Can you take out a life insurance policy on a family member?

Answers:3   |   LastUpdateAt:2012-06-10 23:18:35  

Question
Enoc
Asked at 2012-05-13 05:42:16
I have a sick parent , which is unfortunately locked and refuses to update his policy, he will not likely be able to settle their affairs end in the event of your death . What recourse do I have as a son ? ¿ I can install and pay for my own policy to fill the void? I mean the difference between my mother who lives at home , and possibly leave destitute. ( I'm kind of hoping to be the knight in shining armor in this case)
Answer1HarrAnswered at 2012-05-24 08:41:54
It would need the permission and cooperation to do this.

Sure, you can buy the policy - if you can afford . If money is no problem.

But if you 're sick, you're not likely going to buy a policy for much less than it paid.

If you can not afford that , you can always let the mother to sell their home and move with you.
Answer2SamanthaAnswered at 2012-06-07 08:14:07
You can buy a policy from a family member as long as the person to be insured is willing to sign the form and your health is sufficient to pass an exam. In this case , the interest securable is not a problem . I can not say the health of his father for his question, but if he refused for health reasons , there are some companies that issue policies Guaranteed issue . These policies usually are issued for amounts under $ 50,000, far less than $ 25,000, and the premium rises to reflect the risk. Furthermore, only pay for the return of premiums, plus interest true if death occurs within the first 2-3 years.

In many cases today , adult children are taking the life insurance policies on their parents to help perpetuate and transfer of wealth from the family , free of income tax , and transmit a legacy guarantee parents. Their situation is more " bread and butter" , but are to be commended for thinking.

Good luck !
Answer3CarterAnswered at 2012-06-10 23:18:35
if chronic "sick " or has a terminal illness - which can be insurable
Related Questions
1
  • Answer This Question:Can you take out a life insurance policy on a family member?