Real Answers for Life’s Money Challenges
Should I take out a life insurance policy for my estranged father?
My father is in his mid-50s and doesnt have the best health.
We are not very close.
Here arethe biggest money secretsthat can help you stop wasting precious funds and get your finances back on track.
We text occasionally, and I see him maybe twice a year.
He is not married.
However, he has lived with the same woman for 12 years.
And if I do pursue this, how do I approach my estranged father about this?
Very few states recognize common-law marriage.
Suppose you refused to pay for your fathers final expenses.
There wouldnt be a funeral.
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If you opted to buy a life insurance policy on your father, youd need his consent.
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Thats relatively expensive for a small death benefit.
Many policies also have a two-year waiting period.
This isnt just about who will pay for his funeral someday.
Theres no easy way to broach this subject, especially since youre not close.
But its important to me that I know what you want if you were to get sick or die.
Your fathers poor health doesnt need to be the focus.
You could say youre creating a will and it got you thinking about your dads final wishes.
The average funeral costs about $9,000, according to the National Funeral Directors Association.
But keep in mind that there are plenty of ways to honor someones memory for far less money.
Then, you could hold a celebration of life at someplace like a park or the persons favorite bar.
If having an elaborate funeral is important to your father, perhaps you could put the onus on him.
Tell him that your funds are limited.
In the worst-case scenario that he died tomorrow, youd only have $X to spend on a service.
You could ask him whether hes ever considered life insurance.
Discussing death isnt easy.
But Im guessing your dad is well aware of his own mortality.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
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