Single and Declared Dead? You Still Need A Pre

Erika, we all read the headline and think maybe the poor people have no social security or other retirement security. Maybe it’s too much to assume that it could really be that bad because…

Single and Declared Dead? You Still Need A Pre

Erika, we all read the headline and think maybe the poor people have no social security or other retirement security. Maybe it’s too much to assume that it could really be that bad because the poor have so much. Especially this rich country they call America.

My late brother Jack Sheldon died in January, near the end of a lifetime of hard work, sacrifice and reward. But, the bottom line was his health. My mother and I kept waiting for the day when my brother could finally go to the doctor and get the treatement for the upper respiratory infection that he was so sick with.

And then we came across his life insurance policy. We had just stopped by my brother’s house, where we hadn’t seen each other in a year, and we found that his first initial insurance policy had expired. How did this happen? Was it a mistake? How could this happen? We couldn’t afford the premium but we at least had a copy of the policy so we kept trying to get the next one up to date.

And then, we found out that his second policy, which he had from age 25 until age 55, had been taken out by a salesman from his employer for hundreds of dollars more than it was worth because the insurance company had made an honest mistake and failed to redo the forms. The policies had been transferred to his wife who, like Jack, was a housewife at the time, was just a year older than Jack and had no Social Security disability. How could this happen?

And then we came across his life insurance policy. We had just stopped by my brother’s house, where we hadn’t seen each other in a year, and we found that his first initial insurance policy had expired. How did this happen? Was it a mistake? How could this happen? We couldn’t afford the premium but we at least had a copy of the policy so we kept trying to get the next one up to date.

And then, we found out that his second policy, which he had from age 25 until age 55, had been taken out by a salesman from his employer for hundreds of dollars more than it was worth because the insurance company had made an honest mistake and failed to redo the forms. The policies had been transferred to his wife who, like Jack, was a housewife at the time, was just a year older than Jack and had no Social Security disability. How could this happen?

Now, after four months of searching, we have found the proper form, filled it out and sent it to the insurance company. But this time, I am writing to say, Jack really does need a prenuptial agreement. I would be surprised if it doesn’t have a long and detailed section on why the policy is not going to cover the house.

My brother lived his entire life with the full support of his family, the work ethic of a true hard worker, and didn’t neglect his responsibilities. And now, he is dying from an accidental yet preventable respiratory infection.

I know that prenups and prenups for married couples are not necessarily for everybody, but it is not uncommon for terminally ill people to need one.

And the hardest part for my mother and I is being faced with this financial, emotional and legal nightmare. We are not dealing with a competent adult, nor is he.

Maybe Jack, if he was having a real conversation with his family and believed his friends were not against the agreement, could get his life insurance policy changed into something that allows him to receive his Social Security while he is sick. And maybe even have his assets and all the benefits of that old term “unconditional” put into his will.

I am not going to castigate the people who sold him the policy because he told them he was willing to pay more.

But I think if you have a medical emergency or a complete debilitating illness, you have to want the best for your family. It isn’t an uncommon question and the answer will be based on what you want your family to think.

You also have to decide if you are willing to make a non-negotiable arrangement with all your family members. Is it worth it? Is it easy? That is your decision, and you should do this now.

My brother should get a prenuptial agreement, right?

And if you’re single and have lots of life insurance, then I think you also need one for your partner. It is not uncommon for me to have to spend hours trying to get someone to agree to spend the time to craft the paperwork so it will be sufficient to prove that all of your assets and

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