Life insurance plan taken out by my dad, do I keep it?

Life insurance plan taken out by my dad, do I keep it? Life insurance is important for loved ones, but you may not need to keep it, especially at such a young age. You should consult with a professional financial advisor, to make sure you are safe. You can go here to find a financial advisor in your area who can help you with insurance and other financial planning needs. You should also check with your siblings or parents to see if they have any opinions on the subject. You have the right to choose to keep it or not, but the decision is not an easy one.

A life insurance plan taken out by your dad is not something to be concerned about. Your dad or any other person named in the policy pays the premiums on the plan. When he dies, the insurance company will pay the beneficiaries by the terms of the policy. You are not the beneficiary of the policy and do not have to pay any premiums.

it's not a good idea to keep this policy. You can buy a mutual fund as an investment and buy term life insurance as insurance.

If you are the only heir, you should keep life insurance. If you don’t survive, your family will not get the money. Imagine how it would be easy for people to commit fraud with your money. But, if you are not the only one with a claim, such as your siblings, parents, or spouse, then you should get rid of it. But do remember that if you keep it, and don’t die, you will still get the money and use it for your personal benefit.

Why should we take insurance?

Writing from the US. Growing up, my mother would often say we were cash poor, but insurance rich. Through her job, she had health coverage and a supplemental plan.

Through my dad’s work, he had insurance and a supplement plan. Each of these plans covered my mom and my day and both my sister and me until we were 21 or finished college. And they had life insurance. And then mom got sick.

She was out of work for approximately a year. Her paycheck was delivered every week because she had disability coverage. And the bills started piling up. At a time when a lot of this was done on paper and by hand, it was a little tricky.

The first insurance to pay was the insurance. They paid about 80%. My dad’s coverage kicked in. They paid 80% of the remaining 20%. And then it was back to my mom’s supplemental insurance. It paid 20% of what was left at that point. And then back to my dad’s supplemental insurance which paid, 20% of the rest.

The total of my mom’s medical expenses for the last nine months of her life was close to a million dollars. Between her primary coverage and my dad’s $960,000 was covered leaving $40,000 in bills still not covered. And then the supplemental coverage kicked in. My mom’s supplemental coverage was paid.

It paid more than $8000 leaving the balance at $32,000 of which dad’s supplemental paid $6,400. leaving a balance of $25,6000. But remember that I said mom had also bought life insurance? One of these policies had a cancer policy attached to it. And that policy paid 50% of medical costs related to cancer regardless of any other coverage (because it was a private policy).

So, when all was said and done, our family actually walked away with a little over $24,000 which went far in taking care of the myriad of expenses not covered by insurance. And then there was the life insurance. Funerals are anything but cheap. My mom’s in 1981 was about $20,000. My dad handed over an insurance policy when we went to make the plans. Thus, the undertaker knew he would be paid. Most funeral homes need that you show proof of how you are going to pay before things get started.

How Life Insurance Could Help You Financially

Insurance is going to be required for various reasons. One that is very critical for the safeguard of your family would be life insurance. , term life insurance is going to be an excellent investment for the future of your family. Children are reliant on their dad and mom for the earnings that cover their necessities and more. If anything occurs to the principal wage earner, what will become of reliant children who then have no one to provide for them?