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
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.
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
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.
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.
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
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
"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.
It's not worth getting him all tore up.