My company takes life insurance out on key partners. Especially if they took a loan from the company to buy in.
With the medical issues you mentioned it does not seem super crazy if they think 10x your salary is insufficient.
Could your family survive with the same standard of living with 10 times your salary? It’s hard to tell if that’s $250k or $1mm. How does it relate to your debt? Does your wife work? Are your kids young or close to being on their own?
he would have to prove he has an “insurance interest” in your death which might be possible but seems like a stretch as he is not a dependent or blood.
honestly sounds like he just wants you to have more insurance to protect his daughter. I don’t think that’s terrible thinking.
Could you increase your current limits and have him pay for it?
Time for real talk:
1) does he like you? What are the odds he then wants to take you fishing with no life jackets and lots of beer?
2) if your family is this concerned about your health..what are you doing to be healthy? Move more eat better stuff?
I had my first child this summer @40. Change how I thought about my own mortality and longevity. I made a decision to try and not be dead by 60. I was very sedentary and 280lbs. I am down 50lbs now and working out 2-3 times a week. No way old me could keepup with kids otherwise.
number two is going to be here this summer so will be increasing my limit shortly.
before kids, with both is working, i just wanted all our debts paid for my wife as she was still working. My limit was 120% of my mortgage. With kids I need to clear debt and replace my income until they are no longer dependent while assuming my wife is not working.