Aibu to be pissed parents have no life insurance

[pregnantforever]

Parents are in their 50s although my dad has the health of a 70year old. They don't take care of themselves and my dad moans every day about how awful his health is but rarely does anything about it.
He makes stupid decisions that are unsafe. Hes self employed and works lots of hours (manual job) with no need to (mortgage free, own their own car, have savings ect). He seems to almost brag about it. Last week sat saying he had had to work in the dark all day in a house where there was no light or electric, in the freezing cold with leaking water everywhere. We all pointed out that he had done this by choice, he's self employed and it's not worth risking his life for, he could have waited until the next day when some of those issues were sorted out but he didn't want to. We said we thought he was irresponsible and he walked off in a big mood.
I told my mum I hoped they had good life insurance if he was going to carry on making stupid decisions like that because she will be left growing old by herself, and she said they had none, and that there was no point in getting any because it would be expensive and their house was paid off anyway.
I don't think owning a house means much. If one of them needs care they will be up shit creek without a paddle. They both insist they want to stay in that house and never go into a care home ect, and my brother won't have anything to do with looking after them, he's not inclined like that. I have a spinal cord injury and don't want all of the burden of taking care of them or one of them being forced to sell up to pay for their care. Surely if they had life insurance then that would at least cover some costs should one of them take a turn? Or do I just need to keep my nose out massively and not worry? I've never asked anything about it before so had no idea they didn't have it.

@imissgmichael I don't know which thread you've been reading, but you very clearly have your own agenda. @pregnantforever has clearly stated that she was concerned that she would have to pay for their care in the future as they (and the vast majority of other people) haven't made provision for it. She now acknowledges that she didn't understand how care in old age was paid for in the UK and won't raise it with her parents again.

There’s some disgusting people on here who think their parents money is theirs. Disgusting.

@imissgmichael name two of them. I can't see any.

OP said her DM was working and had a workplace pension but if she didn’t have enough money to live on then I guess the choice is downsize or equity release, likewise for the DF as one or the other usually goes first. Funerals can be paid for out of the bank account before probate is granted

I am in my 50s with no life insurance. Before the internet brought prices down, life insurance was much more expensive, so ordinary people usually only bought term assurance that would cover your mortgage for its term. He now has bad health. Your mum is right life insurance would be very expensive, if he could even get it.
YABU.

Nah Miss vestibule. People need to understand that they have no right to dictate to their parents. its not the OPs businesss as to whether they may need care or not.

I think most people are only bothered about their inheritance. Sorry kids I intend to to spend my money as I see fit.

This is pertinent for me. My dad died at 55 having always been the main breadwinner. My mum had just done part time admin work whilst bringing up a family. She would've been screwed without the lufe insurance he had. One policy paid off their mortgage (not relevant for your parents) but the other one gave my mum a lump sum. By downsizing from the family home to release capital as well she had a decent lump of cash so we were able to sort her out with a small private pension. It's not huge but combined with her state pension it has meant she could retire at 65 and manage for her old age. No idea how she'd have coped without the insurance. Everyone in middle age should think about this stuff especially where one partner is the main breadwinner...

I can't believe anyone seriously believed life insurance paid for care home fees.

Yes I know Taiim but these same people are dictating to their parents.

@Imissgmichael How on earth have you worked out that I'm after inheritance or dictating to my parents in any way.
Having an adult chat and then spending a few days with something on your mind is being concerned.
It turned out actually my problem was that I knew very little.
You obviously have not read the full thread.
I'm not expecting any inheritance from my parents 🤷‍♀️ They own a house and have some savings (which they will need to use).
Who knows what will happen with their house. That's up to them. It's nothing to do with me.

If it was up to me and I was to stick my nose in (which I never would) I'd suggest selling, renting somewhere small, having holidays and saving for care. It's not my business. I came for advice and I got it.

Posters mightn’t not say their not worried about their inheritance but they are. Iv seen it time and time again. Iv seen it on MN numerous times. There’s also a lot of ageism.

But it makes no financial sense to save for care in their circumstances.

I just got mine sorted a few months ago ,Mine pays out if I get a terminal illness a big selling point for me, I’m covered till I’m 72 400k and it costs less than I thought but I’m also worried about my mum ,She has no life insurance or savings is nearly 50 very unhealthy and has 3 kids under 10 ,I wish she had life insurance sorted NOT because I want money to splash but because of something happened I really don’t know how I would cope with the children we spoke about this today actually 😳 weird a thread just came up

Erm life insurance doesnt pay for residential care OP. And will pay out very little in your 60s and 70s. It is for young people who may be left up shit creek should a spouse die.

But yet Preg you stick your nose in and assumed your parents didn’t know what they were doing. So yep ageism all the way.

@dawn96 I assume the kids would go to their father/s? 🤨

@FiveRedBricks He Ran off so she said she’d like for me to do it if possible that’s why she has no savings or anything anymore ,Very sad really

dawn Pre internet life insurance was much more expensive than now.

@Imissgmichael you might have seen it on other threads but not this one. There is no ageism here either. Your comments have completely twisted my words

And I have no idea how old you are, but £400,000 will be worth a lot less in say 30 years time.

@clairemcnam and then I’ll be paying nothing out which is fine by me I’ve done what I can for now ,I’m 23

My paperwork says its a fixed amount?

dawn If I had taken out £400,000 life insurance when I was young and was 72 in 2018, this would now be worth £24,700 in 2018.

Dawn is being very silly. She has no idea what she will be entitled.

Dawn96 I also have fixed premiums until I’m 70 so you’re not stupid...

Interestingly I did a requote just to see what my premiums would be if I wanted the same cover now (Aprox 3 years after taking out the policy) and they price has gone up by nearly 70%. Age clearly makes a massive difference and I’m glad I got myself sorted early on.