Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,072 posts, read 7,511,991 times
Reputation: 9798
Advertisements
Looking thru her papers... Are premiums being taken out of her checking acct? Does she have a paid-up Whole Life policy? Did your father buy a policy and he pays the premium? etc.
I'd say insure her for as much as you both can afford.
Given that you have a special needs brother, your mom's burial expenses are not even the major issue. You don't HAVE to have ANY burial or services. So I wouldn't even look at insurance for just end-of-lif or burial expenses. Those policies don't pay that much anyway.
I take it your brother is an adult, but could still live a very long time. So you may need a policy at least in the quarter-million dollar range or more.
All you can do is get quotes -- and do your research from multiple sources and your due diligence, and read ALL fine print.
It's not "too late" but you'll pay a rate which is mathematically appropriate for people seeking life insurance at 58, which is to say a lot and will probably need to go through underwriting to get a decently sized policy / not pay through the nose. Talk to a broker (with a giant grain of salt that they make commission on a sale). Also don't look at this as a way of getting extra resources for your brother's care summed over all likely scenarios: he will be better off if your mother passes away soon and worse off if she passes away after a long time. You're shifting resources from overall better off scenarios to overall worse off ones, at the price of the broker's commission and insurer's profit and administrative margins.
Finally/firstly, if your mom thinks she has a policy she probably has a policy. Check again and be darned sure that she really doesn't.
I think you also need to look at setting up a trust for your brother.
Bingo.
If you and other siblings aren't looking to fleece her estate, have her set up a trust so that all her remaining assets are in a trust for your brother so that he is taken care of.
Taking on taking care of him will become one of yours lifelong commitments, so with a trust set up to care for him as much as possible, that will at least help take the burden off you.it and his social security may cover the cost of a group hone for him, where you can visit and or take him out once in a while.
My mother had MS, was a quadriplegic due to the disease, and my father set up a trust for her to be cared for in the event of his death. That took the burden off me and sib. Who had our own lives and weren't retired for her 24 hours care.
Now the trust goes to me with a payout to sib.
Mom has predeceased us all.
Life insurance at her age will be expensive, but if she can afford it, even $50-100/m should buy at least something.
Stay far,away from t.v. life insurances. If she lives another 8-10 years, she might as,well have put the premium in the bank each month, as she'll then be paying more than its,worth. If her age were,reversed, and she was,85, might be worth considering just for funeral and some end of life costs. Usually those policies are only $10k or there about. Enough for cremation but not enough to actively support someone.
Do do research with the major players you might be surprised what she can get for how much, even at her age. At 58, with average life expectancy for a woman being 76-78, she could easily LIVE another 20 years. Don't lock into a short term term policy, get a longer one if possible. Also do take a look at whole life, usually not so goid, but might be considering her age.
Go To the major players before you give up hope of affording it for mom and your brother.
If you and other siblings aren't looking to fleece her estate, have her set up a trust so that all her remaining assets are in a trust for your brother so that he is taken care of.
Taking on taking care of him will become one of yours lifelong commitments, so with a trust set up to care for him as much as possible, that will at least help take the burden off you.it and his social security may cover the cost of a group hone for him, where you can visit and or take him out once in a while.
My mother had MS, was a quadriplegic due to the disease, and my father set up a trust for her to be cared for in the event of his death. That took the burden off me and sib. Who had our own lives and weren't retired for her 24 hours care.
Now the trust goes to me with a payout to sib.
Mom has predeceased us all.
Life insurance at her age will be expensive, but if she can afford it, even $50-100/m should buy at least something.
Stay far,away from t.v. life insurances. If she lives another 8-10 years, she might as,well have put the premium in the bank each month, as she'll then be paying more than its,worth. If her age were,reversed, and she was,85, might be worth considering just for funeral and some end of life costs. Usually those policies are only $10k or there about. Enough for cremation but not enough to actively support someone.
Do do research with the major players you might be surprised what she can get for how much, even at her age. At 58, with average life expectancy for a woman being 76-78, she could easily LIVE another 20 years. Don't lock into a short term term policy, get a longer one if possible. Also do take a look at whole life, usually not so goid, but might be considering her age.
Go To the major players before you give up hope of affording it for mom and your brother.
Best to you
Thank you very much for response.
A few questions
1. What is a trust? Currently my mom WILL is to leave all her retirement, assets and estates to me, my disable brother, and sister.
2. Currently my brother get SS check. Can he still get SS check if he lives with me and i am working getting an income check from work?
3. I got her a guranteed life insurance policy at $20k. This one requires no medical check. My mom was recently diagnosed with Dibaties Type 2.Now I would like to get her a long (+25 years) term life insurance policy at +$100k.
at 51 my DH got a 20 year TERM policy thru Thrivent $400K and other than being overweight he was healthy and we pay under $200/mo for it. This took the place of Option B from FEGLI with the government life insurance after retiring from NPS.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
