cover my father for life insurance for 250k

masterwilde

Hi there, i am little confused here. my father is in his 70's and not doing too well but i expect him to still live for 5-10 years. my brother and i do not get on and he wants to keep fathers house when he passes where as i want it sold.

only way i can see being resolved is if my brother buys my half of the property off me which would be about 112k. But as he is a financial mess he will never be able to afford that so i can only see a policy on my father that pays out when he passes.

I appreciate this is the uk and you cannot insure another person other than spouse but my father has agreed to take a policy as long as i pay for it out of my bank account which i am happy to do.

can things be done this? and if so any idea how much a monthly payment would be for that kind of payout?

Any help is appreciated

back in a few hours, many thanks to all who reply

craig

agrinnall

I would imagine it can be done but I would also expect the premium for a £250K payout on an ailing person in his 70's will be huge - after all, if he dies in 5 years, unless the premium is £50K a year the company will have made a loss.

dunstonh

I appreciate this is the uk and you cannot insure another person other than spouse

You can insure whoever you like as long as you have an insurable interest (typically perceived as you being worse off in the event of their death).

if so any idea how much a monthly payment would be for that kind of payout?

Chances are it will require a specialist underwriter rather than mainstream. It will be impossible to say but it would be damned expensive. Probably prohibitively so (would be in the tens of thousands per year)