Getting life insurance policy on my mother. Do I tell her?

[Anonymous]

I couldn't get one on my ex without him signing for it.He said he won't drop dead any time soon so I decided I didn't want to waste my money. Darn him.

[Anonymous]

Anonymous wrote:I couldn't get one on my ex without him signing for it.He said he won't drop dead any time soon so I decided I didn't want to waste my money. Darn him.

LOL!
My mom took one out on my dad -- her ex-husband -- he was happy to sign it. He died a year later.

[Anonymous]

Op, call a life insurance broker who can explain all the options and rules to you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can't take out a life insurance policy on another person without their knowledge. She'll have to sign on the dotted line....

You are wrong.

http://www.investopedia.com/terms/s/stranger-owned-life-insurance-stoli.asp


http://en.wikipedia.org/wiki/Corporate-owned_life_insurance_in_the_United_States


http://www.treasury.gov/resource-center/tax-policy/Documents/ChOLI-Report-4-2010.pdf

I'm the PP you quoted. Did you even READ any of these links? NONE of these things involve life insurance purchased without the knowledge and consent of the insured.

[Anonymous]

Given that your step dad has passed it is probably the best time to broach this with her. She now knows how hard it is to deal with the the logistics after a death. Remind her that you have one for your spouse and he has one for you. Suggest that now that SD is not her beneficiary, you would like to do that for her so that things can be taken care of in the way she wants.

[Anonymous]

You're getting it backwards, though. You take out life insurance on someone to protect you in case of their death. So, like, you get one on your husband because you'd lose out on a big part of household income were he to die.

But (knock wood, etc etc) if your mom were to die, you'd gain. You aren't counting on her to contribute to HHI, right? So no need for life insurance. Sounds like what you should do instead is take out insurance on yourself with her as the beneficiary should something happen to you, and she no longer has you to support her, I think.

Unless you're just looking for a windfall in the case of her death? Or is there other info I'm missing here?

[Anonymous]

A quality whole life or quality (meaning large pay out) term life insurance will require a physical of your mother. If she has been on certain drugs, like aricept, for memory or other "raise the red flag" drugs, she will be denied coverage.

[Anonymous]

Life insurance might not be what you need - look into pre-paid funeral expenses. Are you worried about taking care of her in her old age? Then look into elder care insurance. There's other options out there that may meet your needs better.

[Anonymous]

Anonymous wrote:You're getting it backwards, though. You take out life insurance on someone to protect you in case of their death. So, like, you get one on your husband because you'd lose out on a big part of household income were he to die.

But (knock wood, etc etc) if your mom were to die, you'd gain. You aren't counting on her to contribute to HHI, right? So no need for life insurance. Sounds like what you should do instead is take out insurance on yourself with her as the beneficiary should something happen to you, and she no longer has you to support her, I think.

Unless you're just looking for a windfall in the case of her death? Or is there other info I'm missing here?

Op wants something to pay for the funeral. Those are expensive….

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're getting it backwards, though. You take out life insurance on someone to protect you in case of their death. So, like, you get one on your husband because you'd lose out on a big part of household income were he to die.

But (knock wood, etc etc) if your mom were to die, you'd gain. You aren't counting on her to contribute to HHI, right? So no need for life insurance. Sounds like what you should do instead is take out insurance on yourself with her as the beneficiary should something happen to you, and she no longer has you to support her, I think.

Unless you're just looking for a windfall in the case of her death? Or is there other info I'm missing here?

Op wants something to pay for the funeral. Those are expensive….

Funerals can easily be 15k, it sounds like OP doesn't have that kind of money and her mother doesn't either.

[Anonymous]

I can't believe this is actually a question.

YES, you tell her. Unless you are hiding something??

[Anonymous]

I would find it unsettling if someone took one out on me without my knowledge. Kinda creepy.

[Anonymous]

Start putting money away for her funeral.
She probably has a while.

[Anonymous]

Anonymous wrote:You're getting it backwards, though. You take out life insurance on someone to protect you in case of their death. So, like, you get one on your husband because you'd lose out on a big part of household income were he to die.

But (knock wood, etc etc) if your mom were to die, you'd gain. You aren't counting on her to contribute to HHI, right? So no need for life insurance. Sounds like what you should do instead is take out insurance on yourself with her as the beneficiary should something happen to you, and she no longer has you to support her, I think.

Unless you're just looking for a windfall in the case of her death? Or is there other info I'm missing here?

I was wondering the same thing!? OP your livelihood does not depend on her.

[Anonymous]

Is she getting any social security or will she be when she us 67? Stay at home wives are eligible for partial social security based on their husband(s) earnings if they were married long enough. How long was she married to your dad and then stepfather?