what do you do if you have life insurance no children and no one to bury you.50.000 dollar policy.please give me some kind of answer.
2007-01-07 01:06:36 · 7 answers · asked by debbigeri 3 in Business & Finance ➔ Insurance
The preceeding advice about a will is right on. In addition...don't just run out & cancel the policy!! There may be ways to have it be paid up (no further payments), or modified to fit your current position in life.
You didn't mention a problem w paying the premium, & either way the premium on a 50K policy should be fairly minimal. Your situation could change in the future, & you may have a need then, but be unable to buy coverage due to health changes.
I am a retired single insurance agent w grown children, but keep a 50K policy just in case.
I have the proceeds going to my estate which will distribute funds to my twins, my alma mater, my church, and a favorite charity of mine. Many people overlook life insurance as a form of charitable giving, but the dollars going to the charity or school can be huge compared w your investment.
2007-01-07 04:43:46 · answer #1 · answered by SantaBud 6 · 0⤊ 0⤋
First. Don't commit suicide! You are loved!
Secondly, and most importantly, understand that that policy is NOT an INVESTMENT tool. It COULD be a Cash-Value policy. If it IS? CASH IT IN! That means that you have to, HAVE TO, write a letter to the company stating that you don't want any "Paid-Up" policy, or any "loans" from your cash-values. State that you want the money OUT of your policy, IN YOUR HANDS, that you are CANCELING your policy.
THIRDLY! YOU HAVE TO READ THIS! YOU HAVE TO KNOW THAT YOU HAVE TO HAVE A POLICY FROM SOME OTHER INSURANCE COMPANY "IN HAND"
BEFORE YOU CANCEL THAT CASH-VALUE POLICY! SO GO TO ANOTHER COMPANY, AND ASK FOR THE CHEAPEST LIFE INSURANCE THERE IS, THAT THEY HAVE... TERM LIFE INSURANCE. WHEN YOUR INVESTMENTS EQUAL YOUR FACE VALUE OF YOUR LIFE INSURANCE, YOU ARE SELF-INSURRED. CASH IS TWICE AS GOOD AS INSURANCE.
If you HAVE term Life Insurance, and you just want a Beneficiary, in case you accidentally drop off a cliff and die, then, I have some VERY good suggestions for a Beneficiary if you would like to write me at thewordofgodisjesus@hotmail.com.
Hope this helped.
2007-01-07 01:27:17 · answer #2 · answered by thewordofgodisjesus 5 · 1⤊ 0⤋
You make your estate the beneficiary of your life insurance, and spell out what you want done for your funeral.
Personally, If you've got enough in the bank to bury you, you don't NEED life insurance.
2007-01-07 01:52:15 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
A will is the answer. But look farther into your heritage for other relatives. Best friends. Anything to keep the governments hands off of it.
2007-01-07 01:15:31 · answer #4 · answered by Bren 3 · 0⤊ 0⤋
have a will made out with all the details you want done. That will take care of it
2007-01-07 01:10:31 · answer #5 · answered by giselle g 2 · 0⤊ 0⤋
GO VISIT YOUR LOCAL ATTORNEY AND YOUR LOCAL UNDERTAKER. PREARRANGE YOUR ESTATE AND YOUR FUNERAL. I THINK YOU CAN RENT PALLBEARERS IF YOU NEED TO OR YOU CAN JUST MAKE THE FUNERAL HOME YOUR BENEFICIARY AND TELL THEM TO THROW ONE HELL OF A WAKE IN YOUR HONOR
2007-01-10 09:03:52 · answer #6 · answered by john s 1 · 0⤊ 0⤋
give the 50,000 dolar to me,i will burry when you die,so dont worry ok.
2007-01-07 01:14:28 · answer #7 · answered by ganesh n 5 · 0⤊ 1⤋