Life Insurance

[G G]

This is probably a crazy question/subject to ask about on a cigar forum, but here goes.

A lot of you know I live in NE Florida in a rural area. Let me preface this by saying that When my brother and I were very young my maternal grandfather purchased a small life insurance policy on both of us and kept it until we were both over the age of 18 and then he chased them out, because both of us then had our own life insurance as it should be. Through my 20s and not being as responsible as I should have been I did let a couple policies lapse for non payment of premiums, but always got another one in a relatively short time. I have had continuous life insurance since my late 20s with no lapse and currently at the age of 58 I have two personal life insurance policies and a couple small ones through two different credit unions and one with the county I retired from a couple years ago.

I said that to say this and ask opinions. I regularly see on my Facebook feed (especially when it's young people) that people post up gofundme accounts to pay for funerals, and it's been that way for a lot of years. They will state in a lot of those pleas that the person didn't have any life insurance. Most of us know that the younger you are when you purchase life insurance, the cheaper it is.

Is this something y'all see a lot of in your area of the country or is it more a rural problem? I have of course donated to a few of them, and I also know that there are some people that can't afford to pay for life insurance. But the truth is many of the people I have seen were folks that had decent jobs and weren't like they were struggling to get by.

I just wonder why so many don't see the need or value in not leaving a burden for your family to have to scramble to pay for a funeral if the need arises.

[Ashcan Bill]

If your sole reason for life insurance is to pay for your burial, you can alternately choose to prepay all your burial expenses - basically a burial policy. My dad had a plan to pay for all his funeral expenses by making monthly payments. If he died before the plan was fully paid, the plan automatically paid itself off. Unfortunately he beat the system and died early, sticking the plan with most of his final expenses. He essentially won by losing.

Personally all our final expenses are paid for, and I've never carried life insurance outside of what my employers offered me. Never saw the need. But if I go to the great beyond tomorrow, I'll go knowing my wife is well provided for. If that wasn't the case, I definitely would have considered life insurance.

[G G]

Originally Posted by Ashcan Bill

If your sole reason for life insurance is to pay for your burial, you can alternately choose to prepay all your burial expenses - basically a burial policy. My dad had a plan to pay for all his funeral expenses by making monthly payments. If he died before the plan was fully paid, the plan automatically paid itself off. Unfortunately he beat the system and died early, sticking the plan with most of his final expenses. He essentially won by losing.

Personally all our final expenses are paid for, and I've never carried life insurance outside of what my employers offered me. Never saw the need. But if I go to the great beyond tomorrow, I'll go knowing my wife is well provided for. If that wasn't the case, I definitely would have considered life insurance.

My life insurance will cover burial expenses but also leave my wife enough to be comfortable as well.

[RevSmoke]

My parents bought me a life insurance policy when I was born, to pay for burial and such. When I was able to upgrade it, I did so. Today it is worth enough so that if something happens to me, it will pay for my burial and give my wife something to live on.

Peace of the Lord be with you.

[68TriShield]

Originally Posted by Ashcan Bill

If your sole reason for life insurance is to pay for your burial, you can alternately choose to prepay all your burial expenses - basically a burial policy. My dad had a plan to pay for all his funeral expenses by making monthly payments. If he died before the plan was fully paid, the plan automatically paid itself off. Unfortunately he beat the system and died early, sticking the plan with most of his final expenses. He essentially won by losing.

Personally all our final expenses are paid for, and I've never carried life insurance outside of what my employers offered me. Never saw the need. But if I go to the great beyond tomorrow, I'll go knowing my wife is well provided for. If that wasn't the case, I definitely would have considered life insurance.

Originally Posted by G G

My life insurance will cover burial expenses but also leave my wife enough to be comfortable as well.

Same here. I have one small (25k)cheap policy I maintain only because it's cheap and from decades ago. I consider myself blessed that I don't and won't need a large insurance policy.