Nathan Robinson, 27, cut up William Spilller's body at their flat in Bournemouth in May 2013. He subsequently travelled around the country spending his father's cash.
He was found guilty of murder following a trial at Winchester Crown Court.
Robinson was told he must serve a minimum of 30 years in jail.
Robinson, who lived with his 48-year-old father, had admitted manslaughter on grounds of diminished responsibility at his trial last month.
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Robinson cut up his father's body with a Stanley knife and hacksaw then stored the body parts in plastic boxes, with a television placed on top in the victim's bedroom.
Spiller's head was placed in a box and put in a filing cabinet.
Nigel Lickley, prosecuting, said during the trial Robinson owed his father 36,000 pounds.
The defendant's financial situation was described as "dire".
He went on to spend 8,000 ponds of Spiller's cash travelling around the country visiting friends and family.
"What is clear from the evidence is that Nathan Robinson went to great lengths to try and mislead the police and the victim's partner," he said.