Insurers will not pay for something that is guaranteed to happen in the next year or two. You are probably too late to start thinking about this. The best you might find is a burial policy, that will pay for basic expenses, but you'll still need to buy the urn or casket, the burial plot, etc. For about $2K, you can prepay his preparation and funeral home services.
Insurers will not pay in the first year of a new policy, in most cases. They will not issue insurance for someone with diabetes, or the rate will be extremely high - from personal experience. Preexisting conditions may also cause them not to underwrite the policy, especially if cancer is a possibility. A health check will be required, or they will not pay out in the first year or more of the policy in the few cases that don't require it. Also, the insurance premiums are also rather high, as you get older, especially for those policies that don't require a health check. Per unit of coverage - is $1000.
At this point, I would start saving toward his funeral expenses. Each of you should set aside $200/week, and stop in about 2 years, if he is still alive. Don't expect a huge insurance pay out to pay for stuff you might want. Expect the casket to cost at least $5K, and burial plot may cost even more. Also, ensure he has a will, regardless of what little he owns, car, house, everything should be stated. A living trust may also be wise, to handle the real estate, if he owns any. Ensure he has a living will, to handle his final wishes, for life sustaining treatment, especially if he becomes unable to make those decisions on his own.
· 1 year ago