by hummingbird » Sun Jan 20, 2008 08:32 pm
But I was wondering how would one go about taking out life insurance on a relative.I know this may sound cold , but its like taking out insurance on your child,no worse. My mother in-law is about 65 now she has her own insurance but would it be possible to get a life insurance policy on her also.I wanted to get one on my dad, but the best i could remember was they wanted his social security number and I did not know it. I also did not know how to go about getting it without him knowing what i was doing.He wanted so bad to leave us something but his second wife got it all then when she died it went to HER kids.We got nothing! So thats what happens most of the time if there is no will .Sometimes if there is one people fight over things, I would just as soon make and pay for in premiums my own inheritance.Does sounds bad.
Posted: Sun Jan 20, 2008 08:36 pm Post Subject:
I don't think it sounds cold, if you think about it, you will be stuck with all the aftermath, How old is your mother in law, it may be costly if she is up there in age, how is her health, it may be costly if it is not good.
Have you discussed it with her? She may be willing to take it out herself. I don't think it is necessarily for a large profit right?
If she wants to leave something for her grand children, she may agree to it.
Hope this helps
Posted: Sun Jan 20, 2008 08:45 pm Post Subject:
Well actually, she has enough money. She has investments, and social security and stuff. When my father in-law dies he left everything paid off and left her a big sum of money. BUT, is she were to fall ill and consume all her life's money she would be left penniless and we never know about these things. The way it stands,she moved out of the family home in the country and bought a home in the city. That was dumb to me but it was her money. Anyway my husband is the only one who wants the farm,The only way to get it now is to buy it even though it was supposed to be willed to him at some point. The others are getting cash money. So does it still sound cold? I could never tell her we did that if we could find a way to do it. Does anyone know if we need her social security no.I know if my kids wanted to I would like for them to insure my life .That way they would be investing in their future as we all die someday. My mother in-law as far as we know has no diseases.
Posted: Sun Jan 20, 2008 09:06 pm Post Subject:
Wow, now that sounds a little complicating, Can you ask her to put the farm in the will to your husband now or can he talk to her about it? She may respond to his request quicker or not take it the wrong way.
I am not sure if you need her social security number or not. Would you have to take care of her is she did get sick or would one of her kids step in and do this?
Maybe some one will come a long that has more life insurance experience and can answer this. I really don't have the answer for you there.
Posted: Sun Jan 20, 2008 09:17 pm Post Subject:
The farm is in the will.My father in-law wanted his son to have it. Thing is the others don't want him to have it till she is passed and a farm has to be worked,there are cattle there.So the only way he can get it to take care of it now with the least stress is to buy it. Which puts us into debt like nearly 100,000. I really don't like the idea of it myself. Not sure had the whole thing works out in the end. But I have had enough experience to know when a person dies and has money the relatives turn into wolves. Happens every time I have seem Everyone afraid the other is going to get more.Pity.Thats why i just thought we should take the insurance and make our own inheritance and let the others fight over the will.
Posted: Sun Jan 20, 2008 09:47 pm Post Subject: Not cold at all....
It doesn't sound cold at all, but there are some things you need to consider, first it depends what state you are in, and you are going to need her S/S no., please don't think this is too blunt, but when the time comes you will need to provide a death certificate they will have to be able to verify this is the right person. One thing you can do is contact the dept of insurance in your state and find out what their laws are regarding these types of transactions. To purchase in my state you must have an insurable interest...which it sounds like you have at this point as well. There is usually a 2 year contestable clause in the policy where the claim can be denied by the insurer. In the first two years you may only receive what is paid in rather than the face value of the policy. Your premiums are going to be pretty steep based on her age and the face amount of the policy unless you are in a position to pay a one time premium.
I hope this information helps you make a informed decision.
Posted: Sun Jan 20, 2008 10:20 pm Post Subject:
I agree, considering the circumstances, I would not go $100,000 in the hole and if they were going to be that way about it, they would be paying my husband to work it right now until it is willed to him. Have you considered how much time he has put into it with out pay, you should keep track of his hours and they can pay him for that also.
I think it is awful how people get. Does your husband want the farm? Are you living there now?
I would seriously document his hours that he works it, I am not being mean, but that is hard work and if a farm is not worked it loses value. He should be compensated for his labor if not now, then when it comes time to split the will if they want him to pay for it.
Posted: Sun Jan 20, 2008 11:14 pm Post Subject:
I think it is like this, The cash is devided between all the kids. They could sell the farm but my hbby wants it ,all but the home. So when she passes, The cash my hubby gets will go toward the loan on the farm. His mom used to have cows but she sold her half anf solf the other half with the farm to my hubby.Before he bought it half the sakle of the calves when sold went to my hubby for the care of the farm and cows. No we don't live on that farm .He doesn't want the house .
Posted: Mon Jan 21, 2008 12:30 am Post Subject:
It could cause some nasty problems within the family if you take a policy out on her without her permission. Now, let me sound cold for a moment, if you press the issue too much, or she finds that you took one out without her knowing about it, she might think you're trying to bump her off for cash.
Ask her, and if she says no, then don't.
Posted: Mon Jan 21, 2008 05:07 am Post Subject:
Well it was a thought. If it was my idea ,for someone like my kids to do that,I would not be hurt.But when you think about it, if you found out one of your kids were trying to do it behind your back,might hurt your feelings ,right. Might look like you wanted to cash in one my death right?I was just looking at it like an investment maybe that sounds cold,But We all got to go sometime and if I can leave my kids something that way ,why not?
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