Can u take out a life insurance policy on parents?
Can u take out a life insurance policy on parents?
My mom is very sick with Multiple Sclerosis and she has a lot of bills. Will I be stuck with them? Can i take out a life insurance policy to pay off her debt, funeral expenses, (neither her or I have money), etc? I know it's a very morbid question, but the truth sucks.
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6 Responses
1.31.2010
While you can get a life insurance policy on your mom (more accurately, she can buy life insurance and name you as the beneficiary), she's going to have a hard time getting life insurance. For whatever reason, life insurance companies don't like insuring people who have MS. You can indeed get policies if you have MS, but the rates won't be cheap. You'll pay premium prices for that insurance. For one, I know that MetLife has policies for people with MS; I'm sure other insurers do as well.The best advice I can offer you is to talk to your mom about it. You're right, it is a morbid subject, and it's hard to talk about at all, but you and your mom need to address it, and if you do it together, it makes it that much easier.Good luck!
1.31.2010
No, it is not a morbid questions, a good question that deserves some answers. I would say yes, I don't see why not. As you stated, the bills will have to be paid. One way or the other. I would certainly look into it. Good Luck.
1.31.2010
Yes you can, but you will have to search for one with "pre existing conditions-ok" and you will pay thru the nose because she is ill. Just do your research or call some insurance brokers to do it for you, that is what they do.Very sorry to hear about ur Mom, I couldn't imagine not having mine around anymore; she's my best friend
1.31.2010
The others have all given you some good advice; yes it's true that any life insurance on her now will be costly. There are a few options depending on her age. As for debt, you may not inherit it, but if she owns a house they might come after it if she doesn't have a will and a living trust in place. I can't convey how important both if these documents are. Best to you and your mom.
1.31.2010
Sure you can take out a policy on your parent, WITH their permission. But she already has MS, so it's going to cost a WHOLE LOT. Like, maybe 50% of the payout, maybe more. Debt is NOT inheritable. So all of her bills, you will NOT be stuck paying them, no matter what all the slimey bill collectors say (they'd lie to their mothers if they thought it would eek some money out of her). The funeral, however, is another matter, as YOU will be the person selecting funeral arrangements. If you go through your church, your pastor will be able to help out with low cost options. Source(s): agent, 21+ years
1.31.2010
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