I am quite experienced and knowledgeable about mutual funds and saving for retirement, but plead ignorance when it comes to non-term life insurance.
My 76 year old father was sold a Prudential Variable Appreciation Life policy 12 years ago at age 64. Face value is $50K, current death benefit is $86K. Quarterly premium is $350, but it appears about $250 of that is the various cost of insurance, etc.
My father earns no income, he has been wheelchair-bound after a stroke in '99. It just seems counter-intuitive to me that he should be still paying for life insurance under those circumstances, but I am at a loss what to suggest to my parents so that they don't have to keep shelling out that kind of money each quarter.
What, if any, are the options?
My 76 year old father was sold a Prudential Variable Appreciation Life policy 12 years ago at age 64. Face value is $50K, current death benefit is $86K. Quarterly premium is $350, but it appears about $250 of that is the various cost of insurance, etc.
My father earns no income, he has been wheelchair-bound after a stroke in '99. It just seems counter-intuitive to me that he should be still paying for life insurance under those circumstances, but I am at a loss what to suggest to my parents so that they don't have to keep shelling out that kind of money each quarter.
What, if any, are the options?