Posted 2015-08-14 7:22 PM Subject: Life Insurance/Death Benefits
Damn Yankee
Posts: 12390 Location: Somewhere between raising hell and Amazing Grace
With the passing of my mother in law and the fact she lied about having funeral expenses covered, hubbys dad wants to get a policy or something. We thought he already had one. Hubby and I aren't telling him that we set an account aside to put a little money in each month so that we don't end up having to pay unexpectedly.
Anybody have any suggestions on what to look into? His dad wants a whole life term policy. It's not cheap obviously. I think it would be better to just put that money in a savings account. Any little bit will help when the time comes.
So is there any good places to look? Any type of policies? Are there any unique places to invest your money strictly for funeral expenses?
Posted 2015-08-14 9:39 PM Subject: RE: Life Insurance/Death Benefits
Ms. Poutability
Posts: 2362 Location: In my own world
There are Term policies that are good for a certain amount of time, the term, and are cheaper than Whole Life policies. I don't know his age but it may be hard to get a whole life policy at an older age. If all you are wanting to do is cover the funeral expenses then I would just put money aside in an account. If there is going to be a large amount of debts to be paid then life insurance would a better option. The price of the policy will also depend on the amount of coverage you want. We have ours through Mutual of Omaha and have s really good rate with them. Our investment company we work with also sells life insurance and they couldn't beat our rate. Said we had a good one.
Posted 2015-08-15 7:34 AM Subject: RE: Life Insurance/Death Benefits
Expert
Posts: 1956 Location: Ky
missroselee - 2015-08-14 7:22 PM With the passing of my mother in law and the fact she lied about having funeral expenses covered, hubbys dad wants to get a policy or something. We thought he already had one. Hubby and I aren't telling him that we set an account aside to put a little money in each month so that we don't end up having to pay unexpectedly.
Anybody have any suggestions on what to look into? His dad wants a whole life term policy. It's not cheap obviously. I think it would be better to just put that money in a savings account. Any little bit will help when the time comes.
So is there any good places to look? Any type of policies? Are there any unique places to invest your money strictly for funeral expenses?
Term is temporary insurance. Whole life is permanent. Universal life is a blend of the two. More permanent than term, more temporary than whole life.
A person can get a whole life plan thru age 90 in most states. Some state the max age is 85. Almost everything you get on line, thru the mail or on TV is a 2 year waiting period. Doesn't matter if it's term or whole life. Mutual of Omaha has decent rates for the ones that have to have a 2 year wait because of health reasons. Other than that it's pretty much worthless.
For a $7500 to $15000 policy to cover funeral expenses I wouldn't recommend anything but fully guaranteed whole life. The payment is guaranteed to never go up and the benefits are guaranteed to never decrease or end. If the insured lives to 110 or 115 years old it will still pay.
Compared to the AARP term which ends at age 80 or the CUNA term that ends at age 75, it's a no brainer.
Check with an independent agent that can write several companies to get the best rate. If you want to send me a pm with the age, state and how much coverage you would like I can tell you which company has the best price. Then it will depend on health as to whether or not they qualify.
Life Insurance/Death Benefits
