Taking life insurance out of my dad, where do i start?
Taking life insurance out of my dad, where do i start?
My dad doesnt have a lot of money and he has encouraged me to take a life insurance policy out on him so he can leave something to my siblings and I, along with our children. I don't know where to start or even how much. Plus he smokes weed so I dont even know if a policy would pay out. Other then smoking he is in pretty good health.
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2 Responses
1.31.2010
You want to consider a few things – How much life insurance he needs, what he can afford, and what type of life insurance.Term life insurance usually offers the most coverage at the lowest price.Level term life insurance offers you premiums and coverage that remain the same for up to 30 years.A 10, 15, 20 or 30 year level term life insurance policy for $100,000 may be what you want. You decide how much coverage, for how many years and compare rates for that type of policy.You can request free quotes for term life insurance online at efinancial. They have offered free quotes online since 2001. You fill out one form and get up to 12 Instant Quotes for term life insurance from top-rated insurance companies. There is no obligation. To request your free quotes visit https://www.efinancial.com/smartquoteefc…I hope that helps! Best of luck to you and your family. Source(s): 18 years experience in the Insurance Industry.Source: http://www.term-life-online.com/life-ins…
1.31.2010
depending on his age, they may require a physical exam and if they find out he smokes after issuing the policy and you weren't paying the smokers rate, they might not pay when he dies