What is the name of your state? Texas
My dad is very religious and believes that God will provide for his family if something happens to him. My parents do not make much money and are always borrowing money from my husband and I, who are financially secure. He is not in bad health, but my husband is worried that if something happens to my dad, we will be forced to support my mother and two younger brothers for a very long time, including putting the two younger brothers through college if they chose to go, so he suggested that we get life insurance on my parents and cover the premiums (because my parents could never afford it). When I posed this question to my parents, my dad immediately said no, that God would provide. My mother on the other hand understands my concerns, and I feel like God will provide, through me. I will be the provider.
So my question is since my dad is against life insurance and I have an "insurable interest", can I take out a policy on him without him knowing? I got a quote over the phone from my insurance company just yesterday and they told me that they would need to speak with both my parents, which would defeat the purpose.
I want to make it very clear that in no way do I want to profit from this, if something were to happen to him. I have two children of my own that I will need to put through college, and only want to be certain that my mother would be financially secure to provide for herself and my younger brothers in the event that something happens. I will not be a beneficiary, the only beneficiary would be my mother.
Is there anyway I can protect my own assets and future from having to support my father's family?
My dad is very religious and believes that God will provide for his family if something happens to him. My parents do not make much money and are always borrowing money from my husband and I, who are financially secure. He is not in bad health, but my husband is worried that if something happens to my dad, we will be forced to support my mother and two younger brothers for a very long time, including putting the two younger brothers through college if they chose to go, so he suggested that we get life insurance on my parents and cover the premiums (because my parents could never afford it). When I posed this question to my parents, my dad immediately said no, that God would provide. My mother on the other hand understands my concerns, and I feel like God will provide, through me. I will be the provider.
So my question is since my dad is against life insurance and I have an "insurable interest", can I take out a policy on him without him knowing? I got a quote over the phone from my insurance company just yesterday and they told me that they would need to speak with both my parents, which would defeat the purpose.
I want to make it very clear that in no way do I want to profit from this, if something were to happen to him. I have two children of my own that I will need to put through college, and only want to be certain that my mother would be financially secure to provide for herself and my younger brothers in the event that something happens. I will not be a beneficiary, the only beneficiary would be my mother.
Is there anyway I can protect my own assets and future from having to support my father's family?