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Life Insurance
It seems so many people are now relying on gofundme's and other online charity things to bury others who pass away with no money.
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Posted 7/18/15 3:31 PM  |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Life Insurance
We each have a policy on ourselves , as a mom it honestly helps me sleep better at night
Message edited 7/18/2015 4:33:57 PM.
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| Posted 7/18/15 4:33 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Life Insurance
Yes, funeral/burial aside, the surviving spouse needs to pay the mortgage, feed/clothe our kids, send them to college, etc.
Getting $20,000 donated through GoFundMe won't go very far.
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| Posted 7/18/15 4:38 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Life Insurance
Nope but wouldn't do a gofundme
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| Posted 7/18/15 6:36 PM |
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BsMomma2014
Fly high little one
Member since 6/10 2662 total posts
Name:
nicole
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Life Insurance
Yes we both have policies
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| Posted 7/18/15 6:40 PM |
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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Re: Life Insurance
We have several thru various avenues.
I also have worked with many low-income people who have burial accounts.
I also get frustrated with all the GoFundMe requests but sometimes too it can help lighten a family load during a tough time.
I see them all the time too for families who have insurance and such.
Or Its eventually turned into a fund for the kids future or scholarships.
Message edited 7/18/2015 6:54:58 PM.
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| Posted 7/18/15 6:54 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Life Insurance
We both have policies and separate burial accounts
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| Posted 7/18/15 6:54 PM |
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Re: Life Insurance
Posted by ElizaRags35
Nope but wouldn't do a gofundme
If you don't mind, can I ask what you would do then?
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| Posted 7/18/15 7:16 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7635 total posts
Name:
Momma <3
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Life Insurance
Soon after we got a BFP, we signed both of us up for life insurance and my DH for disability. We had our policies before DS was born.
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| Posted 7/18/15 7:41 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Life Insurance
Yes we both have work policies and personal policies. If you have young kids it's irresponsible not to have policies unless you are extremely wealthy. Just upped our policies and our wills. If both of us passed wanted to make sure my SIL who would get dd would be financially secure and dd wouldn't be a burden. If Dh or I pass the other will be able to pay all debts including mortgage off and continue lifestyle we are used to.
If you can afford a cell phone or cable then there is no excuse to not having a policy except of course you can't be insured.
Even if you have a work policy you should also have personal policies as you never know what can happen with your job.
Message edited 7/18/2015 10:28:32 PM.
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| Posted 7/18/15 10:27 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Life Insurance
We have life insurance. Honestly, with kids and a house and bills we can't afford to NOT have it.
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| Posted 7/18/15 10:27 PM |
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Sash
Peace
Member since 6/08 10314 total posts
Name:
fka LIW Smara
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Re: Life Insurance
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.
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| Posted 7/18/15 11:14 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Life Insurance
DH had life insurance for his boys before I met him. That is still in place. Since we do not have children together, we each just got a policy to cover the mortgage so that one of us would be able to keep the house if we wanted to. We each have a decent income and don't "need" the others income to get by but being able to pay off the mortgage would make things much easier for the surviving spouse.
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| Posted 7/19/15 8:49 AM |
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Re: Life Insurance
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.
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| Posted 7/19/15 8:51 AM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Life Insurance
Posted by afternoondelight828
Posted by ElizaRags35
Nope but wouldn't do a gofundme
If you don't mind, can I ask what you would do then?
I have accounts that I don't touch for situations like this.
DH has a life insurance policy.
I also don't have a 401k. Never had a job that offered it.
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| Posted 7/19/15 9:50 AM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: Life Insurance
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.
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| Posted 7/19/15 10:11 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Life Insurance
Posted by ElizaRags35
Posted by afternoondelight828
Posted by ElizaRags35
Nope but wouldn't do a gofundme
If you don't mind, can I ask what you would do then?
I have accounts that I don't touch for situations like this.
DH has a life insurance policy.
I also don't have a 401k. Never had a job that offered it.
You can open a private retirement account...you don't have to rely on having a job that offers this.
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| Posted 7/19/15 10:34 AM |
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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 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.
Yes this is what I figured. So having life insurance doesn't necessarily help with funeral costs. Just something to think about.
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| Posted 7/19/15 10:42 AM |
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Re: Life Insurance
Posted by ElizaRags35
Posted by afternoondelight828
Posted by ElizaRags35
Nope but wouldn't do a gofundme
If you don't mind, can I ask what you would do then?
I have accounts that I don't touch for situations like this.
DH has a life insurance policy.
I also don't have a 401k. Never had a job that offered it.
Thanks for your answer. Just wondered what people did if they didn't have policies. I think most don't have any other back up, unfortunately.
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| Posted 7/19/15 10:43 AM |
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Re: Life Insurance
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.
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| Posted 7/19/15 10:47 AM |
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Dolphinsbaby
My 3 little guys!
Member since 12/10 2943 total posts
Name:
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Re: Life Insurance
In answer to receiving benefits after someone dies, it took about a month for my dad to get my mom's life insurance. Thankfully he had money to cover the funeral expenses. I couldn't believe it cost about 14k to bury her (and she had a plot already).
When we went to the funeral home, we just charged it all and my dad paid the bill as soon as it came. His credit card didn't even that high a limit (he rarely charges). He put 5k on his card and I put the balance on mine (he gave me the money the next day from the bank).
It is just crazy how expensive it is and believe me we did nothing fancy at all for my mom.
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| Posted 7/19/15 10:50 AM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Re: Life Insurance
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.
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| Posted 7/19/15 6:08 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Life Insurance
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.
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| Posted 7/19/15 6:23 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
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.
This is incorrect in my case for mom and uncle. We set up a payment plan. After the fact as there was no life insurance.
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| Posted 7/19/15 6:25 PM |
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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 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.
This is incorrect in my case for mom and uncle. We set up a payment plan. After the fact as there was no life insurance.
I think it depends, in the funeral home we used to bury four relative they did not take a payment plan. However, for my husbands cousin they did do a payment plan but only on 500.
My point is Insurance doesn't automatically make it easier to bury someone, it all happens so fast. The best thing is to have some plan in place and arrangements. Having life insurance doesn't guarantee this which was the point of this post. It something to think and I don't even have a plan in place at this point if God forbid something happened.
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| Posted 7/19/15 7:30 PM |
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