64 y/o father living off of social security 800/month, history of alcohol substance abuse disorder & COPD, chronic smoker, however health is adequately maintained
58 y/o mother main provider for the household
3 kids with major college debt and all have stable jobs
family member is pushing for whole life insurance for 64 y/o father, advocating for the cash surrender value it brings (see image) and will cover all expenses for unexpected medical needs & unexpected death VERSUS investing
@brojoe67 Hate to be callous but smoking with COPD and a history of substance abuse disorder are both life shortening behaviors (compared to normal life expectancy).
@hannahjane There’s no way in hell this dude makes it to 80 with the conditions he currently has. But I honestly doubt he’s gonna get 40k for 207/month
@brojoe67 I just posted the link to the image for illustration!
He's been seeing the doctor more frequently, it's been two weeks since smoking and alcohol cessation but I know that proves no credibility for the future.
He's never been hospitalized, hemodynamically stable, the only concerning things are two nodules in his lungs that they say seem non cancerous but we'll revisit in April to see if they grow.
@flatassembler If it was real it would be worth it.
Does 40k actually mean 40k? Or is it 20k face amount + additional 20k in accidental death?
Is the policy graded?
If I were a betting man, based solely off the info you gave, I would give your dad maybe 5-8 years. If not less. In which case, yes that would be worth it.
