Is this harsh.....

im 50/50 on this to be truthfull
 
Would it be wrong to take out life insurance on a relative yourself?
 
I.E. you pay the monthly payments for them in exchange for the end result.
 
 

Tricky one tbh, Id say go for it tbh, i know if a close relative dies then money isnt the answer but may well be useful.

Why what are you planning?

Awesome pic, but Tony you're not doing yourself many favours posting up tips on preventing the gag reflex and then a picture of a guy touching his toes - Ak

Basically, my mum has never had money to her name. Part of me thinks, if she did, she wouldve done the above suggestion herself, but as she has no kids she hasnt done.

But then part of me thinks it sounds like im wanting her to die to gain some cash, which isnt the case at all.

Its so hard to phrase without sounding wrong!!!

You could always offer to pay for one but not be named - if you have siblings you could leave it up to them. Then it genuinely would be an altruistic act

Awesome pic, but Tony you're not doing yourself many favours posting up tips on preventing the gag reflex and then a picture of a guy touching his toes - Ak

you could do I suppose... have you actually spoken to your mum about it yet?

And of course, you'd be presuming she'd leave it you, rather than the cat's home, unless you discuss it with her.

nooo I havent spoken to her about it lol, tbh it was hard enough phrasing it to put on here, let alone approach her with my stuttering hahaha.

tbh though, i dont think she would have an issue with the idea whatsoever, maybe im the one creating an issue out of it.

You can't do it. Its not legal.

The only way you could do it would be via your mum, in her name, payments made via her etc, with you named as the beneficiary.

You yourself cannot take out a policy on your mum's life.

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

it hasn't been brought up yet and you were asking about it. Classic.

Have there been loads of reruns of Columbo recently ?

Awesome pic, but Tony you're not doing yourself many favours posting up tips on preventing the gag reflex and then a picture of a guy touching his toes - Ak

Well if she knows that you are doing it it should be fine, im sure that your mum wants the best for you.

In the US its quite common for large corporate bodies to take out Life Insurance on their employees and name themselves as the beneficiary, so if the employee dies they get a big payout.

Some companies may give a share of this to the family, most dont.

Its known in the S insurance trade as 'Dead Peasants In surance'

Nice, huh?

tac


In the US its quite common for large corporate bodies to take out Life Insurance on their employees and name themselves as the beneficiary, so if the employee dies they get a big payout.

Some companies may give a share of this to the family, most dont.

Its known in the S insurance trade as 'Dead Peasants In surance'

Nice, huh?

And in the UK its called 'Key Man' insurance and is designed to cover the costs of locating and recruiting replacement key staff.

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

I was just going to say that Total as I had to have Key Man insurance to cover me when I had my business, interestingly the other employees did not (said a lot about my skills) - I would personally say its not ethical but its a bit like a sure bet, seems wrong to me!

"A tight pant wearing bum lover from a popular training forum."  Daz FP
There's true hero worship, right there!! 

Total Rebuild

tac


In the US its quite common for large corporate bodies to take out Life Insurance on their employees and name themselves as the beneficiary, so if the employee dies they get a big payout.

Some companies may give a share of this to the family, most dont.

Its known in the S insurance trade as 'Dead Peasants In surance'

Nice, huh?

And in the UK its called 'Key Man' insurance and is designed to cover the costs of locating and recruiting replacement key staff.

'Key Man' insurance is quite different, in that its designed to cover legitimate business costs incurred if senior staff are lost. DPI gets taken out on janitors, secretarial staff, filing clerks etc, and is usually waaaay in excess of any possible costs incurred in staff replacement ($1.5m to recruit a new janitor?...)

peagreen


I was just going to say that Total as I had to have Key Man insurance to cover me when I had my business, interestingly the other employees did not (said a lot about my skills) - I would personally say its not ethical but its a bit like a sure bet, seems wrong to me!

Not if its used correctly Peagreen. Imagine when you had your business you needed another bod you could trust, knew as much about your field as you did, you invested time and money training them etc. Then one day something happened to them and they couldn't go on working for you. This could leave you in a right situation and you would need to replace that person, with someone of a similar calibre asap. This could be very expensive, as the person would likely have to be lured away form their current employment, there would likely be agent fees etc. This is what the cover is intended for.  

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

I meant to the OP Total - not about the Key Man insurance, I fully understood what that is about.  The bit I never really understood with key man insurance, even if you do lose an employee to horrible circumstances, you may have a hard time replacing the employee anyway. 

After the MD and I fell out in style I left giving them six months notice, it took them nine to replace me and another two before the bloke finally walked through the door, so nearly five months from the day I left!  I'm not sure whether key man insurance would cover the loss of business, does it?

"A tight pant wearing bum lover from a popular training forum."  Daz FP
There's true hero worship, right there!! 

Not sure Peagreen as I'ts not an insurance I deal with. I just know a bit about it from exams I've taken in the past.

Yes Tac, this 'DPI' does sound like something very different indeed and I'm pretty sure wouldn't be legal in UK/Europe. However in the US, what Corporate America wants, Corporate America gets.

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

S777


Basically, my mum has never had money to her name. Part of me thinks, if she did, she wouldve done the above suggestion herself, but as she has no kids she hasnt done.

But then part of me thinks it sounds like im wanting her to die to gain some cash, which isnt the case at all.

Its so hard to phrase without sounding wrong!!!

Erm...am i missing something here or..?

All4n

S777


Basically, my mum has never had money to her name. Part of me thinks, if she did, she wouldve done the above suggestion herself, but as she has no kids she hasnt done.

But then part of me thinks it sounds like im wanting her to die to gain some cash, which isnt the case at all.

Its so hard to phrase without sounding wrong!!!

Erm...am i missing something here or..?

lol! I didnt notice that...


Back on topic - OP - I dont see what the problem is provided you tell her you're doing it, and she has some say in where the payout goes.

In that case you're simply paying her Life Insurance premiums for her, which is a good thing  (as opposed to if you do it behind her back, with yourself as the only beneficiary then it might sound like you're cashing in on her death!)

All4n

S777


Basically, my mum has never had money to her name. Part of me thinks, if she did, she wouldve done the above suggestion herself, but as she has no kids she hasnt done.

 

I thought the same.

What age is she? is she ill and expected to pass on in the next 5 years?

Even though i know my mother would like to assist me financially later in life and would be open to that sort of thing i could never do it. It just wouldnt feel right to me personally i think. Though then again its very easy for me to say that as i know i will be getting a large inheritance when my parents pass away.

Morally i dont think there is anything wrong with it and if you think that she would be open to it then go for it. How you would bring it up though i have no idea lol

Zimmer fest continues!!!! Chevaliers de Sangreal!
http://www.youtube.com/watch?v=u5FyRZbqfeM 
 
 

 

You are aware that once you take out the policy you can't kill her straight away or it looks a little blatent!

WWW.MUSCLETALK.CO.UK 

YOU CAN NOT TAKE OUT A POLICY ON YOUR MOTHERS LIFE! THE ONLY WAY IT CAN BE DONE IS FOR HER TO TAKE OUT A POLICY AND NAME YOU AS THE BENEFICIARY.

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

Total Rebuild


YOU CAN NOT TAKE OUT A POLICY ON YOUR MOTHERS LIFE! THE ONLY WAY IT CAN BE DONE IS FOR HER TO TAKE OUT A POLICY AND NAME YOU AS THE BENEFICIARY.

Im pretty sure he understands this. He is talking about talking to her about doing it etc. So he is not doing it on the sly. so it will be in her name with him as the beneficiary

Zimmer fest continues!!!! Chevaliers de Sangreal!
http://www.youtube.com/watch?v=u5FyRZbqfeM 
 
 

 

john_cappa

Total Rebuild


YOU CAN NOT TAKE OUT A POLICY ON YOUR MOTHERS LIFE! THE ONLY WAY IT CAN BE DONE IS FOR HER TO TAKE OUT A POLICY AND NAME YOU AS THE BENEFICIARY.

Im pretty sure he understands this. He is talking about talking to her about doing it etc. So he is not doing it on the sly. so it will be in her name with him as the beneficiary

Thats ok then. I'll take a chill pill now.

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

As JC said, it would be her doing it, just myself making the payments.

As for the quote "she has no kids" haha im sure i meant to put "cash" inplace of the "kids" part, tbh i rewrote it about 5 times to try and make it sound morally better than it was put originally.


So we agree it could be done, is it morally right though? I mean, as somebody said, its a "sure thing" which makes it sound almost like i would be betting on my mothers life!

And to everybody else, no im not planning on bloody killing her!!!

Of course it is. The settlement would help pay for the funeral costs and the costs incurred in winding up her estate.

Funeral costs can be very high, even for just the most basic of service.

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

The first thing I would want clarification on is your "MUM" having no "KIDS"???

If you love something let it go,if it comes back to you it's yours,if it doesn't it never was.

So whats the deal in all honesty you pay x amount per month.....

And get what amount if or when she dies?

If you love something let it go,if it comes back to you it's yours,if it doesn't it never was.

makaveli1971 1996


The first thing I would want clarification on is your "MUM" having no "KIDS"???

Epic Fail (to read thread)

You did gain far too much fat though,I mean,you're not muscular at all,you're just a fat mess.

I read the majority of posts on page 1,and thought it had gone un noticed.

How the first few posters never noticed this.

If you love something let it go,if it comes back to you it's yours,if it doesn't it never was.

tac

Total Rebuild

tac


In the US its quite common for large corporate bodies to take out Life Insurance on their employees and name themselves as the beneficiary, so if the employee dies they get a big payout.

Some companies may give a share of this to the family, most dont.

Its known in the S insurance trade as 'Dead Peasants In surance'

Nice, huh?

And in the UK its called 'Key Man' insurance and is designed to cover the costs of locating and recruiting replacement key staff.

'Key Man' insurance is quite different, in that its designed to cover legitimate business costs incurred if senior staff are lost. DPI gets taken out on janitors, secretarial staff, filing clerks etc, and is usually waaaay in excess of any possible costs incurred in staff replacement ($1.5m to recruit a new janitor?...)

New Janitor = possibly costs $100 to recruit, the salary will probably stay the sameish, so therefore $1.49999m to hire a hitman...it works out.

It's not about how much you can lift...it's about how much you look like you can lift! But if you can lift a small house then it certainly helps

Eating my whey to 210lbs

Golds for life

Some kind of funeral plan maybe easier to discuss, but jings I suppose it all depends on how practical your Mum is?? She could be really offended. I can't imagine bringing this up with my Mum! Hey Mum I want you to take out a life insurance thing but don't worry I'll pay it, it's just so I can get a payout when you die?! My Mums reaction to that doesn't bare thinking about! I doubt she'd talk to me for years!

^^^ LMAO

well she wouldnt go mad like that, but that does sound how it feels in my head!

what age is she? and does she have any medial problems etc?

Zimmer fest continues!!!! Chevaliers de Sangreal!
http://www.youtube.com/watch?v=u5FyRZbqfeM 
 
 

 

61, smokes and is very unhealthy , her flat is full of meds

S777


61, smokes and is very unhealthy , her flat is full of meds

If that is the case it is unlike you will be able to get cover for her that will pay out anything substancial if she is in poor health id say. She may even be refused cover.

Premium would also be high.

Zimmer fest continues!!!! Chevaliers de Sangreal!
http://www.youtube.com/watch?v=u5FyRZbqfeM 
 
 

 

whats all these over 60 plans with no medical perwork i see on tv?

S777


whats all these over 60 plans with no medical perwork i see on tv?

 

Not seen them to be honest.

Im sure the come with umteen terms and conditions.

Its a matter of risk for the insurer. you mother will be high risk therefore premiums would be high and pay out would be low

Zimmer fest continues!!!! Chevaliers de Sangreal!
http://www.youtube.com/watch?v=u5FyRZbqfeM 
 
 

 

S777


Basically, my mum has never had money to her name. Part of me thinks, if she did, she wouldve done the above suggestion herself, but as she has no kids she hasnt done.

But then part of me thinks it sounds like im wanting her to die to gain some cash, which isnt the case at all.

Its so hard to phrase without sounding wrong!!!

How did your mum have no kids? Was you adopted??

OFFICIAL BULKPOWDERS.CO.UK REPRESENTATIVE

 
My Grip book - click here and buy one

Read more posts... cash not kids.

OFFICIAL BULKPOWDERS.CO.UK REPRESENTATIVE

 
My Grip book - click here and buy one