TOTALLY GEEKED!

Depends what you are looking for. We purchased a lot of insurance when our children were born. The thought on that was if one of us died, we needed to replace income and have money for college, etc. However now our kids are on the way to college and we don't necessarily need it of that, although nice to leave a decent amount as part of inheritance. My term policy expired last year so i went thru the physical etc to get another one.

If you want a small amount for funeral expenses, you could get like a $10k policy. That should be fairly inexpensive. However, if you have medical issues it is going to be more costly.

I want enough to bury me, and maybe pay any bills off I may leave.

I am about to face 2 violent surgical procedures within weeks of each other, I don't have years to accumulate a fund.

I need something just in case.

I’ve seen maybe two total joints patients die in the past 23 years and we do at least 30 a week.

Check the yellow pages or google for an insurance broker in your area. They will have information on a variety of policies and the cost for each. A fixed rate level term policy will give you the most bang for the buck.

We chose to take out large policies life insurance policies vs paying the insane prices for nursing home insurance. The policies are large enough that they should cover a couple of years of nursing home care.

I am surprised to read that 10K will still pay for a funeral.... But, burial insurance is a scam; my mother had a policy and ended up paying much more that the estate got when she died....

My parents took out a $10K policy on me when I was in my 20's. Enough to pay off my car loan was about it. I think I still have the policy. We stopped paying on it because, well, it cost more than its value.

We have insurance through our employers. I think DH upped his per our financial guy's recommendation. But once we retire I'm going to decline to continue.

My parents have already paid for their funeral expenses, plots, and urn/caskets. They have everything in a family trust to avoid probate. That's what we have done as well.

Unless you have a ton of debt or are filthy rich and don't want your children to have it until they reach a desired milestone in their lives, I wouldn't bother. But I'm not familiar with your situation or the laws of intestate succession in your state.

After these surgeries, I'll most likely drop it. I'm going to talk to a local funeral home about pre-planning and paying. There are 2 I like, it'll come down to price.

We have the cash to pay for the nursing home and then we will replace the cash with life insurance.

 

 

Domestic Engineer wrote:

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We have the cash to pay for the nursing home and then we will replace the cash with life insurance.

 

 

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 You must have long term care insurance which is not the same as Life Insurance.

Domestic Engineer wrote:

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Nope. It’s not long term care. If DH or I need to go into a nursing home we have cash to cover it. Upon our death, we have a large life insurance policy that is sufficient to replace the cash that was used to pay for the nursing home.

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 ahhh.  I misunderstood.

Lady Gaga Snerd wrote:

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Honestly it almost seems like one should divorce in their golden years. If one goes into the nursing and the other doesn't, the healthy one could be easily wiped out

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 There are protections in place to last while the spouse is living - but not past that.  

 

My issue is kids that want to take their parents money to ensure an "inheritance" and then put them on medicaid.  The whole point of saving for retirement is to PAY for retirement and care needs. 

I know what to do_sometimes wrote:

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Domestic Engineer wrote:

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We have the cash to pay for the nursing home and then we will replace the cash with life insurance.

 

 

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 You must have long term care insurance which is not the same as Life Insurance.

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 There are policies that cover both but they are not common.

 

Lady Gaga Snerd wrote:

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Lawyerlady wrote:

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Lady Gaga Snerd wrote:

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Honestly it almost seems like one should divorce in their golden years. If one goes into the nursing and the other doesn't, the healthy one could be easily wiped out

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 There are protections in place to last while the spouse is living - but not past that.  

 

My issue is kids that want to take their parents money to ensure an "inheritance" and then put them on medicaid.  The whole point of saving for retirement is to PAY for retirement and care needs. 

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 Yes, my mom wanted to start passing some money to me and my sister.   She wanted to sign  her house over to us after dad died.  I told her no, HER money is for HER  and her needs.  And, I said she shouldn't turn control of her house over.   Keep your independence and finances.

She did ultimately wind up in a nursing home  and extended care and I was Power of Attorney.  And, all her bills were paid in full with the remainder of her money.  And, there was a bit left over that myself and sister then split.  I suppose we were stupid to not have tried to hide that and just put her on Medical assistance.  I will say however, that paying her bills privately gave her a few more options later in life. I was able to make sure she had a private room.  And, at one point, i did not like the care she was receiving at one home and i was able to pull her out of there immediately and move her to another BECAUSE she was private pay.  Had she been on medial assistance, I doubt she would have had those choices.

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 That's correct.  I am not signing over things to my kids prior to death.  I do have everything in a trust.  That trust will pay for my needs until I die and then it can be split.  I am well aware of private pay advantages.  Too many elders are abused in homes.  Luckily DS, or DD, have any issues such as drugs or any other substance abuse and seem  to not run in criminal circles so having DS as power of attorney and Executor was a safe move.

DH and I are covered under his work at $100,000. Once the divorce is final I won't have life insurance. I was talking to BF about funeral stuff and he said he has two plots already paid for. Got them for him and his ex. But she doesn't want hers now so he said he wants me to have it. It's in MO though and not TX. I don't really care where my body is. It's just a body.

Nobody Just Nobody wrote:

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DH and I are covered under his work at $100,000. Once the divorce is final I won't have life insurance. I was talking to BF about funeral stuff and he said he has two plots already paid for. Got them for him and his ex. But she doesn't want hers now so he said he wants me to have it. It's in MO though and not TX. I don't really care where my body is. It's just a body.

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 I don't think I even want a burial plot.  Would rather be cremated and tossed into the wind.

Cremation is the cheapest way to go.

Momala wrote:

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DH and I have both elected for
cremation. I'll spread his ashes
in his watermelon patch and in
Elm Creek, his favorite fishing
hole. I'll save some to inter
with mine at the Masonic Cemetery.
I'll also request that my ashes be
mixed with the small amount I
have from first DH. That way his
kids can't disrespect me without
disrespecting their own father.

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 We can make any request but who knows if it will be carried out.  Nobody is really bound or forced to honor those requests.   I mean, one of course would hope that their family will.  But, people sometimes have difficulty with death.   When my dad passed, he was cremated as he wished.  However, I don't know if my mom had any plans for his ashes or not.  When the Funeral Director called that they were available to be picked up, we both just could not do it and we had his ashes buried at the cemetery instead.

Lawyerlady wrote:

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I want to be buried in a natural cemetery. No embalming, just me and the worms. They have to eat, too!

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 I think that makes more sense.  Dust to dust.

We buried one of our dogs in the yard. She passed away in my arms on a Sunday. I was supposed to take her to the Vet on Mon and she was going to be put down but she passed one morning right after I let her out to potty, she laid down in the cool dewy grass and was panting. The sun was shining and it was the cool of the morning. I sat on the porch awhile while she laid on her side in the grass. She had never done that before. I went and picked her to bring her in the house as I was having to carry her around for the previous days. And, she then took her last breath as I held her. I sat and held her for awhile. And, then I woke up DH and he dug a hole at the back of our property and I laid her down. I took off her collar. I didn't wrap her in anything. We simply buried her as she was. And, the grave remained undisturbed so I think that her bones are still there but it was organic and she went back to the earth.

Lady Gaga Snerd wrote:

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We buried one of our dogs in the yard. She passed away in my arms on a Sunday. I was supposed to take her to the Vet on Mon and she was going to be put down but she passed one morning right after I let her out to potty, she laid down in the cool dewy grass and was panting. The sun was shining and it was the cool of the morning. I sat on the porch awhile while she laid on her side in the grass. She had never done that before. I went and picked her to bring her in the house as I was having to carry her around for the previous days. And, she then took her last breath as I held her. I sat and held her for awhile. And, then I woke up DH and he dug a hole at the back of our property and I laid her down. I took off her collar. I didn't wrap her in anything. We simply buried her as she was. And, the grave remained undisturbed so I think that her bones are still there but it was organic and she went back to the earth.

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 Our beloved "Natalie" was buried that way as well.  We planted an orange tree over her.  That tree gave us a ton of fruit.  We thought of her with each one.

Of course not. Then the pet cemeteries would lose money. We have a couple hamsters buried in the front yard garden.