Insurance Got Me In My Feelings - Dear Dearest,

Dear Dearest, 

My family has always been the type to shy away from the conversation of death. But as our parents became older and the passing of our beloved mother, thoughts of insurance crossed my mind. Yet as a single father of 3 I never followed up with it. My brother and sister-in-law approached me about a policy for my dad before he would turn 70 and he felt comfortable to move forward. I gave them my $200 to secure partial payment for the $250,000 policy and I felt good having something for his estate. Around 2 years of making the monthly $200 payment I received a check from my brother in the amount of $6000. Along with this was a letter stating that I was not on the policy and he didn’t feel that he should take my payments any longer. My father is now over 70, close to end of life and can not still get the same policy options. The $250,000 which I hoped to be divided up between all the grandchildren will now only go to my brother. I am infuriated but I don’t want to upset anyone and seem like I want my father to die or my only concern is the $250,000. My question Dearest, should I drop it or should I demand my equal share. #insurancescrewed

Dear Insurance Screwed, 

Estate planning is something that many families take for granted. And improper planning can lead to family rifts. Any money, even with family should be secured with documentation. If you didn’t sign anything or was not made a beneficiary of the stated policy you do not have a leg to stand on. And I can not determine from what you wrote if your brother is operating in integrity or not but I think it would be a terrible debate to have especially with your father still living. In saying that, you mentioned you have children of your own. That is the estate you should be building. Many policies have great cash value options. Make sure you and your children are properly insured. Also real estate is a great option to building an estate. You have $6000 to play with. I know that seems like a large sum to not dispute but “all money ain’t good money“ and the tranquility of the family outweighs what you may gain from someone’s passing. I hope this is helpful. ~ Dearest

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