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Old 02-07-2017, 11:45 PM
 
Location: Las Vegas
749 posts, read 568,991 times
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Why are funeral and death issues in the retirement blog? There is a grief and mourning blog. Retirement should not be regarded as the end of life. For many it is the beginning!
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Old 02-07-2017, 11:54 PM
 
Location: Out there somewhere...a traveling man.
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Cremation $695, paid by VISA, urn set on the mantel no charge.
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Old 02-08-2017, 06:23 AM
 
10,344 posts, read 9,382,296 times
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Quote:
Originally Posted by Tornado Baby View Post
Why are funeral and death issues in the retirement blog? There is a grief and mourning blog. Retirement should not be regarded as the end of life. For many it is the beginning!
I agree with you that retirement is the pathway to a new beginning; however, planning ahead for one's demise needs to be addressed. When we leave this world, there are those still here left with the decisions and costs for our burial/cremation if we didn't make those plans ahead of time.
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Old 02-08-2017, 06:35 AM
 
Location: Ypsilanti, MI
2,439 posts, read 3,665,541 times
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Back to the Original Poster's question regarding life insurance policies for children in their 20's.


I don't think you can legally purchase such policies for non-dependent adults. Once the children reach the age of 21 they are considered adults. Exceptions occur such as student status, handicap status, and maybe even chronically unemployed status, which can result in children remaining as dependents past the age of 21, but generally speaking I don't believe parents can purchase life insurance for children 21 or older.


This doesn't mean you can't provide them with the funds to cover a policy they purchase, but I don't think you can purchase a policy on their lives.
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Old 02-08-2017, 07:08 AM
 
Location: Virginia
3,962 posts, read 2,034,762 times
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My late Mom had her funeral pre-paid with a reputable funeral home, and had every detail planned out including the flowers, which were to come from our family's florist business. She even had it arranged that her second husband's ashes (she remarried at age 73!) were to be interred with her, and had the gravestone for her and my father changed to reflect that. That woman was a planner for sure! We were all very grateful, as Mom suffered from advanced Alzheimers when she died. I purchased a plot for myself when my husband died, and will pre-pay for burial (no embalming) with the same funeral company I used for him, as they are local and can bury me, hopefully, within 24 hours. No muss, no fuss!
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Old 02-08-2017, 07:49 AM
 
Location: Columbia SC
8,969 posts, read 7,741,639 times
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Quote:
Originally Posted by MaryleeII View Post
Life insurance is NOT considered a part of the estate and by-passes probate. Estates can be tied up for years in probate. Life insurance is instant cash for final expenses.
And it is non-taxable income for the beneficiary.
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Old 02-08-2017, 07:53 AM
 
1,831 posts, read 2,137,324 times
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We should all work hard to make death a low cost event. The health industry and the funeral industry are way out of line.
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Old 02-08-2017, 08:43 AM
 
Location: Saint John, IN
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Term insurance is the cheapest. Call your insurance agent. They can give you a quote. Price depends on how much you want, your age and health. Your kids should get it too and lock in a rate. The older you get the more it costs and then health issues could arise. For a 20 year old I suggest a 30 year term policy for at lease $200k. It would probably be about $15 a month! Costs less than a pizza!
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Old 02-08-2017, 08:46 AM
 
Location: Saint John, IN
11,043 posts, read 3,990,821 times
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Quote:
Originally Posted by MI-Roger View Post
Back to the Original Poster's question regarding life insurance policies for children in their 20's.


I don't think you can legally purchase such policies for non-dependent adults. Once the children reach the age of 21 they are considered adults. Exceptions occur such as student status, handicap status, and maybe even chronically unemployed status, which can result in children remaining as dependents past the age of 21, but generally speaking I don't believe parents can purchase life insurance for children 21 or older.


This doesn't mean you can't provide them with the funds to cover a policy they purchase, but I don't think you can purchase a policy on their lives.


Anyone can be the owner of a life policy, but they would need to have a financial interest in the insured, such as parent paying for college. Otherwise yes, they would need to get their own policy, but the OP can call her insurance agent (whoever insures her auto & home) and get a quote for her children and pass on the information.
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Old 02-08-2017, 08:55 AM
 
Location: Saint John, IN
11,043 posts, read 3,990,821 times
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Quote:
Originally Posted by MaryleeII View Post
Life insurance is NOT considered a part of the estate and by-passes probate. Estates can be tied up for years in probate. Life insurance is instant cash for final expenses.
Yes, this is correct! Life insurance does not go through probate, is not part of the estate and is not taxable income to the


Everyone should have life insurance if they still have dependents and debt. If not, then at least have enough to take care of final expenses if not already prepaid.
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