Police say they were sent to 68-year-old Gilbert Dossett's home in the 100 block of East Riverside Avenue Thursday night after family members were unable to contact him for several days.
When police arrived, they found Dossett dead.
Following an investigation, police arrested Dossett's estranged wife, 47-year-old Brenda Dossett, and her daughter's boyfriend, 19-year-old Mason Hughes, for murder.
According to police, Brenda believed she would receive a $42,000 payout from Gilbert's life insurance policy.
Police say she had promised a $10,000 car to Hughes if he would kill her husband.
However, police say Gilbert Dossett had recently changed the beneficiary in his policy, leaving her out of any chance of receiving a life insurance payout.
Brenda Dossett and Hughes are expected to be formally charged on Thursday.