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I need life insurance options...

OK - my father in law has a history of heart problems. He is currently in the hospital. My husband is down there with him and has just found out, he has NO savings, NO 401K, NO life insurance and may be forced into retirement after this last hospital trip. His mother is partially retired and her insurance is through his. They are very simple people and I guess just didn't realize the necessity of things...maybe had hoped that their three boys would handle it? I don't know - we're not in the position. What can be done? What does he need and is there an affordable way to do this?

He's going to need medical coverage - she's going to need medical coverage.
He's going to need life insurance - she's going to need life insurance.

Is there someone to go to to talk about this?

Answer Question
 
augsmom

Asked by augsmom at 2:59 PM on Jan. 1, 2011 in Health

Level 9 (357 Credits)
Answers (5)
  • Maybe they thought the state would provide medical care. I would suggest starting a savings for burial expenses at least.
    I don't think he's going to get life insurance now that he's got so many medical issues. If he does the premiums will be crazy high. I don't have life insurance either and I'm sure my kids wish I did! I plan on being cremated with no service so I better get started saving for that since SS only pays $258 toward it.
    admckenzie

    Answer by admckenzie at 3:16 PM on Jan. 1, 2011

  • Depending on their age, you could probably talk to a senior citizens agency in your area and ask. If they are not that old they still may be able to guide you.
    admckenzie

    Answer by admckenzie at 3:18 PM on Jan. 1, 2011

  • How old are they? Are they eligible for medicare? The probability of them getting either life insurance of a single health insurance policy is virtually none. Their best bet is for public coverage like medicare.

    As for savings and retirement-- have they been putting anything aside? They could open up a 401k or a ROTH IRA and do "emergency savings"-- I think you can sock away up to $15K pretax in the 401K, and I don't know the limit for the Roth IRA. That money, of course, needs to stay put until they hit retirement age.

    Also, what about social security? If either the mother or father are unable to work due to a physical or mental disability, couldn't they apply? Or if they are close to retirement age, they should get SS retirement.

    I hope this experience has encouraged you and your hubby to get good coverage!!

    Good luck!
    Busimommi

    Answer by Busimommi at 3:24 PM on Jan. 1, 2011

  • I'm sorry I'm dumb on this - he works for the state of NC. Does that mean anything? He is in his 60's - but they eat SO yummy down there. He should have had a by-pass six years ago but had been "working on the blockage." Tried to lose weight for awhile. When I was uninsured we went with COBRA - but it was $$. I think people are worried about his wife if he were to pass, too. At this point, he has always been the primary income. What does a burial cost? He should have social security - will that help at all?

    I've found that he may be able to get life insurance if we find and insurance agent who is experienced in "impaired risk" cases.
    augsmom

    Comment by augsmom (original poster) at 3:27 PM on Jan. 1, 2011

  • Oh, its all so confusing. I have several policies on my husband and we have 401K's and just so much money going everywhere. Stinks when you are trying to work for NOW. And get out of financial messes NOW. I know his brothers would be no help - neither of them have much either.
    augsmom

    Comment by augsmom (original poster) at 3:38 PM on Jan. 1, 2011

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