Can you take life insurance policy on a family member?
My father lives in another state from me, my mother died about 2 years ago and since then people in my family has scammed my father during his time of grieving, He is 82 years of age. They have took so many of his personal items even though he made a will i am worried that he isn't going to have any money left to be buried when he passes away. I do have his SS number. Thanks for you help
2013-09-09T21:14:40Z
Eddie you are such a **** tard really?
2013-09-09T21:24:45Z
Thank you Steven for your answer..do you know is there anything i can do? to help my cousin has her name on his banking account..for just in case i don't know what i can do.
2013-09-09T21:31:48Z
Thank you everyone for your helpful answers, I won't be able to visit him until next summer. I don't want a large amount just enough to bury him. Should I call around in his home state or mine?
jimdragontech2013-09-09T21:25:16Z
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yes, you can, especially if you intend to use it for his burial. BUT; you must pay the premiums yourself and depending upon state laws you may need his permission. If you have the ability to visit him, you should get his written permission.
Life insurance is a waste of money at your dad's age. It is much better to prepay and make payments on some funeral arrangements.
If your dad is being abused (sounds like he is), call Elder Abuse in the city where he lives. They can go to the home and make sure everything is alright. Also called a "welfare check". A social worker can check in on him. Financial abuse is also elder abuse.
You probly need to speak to an attorney now to make sure the will is set up properly and correctly or see if a trust would be better. It is better to find out now then later when things are really a big mess.
You need to repost some questions under the "legal" category. See an attorney for help now.
If he qualifies for life insurance it would be very expensive at age 82, and he would need to be seen in person and go through the standard underwriting medical exams. This seems like it will not be an option for you. However, this gives you a wake up call to be sure you and your children have life insurance in place now, for the future generations that will have to bury loved ones. The younger they get it, the cheaper it is, and life can change on a dime.
You can purchase life insurance on your child or grandchild, pretty easily, without consent from them.
But you'd have to have dad's permission to buy a policy on him.
Worse, I don't know of any company that would sell life insurance on someone who is 82 years old - already PAST their expected life expectancy.
I don't think there's anything you can do.
So this should be YOUR wakeup call - it's time for you to make sure that YOU have adequate life insurance, RIGHT NOW, so your kids aren't in the same boat in 25 years.
Yes, but it won't really help. If you take out life insurance on someone who is 82, then usually either (a) it won't pay enough to his burial, (b) the life insurance will cost you so much that you could have paid for the burial yourself, for less money, or (c) both.