A family member is looking to purchase life insurance on my mother in law who is 55. She has no assets, has a semi-recent drug history, diagnosed with a few mental disorders, has debts, and doesn’t work. I feel as though a decent company wouldn’t approve her given her past.
Last night, she informed me my brother in law is getting a policy for her. I found that to be odd as it seems like life insurance doesn’t really make sense for her. I have looked into getting her an EoL but I haven’t researched things further. If she were to pass soon, which I don’t predict, it would be hard for her kids to pay for her service. If she passes maybe 3-5 years down the line, it won’t be an issue for my household to pay those expenses. So, I’m still on the fence about EoL.
This family member, I feel is making a bad investment and his agent is his ex wife’s best friend. I feel she may have motives of commission versus getting a policy that is best for him and my mother in law.
Could I be wrong? Would life insurance make sense for someone her age and in her circumstance? What if her death benefit is very low, I assume it is because my brother in law doesn’t make much money, and her debts could take it all or a sizeable amount making my brother in laws investment undesirable.
Honestly, I think everyone should have some type of insurance since funeral costs keep rising. Based on what you said about your mother-in-law, he might be hoping for a payout a few years from now.
Considering her situation, life insurance may not be the best option because of high premiums and approval difficulties. A focused end-of-life (EoL) plan or saving separately for funeral expenses might be a better choice. It could be helpful to talk with your brother-in-law about these options and see if direct savings or lower-cost EoL plans are more practical.
I was thinking the same. My brother-in-law will do whatever he wants. He’s focused on getting a payout for himself, not on planning for her medical expenses, care, or funeral service.
Yes, I thought the state might help, but I’m sure we could handle it. My only real concern is her relapsing and losing her life. She’s not in great health, but if she stays sober, she’s not likely to pass early. She goes to the doctor regularly and takes her meds. She could be more active, but she’s working on that.
With that in mind, I expect her to live for many more years. It just seems like her son is focused on getting money from her death, which is his choice and his investment. It just doesn’t make sense to me.
We have a niece involved in questionable behavior. We took out a policy on her while she was still a minor because her family can’t afford burial costs when that 3 a.m. phone call comes.