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Old 02-08-2017, 12:49 PM
 
527 posts, read 1,089,898 times
Reputation: 679

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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.
Sorry, not 100% true
If there is no beneficiary noted on your life insurance policy
Then the benefit is paid to the deceased estate,
As part of the estate, it is exposed to Estate taxes, if any are due.

this is very common with life insurance as a benefit from your employer.
Many people start new jobs and forget to contact HR to list a beneficiary.
Also, companies change HR systems, long time employees may find out their designation records have been lost. Or beneficiaries pass away

Same with pensions or 401K's if not married
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Old 02-08-2017, 01:15 PM
 
Location: Saint John, IN
11,043 posts, read 3,987,012 times
Reputation: 13557
Quote:
Originally Posted by Luvvarkansas View Post
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.
Global Life Young Americans plan is also very expensive compared to a regular term life insurance policy!
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Old 02-08-2017, 01:43 PM
 
30,081 posts, read 47,320,143 times
Reputation: 16023
Quote:
Originally Posted by Luvvarkansas View Post
We just got a letter in the mail from Globe Life about their kids' life insurance policy. I've read reviews and decided not to go with them, but it got me to thinking....

A recent death in the family drove home the need for plenty of burial insurance. Hubby has life insurance on himself which should take care of his funeral expenses, but there is none on me or the kids (20s). What would be the best and cheapest way to get that? Good companies? Any personal experiences? Etc.

I won't personally need much....unless I die in an accident, I'm planning on getting a pine box from Angola (if it's good enough for Ruth Graham it's good enough for me, lol) and just having a graveside service (well, that's what I've told my hubby to do anyway, whether he'll actually do it is debatable). But for the kids (shudder to think about it) it would be better to have one less worry if something should happen to them....and neither is in a position to get burial insurance for themselves at this point.
You may not have a choice about burial standards...
Many areas require embalming and other aspects--some places don't allow people to be buried outside a cemetery on just private land...
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Old 02-08-2017, 06:03 PM
 
Location: Columbia SC
8,959 posts, read 7,733,997 times
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Quote:
Originally Posted by loves2read View Post
You may not have a choice about burial standards...
Many areas require embalming and other aspects--some places don't allow people to be buried outside a cemetery on just private land...
Most of what you say is is a myth promulgated by the funeral business. But as you say, check local/state laws.
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Old 02-08-2017, 06:12 PM
 
25,976 posts, read 32,984,687 times
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Quote:
Originally Posted by StealthRabbit View Post
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.
No I'd never attempt to pay off that kind of a debt for someone else.
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Old 02-09-2017, 09:28 AM
 
4,776 posts, read 6,607,652 times
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I guess I really should have titled this "Best way to be prepared for paying for funerals".
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Old 02-09-2017, 09:41 AM
 
Location: The Triad (NC)
28,494 posts, read 62,136,122 times
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Quote:
Originally Posted by Luvvarkansas View Post
I guess I really should have titled this "Best way to be prepared for paying for funerals".
As was said:
1) KNOW what you want/prefer will cost.
Do your shopping and research and decision making.
Write it all down in some detail.
Incorporate that letter within your will and TELL your family.

2) CASH. Have the money needed set aside or pre-pay with a reputable funeral director.
If you're going traditional then pick out and pay for the plots too.
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Old 02-09-2017, 10:10 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,555 posts, read 39,934,465 times
Reputation: 23683
Quote:
Originally Posted by Luvvarkansas View Post
I guess I really should have titled this "Best way to be prepared for paying for funerals".
as per above^^^

very EZ to plan to pay for your own funeral (you know your budget and taste, but not timing)

Very tough to PLAN for the expense you may bear for others....(if they have not disclosed their wishes / budget).
Get it in writing, do your shopping, NEVER fall prey to the circling sharks / emotion of the moment.

(find a "rational" (and practical) person to review BEFORE plunking down the dough.)

It is really quite simple.

If you will have to travel... keep a bank of airline miles, or know someone / ask friends to get you a ticket for a last minute flight. I have donated many trips to grievers. It is a worthwhile cause.

For 90% of the cases... $1000 will suffice. (use a local church for services, not a funeral home)
To FUND: Use your Emergency fund, HELOC, CC, cookie jar. recover your costs selling a few items from the deceased on eBay.

Use your brain, not your emotions. This (and you) will pass.
* Don't die in Nebraska (powerful and EXPENSIVE funeral lobby)
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Old 02-10-2017, 05:08 AM
 
618 posts, read 266,518 times
Reputation: 1497
Quote:
Originally Posted by mortpes View Post
We should all work hard to make death a low cost event. The health industry and the funeral industry are way out of line.
I highly agree. I told my wife that people need to formulate a plan on how to go against and PEACEFULLY protest these prices. It shouldn't cost hundreds of dollars for medication and many thousands for surgeries. It's life. Nobody should be able to put a price tag on it.
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Old 02-10-2017, 11:54 AM
 
Location: Wasilla, AK
7,241 posts, read 4,132,331 times
Reputation: 15642
Don't forget to ask for a discount. When my father died, I was the one who set up the cremation he had requested. He was taken to the same funeral home that his wife had been taken to three years earlier. As we were discussing the price, I mentioned that I got a multi car discount from my auto insurance company and so I asked if I could get a multi cremation discount for my father's cremation. I'm guessing not many people ask for a discount, because the lady seemed taken aback somewhat. But she did give me a 10 percent discount. So it doesn't hurt to ask, especially if you've used that mortuary's services in the past.
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