money-making deal in the past. He did last year on his mom who died from overian cancer now he wished he'd taken more out. I carry my own life insurance - private one and one through work. I'll look and see if i can find a term lower cost. See if its worth it. I have a feeling he'll live a lot longer then its worth to get it. I do appriciate bounching it around here. I've always thought when he did it how twisted it was to do.
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I thought you had to 'qualify' for life insurance and if you are in very poor health that you wouldn't be able to get it. But I don't know, I've never had it...
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There are two main types of life insurance. The "universal" life ins. is a policy whose premium doesn't go up, but is costly per month. A "term" policy keeps going up as one ages. Having all his health problems will throw him into the "most likely to die soon" category, and insurance companies will ask you to pay handsomely! Insurance companies do not want to pay out, so just make sure you read all the fine print about "exclusions" the policy has. One exclusion criteria typical of all insurance companies is "end stage renal failure". How about putting your "premium" money into a interest-bearing CD or money-market fund (since you already have employment)? Start saving money now, and try to get your dad to stop smoking. It is the worst habit (addiction) one can have on your body. He will start to feel better if he stops. Best wishes.
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