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    • CJ5
    • By CJ5 16th Jan 20, 3:45 PM
    • 2Posts
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    CJ5
    Life Insurance drinking problem Mother
    • #1
    • 16th Jan 20, 3:45 PM
    Life Insurance drinking problem Mother 16th Jan 20 at 3:45 PM
    Hi there,
    I am looking for some advice. My mother is now 74 and has developed an alcoholic problem, ie where she has been picked up by an ambulance a few times and has been banned from drink driving.

    It is terrible to see this happen and we are trying our best to help here get better.
    To make things worse, about 15 years ago my father died and he had a joint life insurance policy (he had another one which was paid on his death). My mother then had to pay the policy and is still paying now (next year the payments end but not the policy).

    We are concerned first and foremost about our mum and dont care about the money.
    However it is terrible that our father paid into this for years and we feel that our mum does not care about leaving us something over drink.

    I am just wondering should we just get her to sell it now and get a smaller amount? We are really concerned about getting NOTHING when she passes if it is soon or in years to come due to drinking on her records and any fatalitiy caused by drinking.

    Any help advice recieved thanks.
Page 1
    • Weighty1
    • By Weighty1 16th Jan 20, 4:06 PM
    • 672 Posts
    • 342 Thanks
    Weighty1
    • #2
    • 16th Jan 20, 4:06 PM
    • #2
    • 16th Jan 20, 4:06 PM
    Life insurance policies are only underwritten at the point of application so any changes after the plans inception are not taken into account.

    Chances are your mother will be uninsurable now. Insurers will not offer cover for clients with alcohol problems, due to the obvious risks of excessive consumption so there's no point "selling it", even if that was possible, which it probably isn't unless the plan has an investment element.
    • CJ5
    • By CJ5 16th Jan 20, 4:23 PM
    • 2 Posts
    • 0 Thanks
    CJ5
    • #3
    • 16th Jan 20, 4:23 PM
    • #3
    • 16th Jan 20, 4:23 PM
    Thanks for the information, she wont want to get new insurance its just the old one we want to know about when she come to pass.

    She stops paying next year but the policy still will hold up for the rest of her life. She can sell as she checked it and would only get about 1/4 of the total.
    • ciderboy2009
    • By ciderboy2009 17th Jan 20, 8:13 AM
    • 639 Posts
    • 623 Thanks
    ciderboy2009
    • #4
    • 17th Jan 20, 8:13 AM
    • #4
    • 17th Jan 20, 8:13 AM
    Surely if she sells the policy now then that's just giving her more money to spend on alcohol?
    • sal_III
    • By sal_III 17th Jan 20, 11:20 AM
    • 1,768 Posts
    • 1,642 Thanks
    sal_III
    • #5
    • 17th Jan 20, 11:20 AM
    • #5
    • 17th Jan 20, 11:20 AM
    We are concerned first and foremost about our mum and dont care about the money.
    However it is terrible that our father paid into this for years and we feel that our mum does not care about leaving us something over drink.

    I am just wondering should we just get her to sell it now and get a smaller amount? We are really concerned about getting NOTHING when she passes if it is soon or in years to come due to drinking on her records and any fatalitiy caused by drinking.
    Originally posted by CJ5
    The usage of CAPS suggest that you do care about the money after all.

    Without knowing the T&Cs of the policy it's hard to divine various outcomes. To begin with it sounds like and old type of policy with savings element.

    Cashing it out now will only give her more money to drink away. But it's HERS decision, not yours.
    • Weighty1
    • By Weighty1 17th Jan 20, 4:20 PM
    • 672 Posts
    • 342 Thanks
    Weighty1
    • #6
    • 17th Jan 20, 4:20 PM
    • #6
    • 17th Jan 20, 4:20 PM
    The usage of CAPS suggest that you do care about the money after all.

    Without knowing the T&Cs of the policy it's hard to divine various outcomes. To begin with it sounds like and old type of policy with savings element.

    Cashing it out now will only give her more money to drink away. But it's HERS decision, not yours.
    Originally posted by sal_III
    It's not HER decision if the policy is written in trust.

    Any need for the presumption that the OP is bothered about the money?..........not really, I don't think.
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