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.
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.
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
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
"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.
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