Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm trying to be proactive in family matters and ran across the idea of burial insurance to cover the cost of funerals, that awful inevitability. Does anyone have experience with such a thing? I'd never heard of it until I started running numbers for family members and looked to figure out the best investment. An active policy now would relieve me of the worry that savings haven't accrued enough. Is this type of insurance reputable? Is it reliable? I thought to simply manage finances to make certain at least $10K apiece in savings was available, but I figured with estate tax issues it might just be better to take out policies to cover costs instead.
The simplest , and best way, to provide for burial cost is to buy a $10>$15 k whole life policy for each person. Whole life , if bought while your young enough, will be cheap, gain interest value, and be paid to as you direct.
Burial policies always benefit the undertaker the most. Don't buy'em since they are a really bad deal.
I'm trying to be proactive in family matters and ran across the idea of burial insurance to cover the cost of funerals, that awful inevitability. Does anyone have experience with such a thing? I'd never heard of it until I started running numbers for family members and looked to figure out the best investment. An active policy now would relieve me of the worry that savings haven't accrued enough. Is this type of insurance reputable? Is it reliable? I thought to simply manage finances to make certain at least $10K apiece in savings was available, but I figured with estate tax issues it might just be better to take out policies to cover costs instead.
Unfortunately I do have extensive experience with them. Grand-parents on both sides of my family have passed away and they all had them, and they really were a god-send. Everything is paid for unless you want to make a change (add-on, can't take away anything). All decisions are made already by the person the insurance covered. Casket, linings, flowers, type of displays, etc., etc. are all picked out BY the person. There is no guessing, no wishing you had talked more about specific details, and all I had to do in each case was call the funeral home, give the policy number and date when I wanted to have the viewing. Everything else, all details were already worked out and listed extensively so the funeral home (people I had never met) didn't have to guess or ask the bothersome details while I was trying to arrange other things.
I think they're great. Well worth it. An awesome piece of mind, and you don't have to worry about any out of pocket expenses while dealing with this horrible loss.
Unfortunately I do have extensive experience with them. Grand-parents on both sides of my family have passed away and they all had them, and they really were a god-send. Everything is paid for unless you want to make a change (add-on, can't take away anything). All decisions are made already by the person the insurance covered. Casket, linings, flowers, type of displays, etc., etc. are all picked out BY the person. There is no guessing, no wishing you had talked more about specific details, and all I had to do in each case was call the funeral home, give the policy number and date when I wanted to have the viewing. Everything else, all details were already worked out and listed extensively so the funeral home (people I had never met) didn't have to guess or ask the bothersome details while I was trying to arrange other things.
I think they're great. Well worth it. An awesome piece of mind, and you don't have to worry about any out of pocket expenses while dealing with this horrible loss.
With all due respect what this post talks about is called a "prepaid funeral" where the OP ask about Burial Insurance. They are NOT the same thing at all.
Thanks for the reply, Tightwad. My situation is this: I've recently undertaken (no pun intended) the role of primary caregiver for my brother, who's been disabled, had limited insurance, and is now undergoing more acute medical issues. I honestly don't know how much longer he has, but I'm optimistic. A whole life policy would be better than a burial policy, but I thought that, given his factors, the specific insurance industry for at-risk individuals might offer advantages, especially versus my having to set aside thousands of dollars. I suppose I'll have to shop around and compare premiums between whole life and burial policies.
My situation is this: I've recently undertaken (no pun intended) the role of primary caregiver for my brother, who's been disabled, had limited insurance, and is now undergoing more acute medical issues. I honestly don't know how much longer he has, but I'm optimistic. A whole life policy would be better than a burial policy, but I thought that, given his factors, the specific insurance industry for at-risk individuals might offer advantages, especially versus my having to set aside thousands of dollars. I suppose I'll have to shop around and compare premiums between whole life and burial policies.
If you have trouble getting a policy for your brother due to his health ( I suspect that you will) look at smaller amount policies that aren't fussy about health issues. It might take two $5,000 policies to get your brother covered with enough insurance to lay him to rest.
Either way do your homework as you are. It might help to find an independent agent that sells for many companies to find just what you need.
Thanks for the reply, Tightwad. My situation is this: I've recently undertaken (no pun intended) the role of primary caregiver for my brother, who's been disabled, had limited insurance, and is now undergoing more acute medical issues. I honestly don't know how much longer he has, but I'm optimistic. A whole life policy would be better than a burial policy, but I thought that, given his factors, the specific insurance industry for at-risk individuals might offer advantages, especially versus my having to set aside thousands of dollars. I suppose I'll have to shop around and compare premiums between whole life and burial policies.
Maybe you are more interested in long-term care insurance? Burial costs might be a drop in the bucket compared to what his end of life medical cost may turn out to be. Also, whole life insurance is structured so that its pays a death benefit but also has a investment component so it gains value with time. You might not have the kind of time it requires for whole life insurance to gain value (the time span is many years). It might not be worth the higher premiums.
The simplest , and best way, to provide for burial cost is to buy a $10>$15 k whole life policy for each person. Whole life , if bought while your young enough, will be cheap, gain interest value, and be paid to as you direct.
Burial policies always benefit the undertaker the most. Don't buy'em since they are a really bad deal.
I agree. Basically if you buy a "burial" policy the undertaker invests the money you give them/same with a prepaid funeral policy--and they get the profits. By taking out a small whole life policy YOU get to take advantage of the earnings on the policy.
Quote:
Originally Posted by Bunjee
Thanks for the reply, Tightwad. My situation is this: I've recently undertaken (no pun intended) the role of primary caregiver for my brother, who's been disabled, had limited insurance, and is now undergoing more acute medical issues. I honestly don't know how much longer he has, but I'm optimistic. A whole life policy would be better than a burial policy, but I thought that, given his factors, the specific insurance industry for at-risk individuals might offer advantages, especially versus my having to set aside thousands of dollars. I suppose I'll have to shop around and compare premiums between whole life and burial policies.
Chances of getting any insurance on him are slim to none. By the time you NEED insurance it is too late to buy it, sorry.
Quote:
Originally Posted by broadbill
Maybe you are more interested in long-term care insurance? Burial costs might be a drop in the bucket compared to what his end of life medical cost may turn out to be. Also, whole life insurance is structured so that its pays a death benefit but also has a investment component so it gains value with time. You might not have the kind of time it requires for whole life insurance to gain value (the time span is many years). It might not be worth the higher premiums.
What exactly do you want the insurance for?
See my answer above--she won't be able to get Long Term Care insurance on him.
Chances of getting any insurance on him are slim to none. By the time you NEED insurance it is too late to buy it, sorry.
.
This is why I suggested buying more than one small $5,000 policy. Smaller policies usually don't get to fussy about health issues like they do when more money is involved.
Any mortician will arrange a proper and legal disposition of a deceased for somewhere around $2,000, tops. Discuss funeral arrangements with family members, determine if all the traditional services are really necessary. Most people these days are opting for cremation.
Insurance is never a good way to invest money. Save and invest your money some other way, in which you have day to day control over it.
My mother had a "pre-paid funeral", and every year they sent her an invoice explaining that costs had increased, and she would have to remit additional funds in order to bring it up to current costs. Ask questions.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
