Insurance Policies (for a non-cooperative person)

I also agree with luvmylocs about life insurance in general. My husband and I both have 30-year term policies that we got in our 20's - as she said because we locked in low rates due to our age and good health. Plus, heaven forbid anything should happen to one of us while we're young. Our main reason for having it is to cover our mortgage/bills and caring for our children. Especially since I'm a SAHM, we have equal levels of coverage so that - if invested properly - if DH passes I can continue to be home with our children, or if I pass he can stop working and stay home with them. When our term policies expire in our mid-late 50's, our hope is that we won't need another policy because we'll have invested our money wisely in other ways (retirement funds, etc).
Faith, 3Aish redhead
Mama to two wild superheroes and a curly-headed baby boy
If anyone I love dies and I get to plan the funeral, they're getting: a casket from Costco (or a piece of plywood and a bolt of linen to wrap), a viewing and memorial service in my living room, a trip to the crematory in the back of my truck, and a vase for the ashes from Pier1 Outlet. Total cost: under $500.
Originally Posted by RedCatWaves
Ha! I was joking with my aunt that if my dad doesn't want the policy, everyone better be OK with me doing something just like this. My mother, sister and his SO would kill me (but I currently have a policy so at least the funeral would be paid for )

My father doesn't have a will/power of attorney. Simply putting the money away is a good idea. I would need enough to handle burial and legal.

Technically, my dad isn't married. For legal reason (in case of separation) my dad refuses to get married again. he said he's not paying anymore alimony. So they just exchanged rings. She also has 3 young children.
My father doesn't have a will/power of attorney.
Originally Posted by scrills
If he expects you to handle everything when he dies, I would insist that he get this stuff taken care of. Even if you have to pay the legal fees yourself.
Faith, 3Aish redhead
Mama to two wild superheroes and a curly-headed baby boy
If anyone I love dies and I get to plan the funeral, they're getting: a casket from Costco (or a piece of plywood and a bolt of linen to wrap), a viewing and memorial service in my living room, a trip to the crematory in the back of my truck, and a vase for the ashes from Pier1 Outlet. Total cost: under $500.
Originally Posted by RedCatWaves
Same here. If that loved one wants me to take care of the details and wants more, they better have the money in the bank and easily accessible to me or they're getting what I can afford to pay for immediately.

I have mine all planned and in writing. One of my ex's is in charge and knows exactly what I want. We discuss this once a year and he get's updated copies of all my papers. No casket, nothing at a funeral home. No service. A party at my house, and my ashes dumped into my favorite local lake. 500 bucks tops.

But again, if someone wants a $20,000 funeral I'd be happy to take care of it as long as the money is available.

If people are buying life insurance to pay for their funerals, there is a better way. Having a 'paid in full' account at the funeral home of their choice is a great thing. I take care of an old lady who has no family. She's all paid up and ready. I call the funeral home and it's all taken care of. All I have to do is make sure her cat is buried with her. Not still alive of course. : )

I'm the executor for my parents and one aunt and uncle. They all have their headstones in place and ready. I'm working on getting their obituaries written and other stuff taken care of. And they know, if they want a fancy funeral, they better get me some cash to do it.
In Western PA
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If people are buying life insurance to pay for their funerals, there is a better way. Having a 'paid in full' account at the funeral home of their choice is a great thing. I take care of an old lady who has no family. She's all paid up and ready. I call the funeral home and it's all taken care of. All I have to do is make sure her cat is buried with her. Not still alive of course. : )
Originally Posted by jeepcurlygurl
just want to say that is an honorable thing for you to do!!! okay i'm confused about the cat. if she dies and the cat hasn't died what are you to do? i'm just being nosey

also, while paid in full is a great idea, i would be a little cautious of that because businesses do go under and then you'd be out of luck. again, it's a worst case scenario but it could happen especially since funeral homes are often just a like any other small business.
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If people are buying life insurance to pay for their funerals, there is a better way. Having a 'paid in full' account at the funeral home of their choice is a great thing. I take care of an old lady who has no family. She's all paid up and ready. I call the funeral home and it's all taken care of. All I have to do is make sure her cat is buried with her. Not still alive of course. : )
Originally Posted by jeepcurlygurl
just want to say that is an honorable thing for you to do!!! okay i'm confused about the cat. if she dies and the cat hasn't died what are you to do? i'm just being nosey

also, while paid in full is a great idea, i would be a little cautious of that because businesses do go under and then you'd be out of luck. again, it's a worst case scenario but it could happen especially since funeral homes are often just a like any other small business.
Originally Posted by luvmylocs

The funeral industry is notorious for fraud. Funeral homes have been known to not put the pre-need funds into escrow/trust funds, but rather just spending it and then going out of business and all the people who pre-paid are screwed. Many states have been very lax on their oversight of the funeral industry.
If people are buying life insurance to pay for their funerals, there is a better way. Having a 'paid in full' account at the funeral home of their choice is a great thing. I take care of an old lady who has no family. She's all paid up and ready. I call the funeral home and it's all taken care of. All I have to do is make sure her cat is buried with her. Not still alive of course. : )
Originally Posted by jeepcurlygurl
just want to say that is an honorable thing for you to do!!! okay i'm confused about the cat. if she dies and the cat hasn't died what are you to do? i'm just being nosey

also, while paid in full is a great idea, i would be a little cautious of that because businesses do go under and then you'd be out of luck. again, it's a worst case scenario but it could happen especially since funeral homes are often just a like any other small business.
Originally Posted by luvmylocs

The funeral industry is notorious for fraud. Funeral homes have been known to not put the pre-need funds into escrow/trust funds, but rather just spending it and then going out of business and all the people who pre-paid are screwed. Many states have been very lax on their oversight of the funeral industry.
Originally Posted by RedCatWaves
That's true. The same can be said for the insurance industry.

I guess living in a town where the funeral homes have been around and in the same families for a couple hundred years, I never think of them going out of business or screwing their neighbors out of their money. It's sure possible, but not probable.
I don't plan on using a funeral home at all, just a quick trip to the crematorium. But most people still want the funeral home deal and I still think pre-paid is a viable option. And no waiting for the money from insurance policies, estates, frozen bank accounts.

RE: the cat. She is an old cat and if my friend happens to die first, the cat will be put to sleep, cremated and buried with her.

Sorry for the side track. Back to insurance talk.
In Western PA
Found NC in 2004. CG since 2-05, going grey since 9-05. 3B with some 3A.
Hair texture-medium/fine, porosity-normal except for the ends which are porous, elasticity-normal.
Suave & VO5 cond, LA Looks Sport Gel, oils, honey, vinegar.
http://public.fotki.com/jeepcurlygurl/ password jeepy **updated Aug 2014**
https://www.facebook.com/lifetheuniverseandtodd
My inlaws prepaid their funeral expenses 10+ years ago. When my FIL died last summer, the funeral policy really came in handy. Since the account had earned so much interest over the years, MIL got a check for $6,000 that was left over after the cremation and interment were paid for.

I think it's great that some people are ok with DIY burials. However, most of us prefer to pay someone else to take care of it. Funeral policies aren't all bad and not all funeral homes are frauds.
I recently got a $10K policy from AARP. No physical was necessary. It's cheap, about $25 per month and will go up, a little, every 5 years until I'm 80. I worry that I may die at 81.

I've already let my daughter know that I am a donor. After that I want to be cremated. I don't really care what they do with the ashes. It would be nice to put them in the ground and plant a tree over them.
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