My mom does not have life insurance.

Hi Tammy. I'm a life insurance agent with the Mutual of Omaha. What state do you live in? Perhaps, I may be of service to you.

Hi Tammy. I'm a life insurance agent with the Mutual of Omaha. What state do you live in? Perhaps, I may be of service to you.

Tammy, why do you think your mom needs life insurance? Does she have income that is supporting someone else that would need to be replaced when she dies?

I have the same question as OnlyDau64. Why does she need life insurance? At this point might the money be better spent on pre-paid funeral expenses, or long-term care insurance? Life Insurance will not benefit your mother at all -- it is for the sake of her dependents. Who is dependent on her now, financially?

If you are just worried about handling last-minute expenses like the funeral, talk to her about a specific policy for that. Many elders are concerned about who is going to pay for their funerals or creamations and memorial services. It might be reassuring to her to have that taken care of.

I agree - all you need is something to cover 'final expenses.' Your mother will pay DEARLY for life insurance as an older person - life insurance (especially TERM life insurance) is well suited for younger folks with mortgages and children to raise and educate. I would just help her make her final decisions (regular funeral or cremation) and set money aside for that or if she has the funds, prepay - but make sure it is a reputable company that will not be 'out of business tomorrow' taking your mother's money with it.

I agree getting life insurance at her age would be very expensive but she should be conserned about her final expenses and prepay her funeral-ask her what she has done about that or is she just expecting someone else to do this even cremation is very expensive these days and she should not expect her children to foot that bill-she needs to take responsibilty for this herself-many elders do not they just expect someone else to do everything for them.

We are considering getting additional insurance on my mother in law to recoup our out of pocket expenses/ cost of her being in an assisted living facility. It's not easy trying to figure out what to do. Prayers that you are guided to the right decision

Have you tried running some numbers on life insurance quotes? A longer term life policy may work for you, but longer terms means more expensive premiums. If you're not able to qualify for the best rates because of your heart condition, this can affect how affordable your policy finally becomes. Try using more than one aggregator website to get quotes to get a second opinion and a broader look at what's really out there.

Tammy, a $5k or $10K Final Expense policy should be all your mom would need in order to make sure that she won't be a burden on you. $50 per month is the average cost and most seniors can qualify without a medical exam.

Many people don’t understand the importance of life insurance. Life Insurance will benefit you at all .it is for the sake of your dependents. Problem is life insurance would be costly for an aged person. So go through various life insurance quotes.

I have a lot of questions along these lines, too. I have been taking care of my mom, who has severe dementia, 24/7 for 5 years now. She is 83. My professional license lapsed several years ago (courses and seminars to fulfill continuing education requirements were too expensive, as I had no income of my own.) We have been living on her social security + a monthly gift from her 88-year-old sister. When mom passes, I don't know if I will be in any shape to look for a job for a while. My aunt has told me she wants to continue her monthly gift to me after mom passes, because she appreciates how I have cared for her sister, but I don't doubt her adult children will talk her out of that one. Mom doesn't have life insurance or long-term care insurance. If she has to go to a nursing home, it will be on Medi-Cal (California's version of Medicaid). She just barely qualified for Medi-Cal, and has an $800 "share of costs", which means that if she incurs any major medical expenses, we would have to pay $800.00 each month, and then Medi-Cal pays the rest. Medi-Cal will want to be repaid after her passing (although I recently read that they won't require that of someone who has been the caregiver for a particular period of time (I think it is 2 years?) because the caregiving saved the state the cost of n.h. care for that period of time). I also read somewhere that if I have the house put in my name, I can avoid having to pay the Medi-Cal bill, but that you have to be careful about that, because you might get hit with major tax nightmares. So, when she passes, I may either have 1) my aunt's monthly gift to live on, 2) nothing to live on, or, 3) worst case scenario, I will have to sell mom's house to pay back her medi-cal bill. Mom has a will and an irrevocable living trust. I am now the trustee on her behalf as she is incapacitated. Her will stipulates that the house goes equally between my brother and me, either we sell it and each get equal portions from the sale, or, I have the"right of first refusal", meaning I can keep the house and pay him for his half.

I worked my tail off and suffered a ton of stress over quite a few months to save the house from foreclosure and get a mortgage modification (whew!), so, thank God, the mortgage payments are amazingly low now (my rent in a one bedroom apartment 5 years ago was three times our current mortgage payment!), but we are still just barely making it. I have thought about renting out one of the bedrooms to have more to live on, but I don't know if that income increase will make mom no longer qualified for Medi-Cal.

My desire is to continue living in this house after my mom passes. I grew up here from the age of 6, and was welcome to move back home at different times over the years. Also, if I had to sell it and pay off medi-cal, and divide up the rest with my brother, I don't know how much there would be left to buy a place with, or if I would have to rent an apartment (at 3 times what we are paying for this 5-bedroom house now).

My thoughts go around in circles and I have trouble getting past a certain point and being able to make any decisions or plans. I may be out in la la land, but I'm thinking along the lines of staying in the house, going back to work in a branch of my field that does not require a license, and renting out a room (or rooms). If I have the house put in my name before mom passes, does the mortgage continue as is, or will I have to start all over again and end up with a much higher monthly payment? I have never been a homeowner, so I don't know much about how these things work. Is it possible to make an arrangement with my brother where I would make payments to him rather than paying him for his half of the house in one lump sum? Can i take out a life insurance policy in my mom's stead, since she is no longer capable of doing it herself?

I hate to even think about these things, and I am not very good at managing finances, and I would rather put my head in the sand and wish it would all just go away, but I could end up with no job, no money, nowhere to live, and nearly no emotional or energy or health resources with which to pick myself back up after who knows how many more years (or months, who knows?) of caregiving are over. I know I should see an attorney with these questions, but I can't afford one right now. I would so any thoughts or suggestions anyone has about any of these issues. It would give me so much peace of mind to have some of this settled now, so I could focus more of my emotional and mental energy on meeting mom's needs and keeping my own health up. Thanks for reading this and for any input you can give me!

Kabeeena, please consult an attorney who specializes in Elder Law and get your questions answered. I believe, for example, that you are right -- your mother may give the house to you without using to pay off Medicaid because you lived there with her and took care of her. But see the right kind of lawyer to be sure you are doing this correctly and that it is not considered a "gift" by Medicaid. If you own the house before Mother passes then the will no longer applies. Your brother has not been living there and taking care of her, so she cannot give it to him to avoid the medicaid pay-back.

Life insurance would be extremely expensive for a woman in your mother's position.

Frankly, you cannot afford to not consult a lawyer.

In this modern age you are making a blunder. Please insure her with a well recognize insurance company It would be beneficial for you and your mother. Now in old age life insurance will be costly but you have to do it.

Having some coverage is better than having nothing. In most states a 60 year old woman can get a $5,000 whole life policy for less than $34/month even if she has been turned down by other companies in the past because of her health. She would have to be agreeable to applying for coverage though.

Tammy.. if you just need enough to pay for the end of life funeral, etc.. it may be affordable. If you are looking for enough to set you up for years you are probably out of luck. AARP and other senior type things are set up to cover the funeral, etc. If you did not get it for her when she was younger you are gonna pay. If you are worried about your kids when you go because of this, look into a policy for yourself. If you work, can you get a policy from your employer? If you are worried about funeral expenses and not an inheritance for yourself you should be able to find something. Good luck!

Is there a website to look at to find out if my mother had life insurance

Heather, I see from another question you wrote that your Mom had passed on back in 2008. Use the unclaimed property website for the State where your Mother had lived.

Tammy, a $5k or $10K Final Expense policy should be all your mom would need in order to make sure that she won't be a burden on you. $50 per month is the average cost and most seniors can qualify without a medical exam.