Is buying a life insurance policy on your parents ever a "good investment"? I don't know much about term life insurance policies but my father called Select Quote to inquire and they told him that I could take out a $350K policy on him for the following rates:
10 yr - $75/mo
15 yr - $95/mo
20 yr - $120/mo
So what does that exactly mean? To collect on an insurance policy such as this, my father would have to pass during that term...correct? If I paid $17,100 over the course of the 15 year policy and my father did not pass during that time, would I just be out $17,100?
My father is only 53 yrs old and I have no reason to suspect that he won't live for many years to come.
10 yr - $75/mo
15 yr - $95/mo
20 yr - $120/mo
So what does that exactly mean? To collect on an insurance policy such as this, my father would have to pass during that term...correct? If I paid $17,100 over the course of the 15 year policy and my father did not pass during that time, would I just be out $17,100?
My father is only 53 yrs old and I have no reason to suspect that he won't live for many years to come.