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Sash
Peace
Member since 6/08 10314 total posts
Name:
fka LIW Smara
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Re: Life Insurance
Posted by WannaBeAMom11
Posted by Sash
Forgive me if this is a dumb question but doesn't life insurance take a few weeks to get the money? So it couldn't help with burial costs, right?
I have life insurance but my plan once I know where I might be settling down is to prepay for my funeral. I know it sounds crazy and I always thought so. But when my Dhs grandmother died, she had everything planned and paid for years beforehand. I saw how his family were able to mourn and didn't have to deal with the difficult decisions in planning a funeral. Just something to think about because it was eye opening for me.
The funeral home takes the life insurance information and they take care of it from there. My dad cut the funeral home and check then sent the left overs to my my mom.
Interesting, thanks for sharing. This is useful info.
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Posted 7/19/15 7:32 PM  |
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limomof2
LIF Adolescent
Member since 1/13 845 total posts
Name:
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Re: Life Insurance
Posted by MrsG823
Posted by afternoondelight828
Posted by marianne13
Posted by afternoondelight828
Posted by Sash
Forgive me if this is a dumb question but doesn't life insurance take a few weeks to get the money? So it couldn't help with burial costs, right?
I have life insurance but my plan once I know where I might be settling down is to prepay for my funeral. I know it sounds crazy and I always thought so. But when my Dhs grandmother died, she had everything planned and paid for years beforehand. I saw how his family were able to mourn and didn't have to deal with the difficult decisions in planning a funeral. Just something to think about because it was eye opening for me.
I don't think it takes that long as even when you have a fire in your home, you get the money within a day or two.
Actually, no. I went through this recently for a deceased family member. The life insurance company mails the claim forms to the beneficiaries once the beneficiaries notify them of the death (this took a few weeks), the beneficiaries fill them out and notarize the claim forms and send them back with a death certificate. Then the life ins company will send the claim checks. The process took almost a month from the first call to the life ins company to the claim checks going to the beneficiaries. In my case, my family member had other liquid assets which were used to pay his funeral...he wasn't depending on the life ins for funeral costs.
If someone only has life ins and no liquid assets, I'm not sure how it would work. If you are the beneficiary, you can front the money and get reimbursed once the life ins claim check comes back.
Maybe every life ins company is different in how they operate.
Thanks. I think funeral homes will work with you also. I never had to do the front work of this so not 100% what happens but I can't see everyone having the cash up front and that is why they have life insurance.
In my experience funeral homes will not work with you. You have to pay in full- the same with the cemetery if you do not have a plot. When my brother died suddenly we had to purchase a burial plot and pay for the wake and all funeral related expenses in full before the funeral home would pick his body up from the hospital. It was an experience I pray I never have to go through ever again. Not to mention most people do not have the 17K it cost available- my parents put the entire cost on a credit card hours after losing their son.
It is truly criminal. They know they've got ya, because it has to be done. I just bought flowers for my Aunt's wake and they were $100 (not including tax or delivery) and they were IN A VASE, really, $100?!?!
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| Posted 7/21/15 12:02 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Life Insurance
Posted by MrsG823
Posted by afternoondelight828
Posted by marianne13
Posted by afternoondelight828
Posted by Sash
Forgive me if this is a dumb question but doesn't life insurance take a few weeks to get the money? So it couldn't help with burial costs, right?
I have life insurance but my plan once I know where I might be settling down is to prepay for my funeral. I know it sounds crazy and I always thought so. But when my Dhs grandmother died, she had everything planned and paid for years beforehand. I saw how his family were able to mourn and didn't have to deal with the difficult decisions in planning a funeral. Just something to think about because it was eye opening for me.
I don't think it takes that long as even when you have a fire in your home, you get the money within a day or two.
Actually, no. I went through this recently for a deceased family member. The life insurance company mails the claim forms to the beneficiaries once the beneficiaries notify them of the death (this took a few weeks), the beneficiaries fill them out and notarize the claim forms and send them back with a death certificate. Then the life ins company will send the claim checks. The process took almost a month from the first call to the life ins company to the claim checks going to the beneficiaries. In my case, my family member had other liquid assets which were used to pay his funeral...he wasn't depending on the life ins for funeral costs.
If someone only has life ins and no liquid assets, I'm not sure how it would work. If you are the beneficiary, you can front the money and get reimbursed once the life ins claim check comes back.
Maybe every life ins company is different in how they operate.
Thanks. I think funeral homes will work with you also. I never had to do the front work of this so not 100% what happens but I can't see everyone having the cash up front and that is why they have life insurance.
In my experience funeral homes will not work with you. You have to pay in full- the same with the cemetery if you do not have a plot. When my brother died suddenly we had to purchase a burial plot and pay for the wake and all funeral related expenses in full before the funeral home would pick his body up from the hospital. It was an experience I pray I never have to go through ever again. Not to mention most people do not have the 17K it cost available- my parents put the entire cost on a credit card hours after losing their son.
When my MIL passed away the funeral parlor worked with the insurance company. We didn't have to lay out much money. And all the funds were paid to the funeral parlor from the insurance company.
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| Posted 7/21/15 12:07 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Life Insurance
Posted by MsSissy
Maybe every life ins company is different in how they operate.
When my MIL passed away the funeral parlor worked with the insurance company. We didn't have to lay out much money. And all the funds were paid to the funeral parlor from the insurance company.[/QUOTE/]
This. We send checks directly to funeral homes. it makes it easier on the mourning.
Message edited 7/21/2015 2:41:21 PM.
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| Posted 7/21/15 2:41 PM |
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| Pages: 1 [2] |
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