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Life insurance policy for dying father?

It's pretty simple ....I dont want to be left with his huge debt ,mortgage .CC's etc. I'm encouraging him to revise his will but he absolutely refuses to even discuss it (denial) his assets come NO-WHERE near where his debts are at especially his 300k mortgage and only something like 20k in his 401k, I'll probably try to consolidate his debt but also the funeral ,personal loans totalling over 450k to some pretty pissed people So I'm looking for a low cost solution here ..Has anyone heard of AIG Term Life?? And can I use his 401k to pay it off..I bet he'll die within 1year (likely less probably 6 months) I need the coverage to be 4-5 million & need atleast 600k in cash to pay his personal debts So am I going about this all wrong?? If you can provide links that'd be great. Also does anyone know of any good Estate Planning Firms or any other financial person I should be in contact with? Thank you so so much, I'd be lost without yahoo answers I actually do inherit his debt....The people my father borrowed from arent exactly going to forgive his debts! sorry if I didnt make that clear! Is there any other way I can get money from my father dying? If I don't get ATLEAST 1 mil.... I'll probably be dead and my son has to deal with it My father was a compulsve gambler , liar, alcoholic and wife beater and the only thing I regret is he wont live long enough to pay off this debt I have $2mil in liquidable assets but need atleast $1mil more HAH ! It's not the mafia or something It's just my dads business partners.. metophorically speaking seems the old bastard wotn die for atleast 2 years , good!

Public Comments

1. It won't work, unfortunately. You have to pass a medical test to get life insurance, unless it's part of a group policy through an employer or something.
2. No way.
3. You will not be able to get life insurance on a dying man. Unless you are willing to set something up where you pay $100k to get $100k of coverage for estate planning reasons. If your dad doesn't want to do any planning there isn't anything you can do unless you have power of attorney (for property) and can prove that he is unable to manage his affairs. Oh, I have heard of AIG term life. Good, solid company. But that doesn't help you any
4. It would be impossible to get life insurance on him, especially in those large amounts. You will not be left with any debt when your father passes. The debts are his not yours (unless you cosigned for him). His estate will have to sell whatever is there (like the house) to pay whatever debts it can and the rest of the debts go unpaid. You will not inherit his debts so you don't have to worry about them.
5. Legally you won't be liable for your father's debts. But life insurance is no solution at this point, since no insurance company will take that bet. If you are worried about your personal safety, why don't you liquidate your considerable property and disappear? Start over somewhere else in an untraceable way? Have you ever seen the Shawshank Redemption? You may want to review the end of the movie or see how the Witness Protection system works.