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If I were in a situation similar to what you've described, I would let the life insurance lapse -- that reduce the monthly income need. Just keep enough for end-of-life expenses in a CD or money market. (Most banks let you redeem CDs in the event of death of the account holder)

What your father needs is almost the exact opposite of life insurance:
Life insurance = pay a little bit each month, get a lot of money at death
Your father needs = receive a little bit each month, don't need any money at death
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