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Old 02-08-2017, 10:22 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,984 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 for one an very glad to see such a thread in this forum, I even think there should be a sub-forum here for funeral related discussions. It is what comes at the end of retirement for most people after all.
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Old 02-08-2017, 10:26 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,984 times
Reputation: 6691
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.
I have a policy that I purchased on my son when he was 22 and had become a father. As his mother I was considered to have an insurable interest, didn't matter what his age was. He is now 31 and I still have and pay for the policy. and I am the beneficiary as well as the policy owner.
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Old 02-08-2017, 10:48 AM
 
4,776 posts, read 6,609,438 times
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Quote:
Originally Posted by katie45 View Post
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.
What she said. ^^^
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Old 02-08-2017, 10:50 AM
 
4,776 posts, read 6,609,438 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.
I don't know about any other policies but the Globe Life "Young Americans" plan goes up to age 25.

I read a few negative reviews online about how they didn't want to pay out like they should and how their customer service was crap, so I don't think I'm going to consider that route any more.
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Old 02-08-2017, 10:54 AM
 
4,776 posts, read 6,609,438 times
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Quote:
Originally Posted by CGab View Post
Term insurance is the cheapest. Your kids should get it too and lock in a rate.
I don't think you can guarantee a locked-in rate on term, can you?

We were sold a term policy 30 years ago that was supposed to never increase the rate but they ended up later being legally challenged on that or something and now we keep getting letters saying that it's all settled now and rates could go up after a certain date, can't remember what it is.
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Old 02-08-2017, 11:01 AM
 
Location: Pennsylvania
12,486 posts, read 4,220,336 times
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Funerals..... the final gouging..... I'm hearing $8,000 and up for a funeral. Ridiculous!!!

Do whatever you can do to keep the ceremony simple and low cost.
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Old 02-08-2017, 11:07 AM
 
4,776 posts, read 6,609,438 times
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Don't worry, I will for mine (hopefully he will follow my wishes) or my husband's, but if something happened to one of the kids my husband would probably overspend out of guilt or something....it's kinda the way he rolls.
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Old 02-08-2017, 11:16 AM
 
Location: Saint John, IN
11,043 posts, read 3,987,012 times
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Quote:
Originally Posted by Luvvarkansas View Post
I don't think you can guarantee a locked-in rate on term, can you?

We were sold a term policy 30 years ago that was supposed to never increase the rate but they ended up later being legally challenged on that or something and now we keep getting letters saying that it's all settled now and rates could go up after a certain date, can't remember what it is.
Term life insurance rates are locked in for the life of the term policy. Payments will not change! If your rates changed then you didn't have a term policy and it's probably a Universal Life policy. If your auto insurer does not offer life insurance then you can google "term life insurance" and a million websites will come up.
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Old 02-08-2017, 11:26 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,558 posts, read 39,944,045 times
Reputation: 23688
Quote:
Originally Posted by ChessieMom View Post
How did your parents cause you to go into debt?
sorry, can't DM...
Not my debt. Parents created debt from borrowing from family and LT friends for 7 different businesses they owned. As I became their legal guardian (at age 18), I voluntarily elected to pay back friends and family. (and some businesses, as possible). I liquidated the businesses and worked 3 jobs (cuz I also had to buy a house for all of us... 624 SF on the wrong side of the tracks was a big change from the ranch)

Many of us end up doing such things for our families / delinquent / destitute adult kids, grandkids, and parents....and would do the same for friends in need, And most of us will personally fund a funeral / burial for same.

Personally, I will just keep $1000 stashed, rather than buy a life insurance policy / pre-paid burial on any of the many destitute siblings and kids (nieces / nephews) I could end up burying.
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Old 02-08-2017, 11:45 AM
 
Location: Myrtle Creek, Oregon
12,248 posts, read 12,499,482 times
Reputation: 19388
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.
You can buy life insurance on anyone you have a fiduciary interest in. You don't even have to be related. Business partners commonly buy life insurance on each other. Movies buy life insurance on the cast. If you expect your children to provide care in your old age, you can certainly buy life insurance on them.
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