Apologies for posting from a throwaway account.
Hoping you guys might be able to help me out because I’m at a total loss. My father (65) is currently in a AL facility as his health has recently deteriorated to a point where we were advised he can no longer live on his own and I am helping my mother (now separated) get some finances and other things in order. From what we’ve been able to gather, he had an existing 20 year term policy with that recently expired and is now year-to-year meaning his premium is no longer affordable (now over $18k/year). We looked into converting it into a whole life policy but everything I’ve read said to stay away from those. We also found another Combo 20 policy with that expires in 2029 that we plan on keeping as it’s for the same amount the term life policy was for. Odd thing is, it has the same exact policy number as the one with which leads me to believe they’re somehow connected. It’s worth noting that the Combo 20 policy is convertible at any time prior to his 70th birthday.
His health should actually improve now that he’s supervised but I’m not completely confident he could complete a questionnaire on his own and I would have to arrange travel for him to and from a doctors for an evaluation as I live over 7 hours away. I’d like to make sure there is some coverage for current debts in the event of his passing, but don’t really know what to do. Keep the Combo 20 only? Look into Guaranteed Issue or Final Expense? Based on his health in the past, I highly doubt anyone would issue him a new term life policy, especially at 65. Any help or pointers in the right direction would be greatly appreciated.
Hoping you guys might be able to help me out because I’m at a total loss. My father (65) is currently in a AL facility as his health has recently deteriorated to a point where we were advised he can no longer live on his own and I am helping my mother (now separated) get some finances and other things in order. From what we’ve been able to gather, he had an existing 20 year term policy with that recently expired and is now year-to-year meaning his premium is no longer affordable (now over $18k/year). We looked into converting it into a whole life policy but everything I’ve read said to stay away from those. We also found another Combo 20 policy with that expires in 2029 that we plan on keeping as it’s for the same amount the term life policy was for. Odd thing is, it has the same exact policy number as the one with which leads me to believe they’re somehow connected. It’s worth noting that the Combo 20 policy is convertible at any time prior to his 70th birthday.
His health should actually improve now that he’s supervised but I’m not completely confident he could complete a questionnaire on his own and I would have to arrange travel for him to and from a doctors for an evaluation as I live over 7 hours away. I’d like to make sure there is some coverage for current debts in the event of his passing, but don’t really know what to do. Keep the Combo 20 only? Look into Guaranteed Issue or Final Expense? Based on his health in the past, I highly doubt anyone would issue him a new term life policy, especially at 65. Any help or pointers in the right direction would be greatly appreciated.