Is there a good reason I should pay my mother's life insurance premium?

Question

My mother has a term life insurance policy and has named me and 3 brothers beneficiaries. She is 75 years old and fighting skin cancer after surviving lung cancer. She cannot afford the policy so she said she would drop the policy unless I wanted to take over the premium. My wife thinks I am crazy to do this.

Answer 1

You are a beneficiary, that's a good reason, although I think If you're paying it, you should be the sole beneficiary. It's only fair!

Answer 2

I think that you and your brothers should share the cost of keeping up her insurance policies if you can afford to just because when she does pass away, her life insurance will help a great deal towards medical, and funeral expenses as well as settling any other expenses that she may have acquired. I am assuming of course that if she cannot afford the premium she isn't waisting her funds elsewhere and she does truly need your help, even if it is only temporary. If your brothers refuse to take on their share of the insurance premiums then I would discuss it with your mom that whoever refuses not be listed as a beneficiary. Then it would be up to you and who ever did decide to cover the premium to make sure that you were properly compensated in the end and to divide the remainder of the survivors benefits amongst the four of you equally after your mothers expenses were taken care of. Hope this made sense to you, and I hope it helped.

Answer 3

My mother died from cancer when I was 13. So all these years I have had no mother to ask anything of me.

You have to think of all the times you might have asked your mohter for help. If she is 75, then you must be up there yourself in age. Think of it this way. Would you like for your children to help you pay, if you were in something of the same thing.

Yes, pay it. if it isn't such a large amount. If your brother don't help pay, when your mother does pass away and you cash in the policy, just deduct the amount you paid off the top, then split the rest. Your mother must have thought this was important, otherwise she wouldn't have gotten it to begin with. And how many years has she had it. All the money she paid in and you want to just throw it away. If you can't afford it, see if you can cash it in early. Of course there might be a penalty, but come on, the woman is your mother, help her out. You will never have another mother again.

Don't you love your mother? She loved you through thick and thin, now it is your turn to do something good for her in her last time of life. Make her happy, so she doesn't worry about things. She has enough just being a surviver. God Bless her, and give her some peace of mind. And if your wife thinks your crazy, then she must not love her own mother. Or just have your brother's do it. But if you don't help out, think about the expenses that you will all have, or you might have to pay yourself. Then will your wife think your crazy. DO IT!!!!!!!!!!!!!!!!

Answer 4

What is the amount of coverage? If it is a sizeable amount, it may be worth it. If the premiums are manageable between you and your siblings, why not pay the premiums and receive the benefits when the time comes?

In actuality, it appears to be simple math. Look at the premium cost and how long you expect your mother may live (hopefully quite awhile) and then look at the total benefit or life insurance coverage you would receive. It may prove to give you a much higher return on your money invested than any other investment you have made to date.

http://www.term-life-online.com

Answer 5

You should get together with your siblings to see if you all can ship in and pay the premium. Let your mother know that you and talkin to your siblings about paying the premiumm my suggetion would be if they wish not to help put with the premium then have your mother take them off as the benificiary, why should they benefit if they werent will to help there ailing mother? My mother had to pay for my grandparent life insurance policy when they couldnt afford it, but its like my mother said, it was only enough to help pay for the funeral expenses. Worse case seneral is if you end up having to pay the policy you could aso drop the amount that it pays out only to reduce the premium price, get enough coverage to pay for the funeral and maybe some outstading bills that she may have. You dont have to get rich off of your mother dying death is a sad situation
but you also dont want to be stuck paying for the funeral either. My Grandmother who is 81 lives off her social security and isnt enough to pay her monthly bills, but my aunts and uncles all chip in each month, send her the same amount of money to help pay for her bills, such as medication, for an elderly person that can be quite expensive and is an necesity for them.
you have to do what you feel is right and what you can afford maybe this is why your wife says you are crazy, maybe its out of your budget or maybe she is just being greedy, but whatever the case is you need to ask her what she would do if it was her parents that was in the same situation? would she want to help pay the premium every month or would she rather pay the $15,000 up front for funeral expenses, its alot easier to pay monthly than it is to come up with $10 or $15,000 at once.

I wish you and your mother the best of luck!

Ps. Your mother is a lucky women that she has lived to the age of 75 with cancer my dad died in 1993 at the age of 40 from colon cancer he wasnt so lucky!!

Answer 6

I worked in insurance for several years .... you should keep your mom's life insurance policy in force , even if you need to borrow to pay premiums ........ cuz with her illnesses, she would never be able to get re-insured ...... and not meaning to sound morbid, but unless the face value of the policy is a minimal amount the eventual death benefits could easily outweigh any premiums you would need to pay, or the costs of paying for funeral expenses on your own if you let policy lapse.

Hope this helps & Best wishes to your mom,
I hope you have many years left with her.

Answer 7

You are crazy to even ask this question that is your mother yes you should pay her premium she was there for you in your time of need why can't you be there for her in her time of need maybe you should take a second look at your wife she is the one that's crazy

Answer 8

Here's a suggestion...talk with your brothers and see if they will assist you in paying the premium. If you can fit it into your budget, do so. Wouldn't hurt to ask your mother also about having your brothers share the cost of the premium.

Answer 9

Unless your mother has a history of asking you to pay her bills, I would think that she is being very responsible by asking you to do this since she cannot. The policy would, I assume, at least pay for her final expenses.

Answer 10

You should keep up the payments. That money really helps with final expenses. I hate to sound so morbid, but it's the truth. Funerals are expensive, and she's your mother. It's the last good thing you could ever do for her.