|Dying of brain cancer and finding out you don't have life insurance...
||[Oct. 29th, 2009|11:21 am]
My father in law is dying of brain cancer. He had an egg-sized tumor removed two months ago and underwent all kinds of chemo and radiation and now he can barely move or talk. We are all hopeful for recovery, but just don't know what the next day holds because he has another smaller tumor that the doctors haven't even looked at yet. Please pray for him.
On top of all that is going on, we got some really bad news yesterday. My father in law is a co-owner in a pretty good size local office supply business. He always thought that he had a half-million dollar life insurance policy. However, we found out that the business has a half-million dollar policy on him. If he dies, the business gets $500,000 and his wife gets jack squat.
This type of life insurance is called a 'key man' policy where a small business insures itself against the loss of an owner. I don't know if my father in law got screwed over by his partners or was simply misinformed. Either way, it's too late do to anything about it now. He does have enough stock in the company that his wife could sell it back and be OK as far as bills and paying off the house, but the whole situation really sucks.
Long story short, make darn sure you got all your insurance matters in order, no matter how young you think you are, because the time might come when it is too late to do anything about it if there is a problem or you come up short. My father in law is in his early 50's. A few months ago, none of us would ever have expected something like this to happen.