Are You Able To Take Out A Life Insurance Policy On Your Father?
Posted September 12, 2009 – 11:24 am in: structured settlements FAQI know this guy his dad has a size able estate, but he is mortgaged to the hilt and has failing health. His son is to inherit everything, however all he will inherit is his fathers mounting debt. His father borrows and borrows and keeps digging a deeper hole. His son brought up the subject of Life insurance to offset the debt that he would inherit, his father was livid over his son insuring him. Is it possible to get Life Insurance without his father’s consent?
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7 Comments
Sure, with dad’s cooperation and consent, as long as you can pay the premiums! You can’t do it without dad’s consent. The insurance company would want to come by, check dad’s id, and take blood, urine and saliva samples, so you can’t do it without dad knowing.
Debt isn’t inheritable, though. So he won’t be inheriting any of it.
No, it’s not possible. It is also not possible to inherit debt.
Of course, I understand what you’re getting at. A large amount of debt could leave the net worth of the estate very low. It is entirely possible that this is his father’s very intention. (It may be that the father believes he should make maximum personal benefit of his wealth and that he has no obligation to pass anything on.) This would explain the outrage over the life insurance. Also, the father may be interpreting his son’s actions as profiteering from his death. While this may be a misinterpretation, it is certainly understandable.
Life insurance is a tremendous estate planning tool, and can be used to create or maximize an estate; but the coverage must be obtainable at a cost that makes it worthwhile. Given his father’s failing health, this may not be possible.
No, it is not possible. His father would have to consent and submit to a medical exam (if he is insurable at all).
Debt is not inherited. However, his father’s estate will have to pay any debts before the heirs inherit what’s left.
No, the only way you can get life insurance on someone else without their consent is if you are getting it for your child, and your child is under age 15.
lifeinsurance.awardspace.info – you can try this company. My parents have their life insurance.
Not if he’s not healthy. The estate isn’t sizable if it’s loaned to the hilt.
Yes