We take care of her, and pay our share of everything, but when the time comes the house is willed to both her children, though we have 12 months to buy out the other. The evil sibling will make life hell in the time, thinking she can come and go as she pleases. I would like to know that we can buy her out, but it would be difficult. I figure if we pay for insurance, she can't lay her hands on that money.
2007-03-24 11:07:27 · 10 answers · asked by mmkts 1 in Business & Finance ➔ Insurance
Sure, but you need her permission to do so. She'll also have to submit to the blood/urine testing, and release her medical records.
2007-03-24 14:27:58 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
I take it you're talking about life insurance?
It's a little difficult to answer your question. Technically, no, you can't take out life insurance on someone else. However, you could be the owner and payor on a policy as long as she's willing to take out the policy. (In the US, it's against Federal law to write life insurance on someone who isn't present at the time of signing for the application.) Of course, she may want to list both her children as beneficiaries. And you would have to talk with her about that (especially if you're going to be the one paying for the insurance.)
You don't give any details about your mother-in-law, so it's difficult to say how expensive the coverage you're looking for might be. You might want to check out some prices before you talk with her; there's no point in running the risk of upsetting anyone until you have some idea about whether or not it's even a feasible idea.
2007-03-24 11:23:08 · answer #2 · answered by ISOintelligentlife 4 · 1⤊ 0⤋
Your Mother-in-law would have to give her approval and know all about it or your sister-in-law could take you to court especially if Mother tells her about it. It is better to do everything above board and even get an attorney involved. Believe me I have just gone through all of this and it is not pleasant. My older siblings think I have taken money even though they never helped one time with my Mother who just happened to be their step-mother who raised them when their own Mother left them and never looked back. It has been a battle I never thought I would go through and I wouldn't wish on my worst enemy. I do wish you the very best of luck. And if I can help you again, please email me.
2007-03-24 11:13:49 · answer #3 · answered by Cindy Roo 5 · 1⤊ 0⤋
Yes, you can purchase life insurance on her. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616164&Type=life
Take care,
Casey
2007-03-27 05:27:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Does she have awill because if she does that is the utlimate factor.I believe you could buy her out but,she not making anything easy for you.If you guys have of power of attoney or living will than that gives you most rights.If the nasty relatives thinks it so easy than let them hold the rains for a while and i bet things will change
2007-03-24 11:31:43 · answer #5 · answered by what did you say 4 · 0⤊ 1⤋
Sure you can. As long as she is able to sign and approve of you insuring her.
2007-03-27 09:10:47 · answer #6 · answered by larsgirl 4 · 0⤊ 0⤋
as long as you have insurable interest...suggest a living trust so that there's no arguments afterwards. kids cannot contest a living trust.
2007-03-24 11:17:36 · answer #7 · answered by Del M 3 · 0⤊ 0⤋
yes, but you will need her signature. If she is not able to sign for whatever reason...you will need to get the signature of whoever has control of her affairs.
2007-03-24 11:11:59 · answer #8 · answered by Linnygirl 5 · 1⤊ 0⤋
it depends, is ur mother-in-law a truck or ne other kind of large item??
2007-03-24 11:11:23 · answer #9 · answered by ♥Viva La Megan♥ 2 · 0⤊ 2⤋
you are thinking too much.
2007-03-24 11:11:41 · answer #10 · answered by Jo Blo 6 · 0⤊ 1⤋