Should I take on my father’s life insurance policy so it doesn’t get canceled?

The other day my father texted me, my cousin, my niece, and my aunt saying he can no longer afford his $315 monthly life insurance policy and asked if we could split it moving forward, or if anyone could take it on fully. We are the 4 beneficiaries of his $450,000 policy. He is 59 years old and type 1 diabetic.

My aunt immediately backed out, said she did not want to pay. My cousin said he could not pay. My niece texted and considered splitting the payment with me so long as my father renegotiates the payout to be more in our favor.

I'm considering just taking on the payment fully. My dad would hate to see it get canceled since he has been paying monthly for it since he got it when he was 23 years old. He said if I take it on fully, he will make my payout better.

Right now it is $125k me, $125k my cousin, $125k my niece, and 75k my aunt. It would emotionally be very hard for him to short change my cousin and my niece because their mom did a lot to help him out while she was alive, so I think he feels like he owes the kids.

I'm contemplating what I should consider when deciding whether to keep this policy alive or not. I feel like I should get a substantial amount more if I'm keeping the policy alive, but I don't know how much. I could split it with my niece, but I'm financially much more secure than she is, and if at some point she has to back out it seems like it could get messy figuring out how to divvy up the payout. Looking for advice on what to consider here, and how much I should be asking for from the payout if I were the sole individual keeping it alive.

Thanks in advance for any suggestions, this is a difficult decision and conversation to have with my father because it's quite emotionally backed because he feels like he owes all 4 beneficiaries a piece of the pie and I know renegotiating terms that puts any one person in a significantly larger payout (say something like 300/50/50/50) it would be a difficult conversation to have with him.

submitted by /u/WhatsGoodThen
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