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My mother's body was cremated and place in a small wooden box and prayer cards printed for her. The cost of the church service was a minimum donation. She was buried in family plot was a family plot with a family tombstone - no cost, but we had to pay to have the grave dug. The 2018 cost was $7,000 in NJ.
If a person isn't cremated, a full size casket can cost up to $10,000, embalming and a funeral home showing are additional expenses. Then you have to purchase a plot of land, a tombstone and pay the grave diggers.
It adds up!
Yes it can. I was kind of surprised the the 'average' was as low as they said.
I have a 20 year, $250,000 term policy that ends in 2031. i will not renew when it ends. I also have a 20 year payment, $100,000 whole life policy. The beneficiaries for both policies are my wife first, and then 50/50 for my two adult children. My wife also has a 20 year, $100,000 term policy.
For me its just peace of mind knowing that she'll have access to tax free cash if needed.
Life insurance is a very good business for life insurance companies and for life insurance salesmen.
But life insurance isn't insurance, is it? It is not a transfer of risk such as homeowner's insurance or automobile insurance. It is a misnomer. It is more like a winning lottery ticket - it always pays off (with very minor exceptions) - that has some unique properties.
Last edited by moguldreamer; 03-11-2024 at 07:25 AM..
I wish we got whole life back in our thirties. Don't laugh, but we had term insurance. Once the kids were grown, we cancelled it. My husband called one of those places that claim to buy insurance policies. Our term life policies were worthless after paying in for thirty years.
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"don't laugh'? You did exactly the right thing. No one should buy whole life insurance. It is always a rip-off.
What is the purpose of insurance? To cover your risk of an unexpected event, like dying young when you have a family to support. Dying when you are old is not unexpected; there is no reason to have life insurance when you are old.
Insurance salesmen will try to sell you whole life as an investment, by showing you how it builds cash value. Well, if you want an investment then invest in stock, bonds, real estate, mutual funds...whatever. Life insurance is usually not a good investment due to hidden fees. Keep your insurance and your investments separate. And when you are older, your investments will cover any need that your term insurance used to cover.
Why do you think that insurance salesmen always try to steer you into whole life? And then they come up with all sorts of complicated versions, like "variable universal life" policies that, again, are usually a big rip off but nearly impossible for the average customer to determine exactly how much they are paying in fees. It's because the salesmen make big bucks by steering you to those products.
Whole life insurance is an excellent Vehicle to maintain 'Family Wealth' --- Everyone dies, and if you start in your 20s, your premium will be very reasonable. !
Take that premium money and instead invest it in index mutual funds, and you will likely find you gain a lot more over the years than your WL policy will. Why enrich some insurance salesman at your expense?
Don't take my word. Ask Dave Ramsey:
"Frankly, a life insurance policy isn’t a money-making scheme. We know you’re probably interested in building wealth and protecting your family along the way. And those are both legit goals! But each requires its own tool for the job, and you’ll see much better results if you keep them separate.
Bottom line: Don’t mix insurance with investing by purchasing a whole life policy. You’ve got way better ways to invest than what you’ll find in an insurance plan. Which sounds like more fun to you—investing in growth stock mutual funds so you can enjoy your retirement or “investing” in a plan that’s based on whether or not you kick the bucket? Easy answer!" https://www.ramseysolutions.com/insu...20Whole%20Blog
I'm 75 and have three life insurance policies totaling $160k.
$50K whole life
$10K whole live
$100k term.
The $100k expires in December which will cut my total premium almost in half.
I have always had life insurance to protect the family and ten years ago I took out the $100k term knowing it was nowhere near a good investment but I wanted protection for my wife in the event I passed first.
Today I don't need insurance anymore so will party when the term expires but keep the two whole life policies for final expense and extra money to the wife. Thing is today my wife wouldn't need the life insurance money and while it might not be the smartest financial move to make but it makes me feel better.
Take that premium money and instead invest it in index mutual funds, and you will likely find you gain a lot more over the years than your WL policy will. Why enrich some insurance salesman at your expense?
Don't take my word. Ask Dave Ramsey:
"Frankly, a life insurance policy isn’t a money-making scheme. We know you’re probably interested in building wealth and protecting your family along the way. And those are both legit goals! But each requires its own tool for the job, and you’ll see much better results if you keep them separate.
Bottom line: Don’t mix insurance with investing by purchasing a whole life policy. You’ve got way better ways to invest than what you’ll find in an insurance plan. Which sounds like more fun to you—investing in growth stock mutual funds so you can enjoy your retirement or “investing” in a plan that’s based on whether or not you kick the bucket? Easy answer!" https://www.ramseysolutions.com/insu...20Whole%20Blog
ramsey is the last guy i would take financial advice from ..his advice lately has been so far fetched and even dangerous to one’s financial well being to follow
guru ED SLOTT and dr pfau would certainly disagree with ramseys view.
i have mixed feelings about it but certainly don’t agree with ramsey at all as a one size fits all view
Last edited by mathjak107; 03-12-2024 at 02:31 AM..
Take that premium money and instead invest it in index mutual funds, and you will likely find you gain a lot more over the years than your WL policy will. Why enrich some insurance salesman at your expense?
Don't take my word. Ask Dave Ramsey:
"Frankly, a life insurance policy isn’t a money-making scheme. We know you’re probably interested in building wealth and protecting your family along the way. And those are both legit goals! But each requires its own tool for the job, and you’ll see much better results if you keep them separate.
Bottom line: Don’t mix insurance with investing by purchasing a whole life policy. You’ve got way better ways to invest than what you’ll find in an insurance plan. Which sounds like more fun to you—investing in growth stock mutual funds so you can enjoy your retirement or “investing” in a plan that’s based on whether or not you kick the bucket? Easy answer!" https://www.ramseysolutions.com/insu...20Whole%20Blog
I actually no longer have a Premium! Most Whole life policies require you to pay a premium till death, but when I was 18, the broker who wrote the policy gave me a policy that lasts for 20 years, then the dividends on the policy continues to pay the premiums till death.
Are we talking about burial or cremation at that price?
That was casket, service, marker, plot, etc.
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