$10k life ins. for funeral coverage and expenses

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  #1  
Old 07-05-18, 09:30 AM
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$10k life ins. for funeral coverage and expenses

I'm single with no children or family and am wanting to cover the expenses of my cremation.

Just getting started and have never had any insurance other than employer supplied medical and life (retired currently) and have recently signed up for Medicare with a supplemental .

I need something with a very low monthly payment. Also, is $10k enough, would $5k do?

Thank You.
 
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  #2  
Old 07-05-18, 09:58 AM
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Check with your local funeral homes and see what they charge. Most funerals around here average between 6k and 10k.

You could check into prepaying.
 
  #3  
Old 07-05-18, 10:07 AM
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I did call 3 local funeral homes and the price for a basic cremation with no service is $1895 to $2675. I might be better of just saving up for this expense rather than purchase a term policy??? I'm 65.
 
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Old 07-05-18, 11:03 AM
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Assuming you have sufficient assets to cover the costs why would you buy insurance?

With no dependents you have no need to buy insurance!
 
  #5  
Old 07-05-18, 01:44 PM
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Thanks, I've never done this before, am journing through doing a Will etc. and care of my animals (horse, donkey, dog, 2 cats) after my death.
 
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Old 07-05-18, 02:18 PM
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I'm with Marq on this one; why saddle yourself with another monthly or annual bill for life insurance when you have assets to cover it. And especially with no beneficiaries. With no immediate family to write a check on the spot it might take a week or too longer for the mortuary and/or whoever to get paid, but they'll get paid. Or if that thought bothers you do as Mark suggested and prepay. You said that you're doing a will, so I assume that you have or will be talking with an attorney. Ask him or her what options you have. I'm married, but no children so not that far off from your situation, and we finally got around to talking with an attorney a couple of years ago when we needed a medical power of attorney for surgery that the wife had. Figured it was a good reason to get off our duffs and get started. Still not done, and our attorney has been very patient with the fact that we're still undecided on several things, so yes, it takes time, but sure feels good when you finally start to see it showing up in the rearview mirror. Or if you're doing something online or whatever, not what I would suggest to anyone but guess it's done that way sometimes, you could still get some input from a local attorney. They sound expensive but I think you'd find their bill reasonable given the piece of mind. Their might even be one you could talk to through a church or local senior's group.
 
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Old 07-05-18, 02:26 PM
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And unless I'm mistaken...most mortuaries/funeral homes have some sort of deal. You get a cut rate if you pay ahead...because you aren't going tomorrow most likely, so they get the use of your money for the next 10-20 years. I know the main one here in town has something like that.
 
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Old 07-05-18, 03:43 PM
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Obviously we do not know all the specifics of your situation but I would encourage a visit to an attorney who handles estates.

Seems to me you would need a simple will to allocate your assests to cover the expenses of the funeral as well as put some stipulations to the care of your pets!

It's a tough conversation but having a plan in place sure makes sure you get what you want!
 
  #9  
Old 07-05-18, 04:22 PM
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If you go prepay it pays to know exactly what you signed up for. One of my wife's sisters died close to 10 yrs ago. She had a prepaid plan that she made payments on for several yrs. Some how the rate didn't get locked in and her daughter had to pay some over the amount her mother paid. Her mother and everyone else thought she had pre paid in full for her funeral. Not all pre pay plans are that way but her's was
 
  #10  
Old 07-05-18, 04:52 PM
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As Gunguy noted, if you pay now, you pay for the services at today's price. If you wait & pass 10 years from now, & you saved money for the service, you'd pay whatever the price would be at that time.

Good luck.......
 
  #11  
Old 07-05-18, 06:14 PM
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This is one reason why I have no such coverage. Let 'em (if any 'ems that know me or care are still around when I croak) figure it out on their own, sell some of my stuff, vehicles, tools (Not my guns! Those go with me! Yeah, right...) to pay for the basic fixins and bury me at sea. If there's no one left, then the State can put me in a paupers grave with 30 other boxes of ash for all I care.

Short rant... I'm getting real tired of seeing gofundme requests by people to pay for mother, father, grandmas, sisters, child, etc "proper" funeral. Proper is dig a hole, plop you in, cover you up, say a few words if you like...done. Dressing up, flowers, hymns, hearses, funeral processions, police escorts are just a bunch of hooey for the living. End rant
 
  #12  
Old 07-06-18, 08:23 AM
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After reading these replies, I'm not going to get ins. Am going to prepay for cremation and am signing up with a person who will back my friend if she goes before me to disperse my assets to take care of my critters.

I am paying an attorney $180 for a basic will. Have my property in a Lady Bird Deed. Believe I will outlive my horse who was born here on my birthday and is now 18 but ya just never know what is going to happen in the next moment, hour, day etc.

Thanks for all the replies. When ya go this cheap, attorneys don't seem to want to share too much of their time explaining all the in and outs.
 
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