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Reply to "Should the elderly have life insurance? (parents & "third party contact")"
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[quote=Anonymous]It depends on the nature of the policy and how much paying the premium bills hurts. The policy might provide long-term care benefits, or it might be easy to borrow against the policy value to pay for care. Then, it’s a good deal. If it’s a term life policy with no permanent life conversion options, the question would be when the term ends, where the money would go and whether the amount would be meaningful to the recipient. Would making the premium payments likey lead to a nice check for someone who needs the check? If the policy is a permanent life policy, or a convertible policy, and the mom needs cash now, the mom could go to a life settlement company and sell the policy. [/quote]
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