2006-10-11 07:38:16 · 9 answers · asked by Late K 1 in Business & Finance ➔ Insurance
Assigning your policy over to the funeral home is a very intelligent idea. The policy will continue to grow, and any monies leftover after the funeral bill will go to your family, it does not benefit the funeral home, other than the actual charge for the funeral. Making the funeral home beneficiary protects you should you ever need to go into nursing home care, because the state cannot take any funds that are designated for funeral use. If you have someone other than a funeral home as beneficiary, and you need to go into a nursing home, the state can make you cash out the policy to pay for your care. It is VERY common practice to turn it over to a funeral home, and please ignore any negative comments about funeral homes, please consider the source from which these unfounded allegations come from (ie- people's opinions, not facts) I feel sure that his ridiculous rantings about crematories not being cleaned are personal opinion, and not fact, as I am positive that they are indeed cleaned EVERY time, I have witnessed it many times! Take care!
2006-10-11 13:40:48 · answer #1 · answered by Reagan 6 · 0⤊ 1⤋
If it's paid up, then just keep the policy in force and have your loved ones use the money for your final expenses if you wish or whatever else.
Also this is a point when you should realize you could've purchased a lot more term insurance for the price you paid or could have been enjoying the benefits of a higher quality of life with the money you wouldn't have spent on whole life (or permanent) insurance.
Financially, you would have been much better off by buying term insurance for either the same amount or you could have afforded a higher policy amount and you heirs could've gotten a lot more of a payout.
2006-10-11 14:51:36 · answer #2 · answered by markmywordz 5 · 0⤊ 1⤋
Suppose the funeral director becomes insolvent and goes out of business ? Or suppose he is on the edge ? I hear the chambers where they fry you are gross, not cleaned out after a body or two. Want to be buried in the ground ? I am claustrophobic ! You tell me. You need a will and personal representative. Then fund it exclusive of your estate, the life insurance goes to your beneficiary separate of your estate settlement.
Also there are trusts, your attorney might help with this
2006-10-11 18:47:34 · answer #3 · answered by The Advocate 4 · 0⤊ 1⤋
I would not give it to funeral home for future expenses.
Start a roth IRA with it in a conservative stock fund, something from Vanguard or Fidelity. The money should appreciate for you not for the funeral home.
2006-10-11 14:41:40 · answer #4 · answered by missourim43 6 · 0⤊ 1⤋
Is is Term or Whole Life? Paid up so, wait until you need it.
Maybe you or a loved one may die and need all that you can get.
2006-10-11 14:46:08 · answer #5 · answered by stickinthemud 3 · 0⤊ 0⤋
Is it a "whole life"? Can you borrow on it? Maybe borrow on it to buy your plot, then pay back the loan?
2006-10-11 16:45:41 · answer #6 · answered by Life after 45 6 · 0⤊ 0⤋
you could give it to me!!!! Just kidding! Keep it for yourself and your family. Make sure they are cared for when you are gone.
2006-10-11 14:41:31 · answer #7 · answered by chickmomma5 4 · 0⤊ 0⤋
invest in to something or start up a business
2006-10-11 14:40:16 · answer #8 · answered by bad person 2 · 0⤊ 0⤋
NO. They have more than enough money. Keep it for yourself.
2006-10-11 14:39:39 · answer #9 · answered by bor_rabnud 6 · 0⤊ 1⤋