QuickSilver
SF VIP
- Location
- Midwest
14 years ago, after my husband died, I converted a term life policy on myself to a whole life. It's not a huge policy, but certainly enough to cover my burial expenses. (which is all I intended it to do)... This week I decided to check up on the policy to make sure all was in order. While it is a whole life policy, it's a different kind. When I reach 85 years of age, I no longer have to pay premiums. If I die between now and 100 years of age, it will pay out it's full value. If I happen to reach age 100... it will send ME the full amount of the policy death benefit. Ever hear of this?
Here's my concern. Suppose I DO reach age 100 and I'm in a nursing facility. That pay out will become part of my assets and the nursing home can take it... right? Then when I DO die.. my kids will have no insurance money to bury me. Am I looking at this correctly? Should I change the policy to make it a traditional payout of death benefits? Never heard of this and certainly don't remember agreeing to it.. but it was just 2 months after my husband died and I don't remember much of that time.
Here's my concern. Suppose I DO reach age 100 and I'm in a nursing facility. That pay out will become part of my assets and the nursing home can take it... right? Then when I DO die.. my kids will have no insurance money to bury me. Am I looking at this correctly? Should I change the policy to make it a traditional payout of death benefits? Never heard of this and certainly don't remember agreeing to it.. but it was just 2 months after my husband died and I don't remember much of that time.