Life insurance policy for dying father?

Question

It's pretty simple ....I dont want to be left with his huge debt ,mortgage .CC's etc. I'm encouraging him to revise his will but he absolutely refuses to even discuss it (denial) his assets come NO-WHERE near where his debts are at especially his 300k mortgage and only something like 20k in his 401k,

I'll probably try to consolidate his debt but also the funeral ,personal loans totalling over 450k to some pretty pissed people

So I'm looking for a low cost solution here ..Has anyone heard of AIG Term Life?? And can I use his 401k to pay it off..I bet he'll die within 1year (likely less probably 6 months)

I need the coverage to be 4-5 million & need atleast 600k in cash to pay his personal debts

So am I going about this all wrong?? If you can provide links that'd be great.

Also does anyone know of any good Estate Planning Firms or any other financial person I should be in contact with?

Thank you so so much, I'd be lost without yahoo answers

Answer 1

You can't be left with his debt.  Debt is not inheritable, no matter what the slimy bill collectors say.  So no worries there.  

You can't buy a low cost policy that will pay out big bucks, for someone who's already dying.  The odds will ALWAYS favor the insurance company, or they'd go broke.

Most people will tell you, you can't buy life insurance on someone who's dying.  That's not precisely correct - if money is no object, and you're trying to avoid estate taxes, SOMEONE will sell you a $100,000 policy for $110,000.  But you won't get someone to sell you a $4,000,000 policy, on a dying man, for less than $3,900,000.

Answer 2

You will not be able to obtain life insurance on a "dying person."  Debts are not inherited.  The estate is responsible for paying them off, not heirs.  The impact on heirs is that they only inherit what is left after the debts are settled.

Answer 3

no way to get insurance on him if he is going to pass. Once you have hime buried then probate the estate and if there are no assets then have the estate declared bankrupt since you are not responsible for his debts --sorry for your loss