I'm 69, recently widowed. Can I buy a QLAC where my joint owner is my 30 year old son? I know my payments from it would be less by doing so with someone so young as my joint owner, but I don't even know if one can do that, or does it have to be a spouse?
I'm thinking of doing this as a way to guarantee income for a now 30 year old son after I pass away, as opposed to buying term life ins. Would set it up as a joint QLAC, which I would start to take at age 80, since I don't need the income. That way, he would get x amount per month until he died, as opposed to a lump sum of what's left when I die.
Thinking of doing this partly bc I only have term life ins for another 5 years, and if I wanted to renew that when it expires, it would be costly. Also, I just think it would be better for him to get some amount of a monthly payment (looks like it would be about $2000/month) rather than a lump sum.
Any thoughts?
I'm thinking of doing this as a way to guarantee income for a now 30 year old son after I pass away, as opposed to buying term life ins. Would set it up as a joint QLAC, which I would start to take at age 80, since I don't need the income. That way, he would get x amount per month until he died, as opposed to a lump sum of what's left when I die.
Thinking of doing this partly bc I only have term life ins for another 5 years, and if I wanted to renew that when it expires, it would be costly. Also, I just think it would be better for him to get some amount of a monthly payment (looks like it would be about $2000/month) rather than a lump sum.
Any thoughts?
Statistics: Posted by compass19 — Sun May 19, 2024 11:20 am — Replies 5 — Views 342