How do you find life insurance??

[SandrA9810]

So it's been brought up that me and my sis try to find a life insurance policy for my mom.
Some basic info, she has no insurance, no job, collects SS, broke her hip a few years back, and just this past week had a stroke (a very minor one considering she only has slight loss of movement on her left side). And she's 63yrs old.

There are no assests, so all end of life expenses will have to be paid out by some one. I didn't think she'd be able to get a policy before this happened, but my aunt thinks it's possible for a reasonable amount per month (that can be taken from her SS checks).

So where do I start looking, and what's the best kind of policy in this situation?? We're thinking 10,000 should probably be enough to cover final expenses.

Thanks Budget Gurus.

 

[micheleq]

You'll need to find someone who is licensed to sell insurance in the state of Florida, and they can help you out.

At her age and with medical issues, it might be more costly to insure her than simply save $50 a month and put that in a dedicated savings account for those expenses. Or pre-pay with a funeral home and set up monthly payments.

Good luck. It's not fun stuff to think about, but better that you are thinking about it now rather than be faced with it suddenly. That happened to a friend of mine when her father passed and she had little money for a funeral.

 

[SandrA9810]

It was caught off guard with my grandfather's death. So the funeral was very low cost. After that, my aunt told my grandmother to pull a policy that would at least give some help to provide the final arrangements that she would prefer to have. Plus my grandmother was a lot smarter, and has quite a bit in assets. It's very possible that it could be used for final care, but she isn't relying on other financially.

How do I go about finding some one that sells life insurance?? The only policy I've ever had was through work.
Doing a prepaid funeral thing might work out. But how do they base the monthly payments at?? Her life expectancy?? And I guess we're responsible for the rest?

 

[powellrj]

You might try AARP, I know they sell about every other kind of insurance!

 

[wdwfan16]

She sounds very expensive to insure, even for just $10K. Cremations are only $2-$3K. As a PP said, it maybe better to put away $50/month.

 

[Justsyd2]

I would either put away $50 per month, or go ahead and make final arrangements and start a payment plan for them.

 

[fkj2]

Back in the early 70s my grandfather purchased one of those life policies from some place called Colonial Life or something like it.

It paid zip when he died.

Check the fine print. It isn't really feasible to sell someone a policy that'll pay $10K for, perhaps, a nominal investment. Its a harsh reality. One thing you may want to consider is donating the body to a university for study. I believe the final cremation costs are assumed by the educational facility.

 

[Sadie22]

Social Security and Medicare may not cover all her living expenses for the rest of her life. I suggest you have a consultation with an elder law attorney to go over these issues, and make sure that the proper documents are in place for you and your sister to take care of matters on behalf of your mom -- power of attorney and appointment of health care agent. An attorney can address Medicaid should the need for it in the future be anticipated. A life insurance policy would probably not be suggested although long term care insurance might be discussed. You would not want to lock into buying any sort of policy that would be a liability later when applying for any sort of government benefits and for which you might end up paying more than you would get back.

 

[wdwfan16]

OP, your mother is the sole caregiver of your diabled brother. You need to consider what his needs will be when she is no longer able to take care of him.

 

[SandrA9810]

my brother is in a state home. Well it's actually private but she works with the state, and worked with my brother as just a day time sitter before he was placed in her care full time. My mom is living with my sister, and she provides most things for our mom. I've tried in the past to move my brother closer to me to look after him closer. Not live with me, but be able to go see him often. And i was met with a brick wall by my mom. Maybe down the line i will be able to over see his care, but as of right now, he's under state care.

Some of these things i knew would happen, like power of attorney and stuff. Because my aunt has done all this for my g'mother. Of course she had a lawyer friend to draw up all the paper work. And she's way my experienced in that stuff.
I guess i just wasn't expecting it so soon. And i just don't know where to begin to help. More than likely my sister will be the one to be in control. (me and my sis can get into a fight over anything.) so hopefully if i stay in the back of this. and now is the time to have my mom decide how she wants things done. So hopefully most the harder questions will be answered by my mom and not by us when the time comes.

I do know that there are 4 family plots in Miami, and that's what my g'mother wants. But i've never heard my mom mention anything about what she wants. And she can tell us what she wants for our brother.

It's creepy and scary how one thing can change your way of thinking, but at the same time you always knew the time was coming soon.


Thanks for your help. Hopefully my aunt will be able to understand the fine print. I don't think either one of us has the money to hire a lawyer to do this stuff.

 

[PinkRhombus]

Cremations are only $2-$3K.

This is what my husband and I have planned. We're only in our late 30's, but you throw in the cost of the burial plots or moselieum, the good caskets, headstone, etc....it can be a lot.


If someone has any assets really, they should be looking at long-term care insurance.

 

[tinkmom2]

My mother in law had Mutual of Omaha when she passed away. Also I was considering Colonial Penn for my Mom. She is 61 and on SSI. I was even thinking of paying the premium for her since she is on such a fixed income. My father in law donated his body to the local university here.

 

[bettymae1121]

If someone has any assets really, they should be looking at long-term care insurance.

this! LTC insurance is an estate saver! My parents both got policies, and while my mom never needed hers as she died shortly after being diagnosed with cancer, my dad could very well need the policy. Not long after getting the policy, he was diagnosed with Parkinson's. He's doing well and still lives on his own, but the day may come where he needs an in-home nurse or health aid (the policy covers that too) or he may need to go to assisted living or a full blown nursing home.

Whatever happens, the policy will cover it after I think an eight week exlusion period (meaning the first eight weeks of nursing care is OOP and then the policy kicks in). My parents do NOT want my brothers and I to either care for them ourselves or have to pay for their care, nor do they want the estate eaten up by costs if it can be avoided. This made sure they got the care they needed without having to liquidate their assets or rely on me and my brothers (either financially or physically).

The trick is that you need to get the policy BEFORE you get any major pre-existing conditions. Had my father been diagnosed before getting the policy in place, they would have refused to insure him.

 

[tinatark]

With the health issues you've said she has, you will have to get a "guaranteed issue" policy - those are quite expensive and will not pay (you will get a premium refund) if she passes away within 2 years of the policy issuance.

You can go to a local funeral home and pre-plan/pre-pay- with one of the funeral homes here, if you choose cremation and pass away before you've finished paying, they write off the balance. With pre-paid funerals, you may still have some final expenses, but they should be incidental.

You can look for life insurance in several places- check with her other (health, homeowner's, car) insurers - there may be a discount for multiple policies with the same company.

 

[wdwfan16]

This is what my husband and I have planned. We're only in our late 30's, but you throw in the cost of the burial plots or moselieum, the good caskets, headstone, etc....it can be a lot.


If someone has any assets really, they should be looking at long-term care insurance.

Why add all of that stuff? Why a good casket? Just rent one and then use the basic one needed for cremation. Burial plot? Nope just dump them in a nice place or just bury the urn.

What you are doing is a traditional burial. That is about $10K.

 

[AmberHeartsDisney]

I think you need to talk to a professional http://www.daveramsey.com/elp/insurance/

Depending on the kind of insurance having a stoke is going to raise the price.

Id take what your mom can afford to save a month and use that instead if you only need enough to bury her.

 

[SandrA9810]

part of the reason why my g'father was cremated, was the cost of burial in florida is so much more. Not only do you have to have a particular kind of casket, you have to have a cement casket around it, and all this other stuff.
With the water table so high, and the possibility of the grave coming up they have to put in extra measures. I think it's a big to do over nothing. I'm fine with being cremated and tossed in the everglades with my grandfather. Although some one posted about spreading her mom's ashes across a coral reef here in florida. That seems very nice as well.

How much is long term care insurance?? My aunt is trying to keep my g'mother's wishes by keeping her out of a nursing home. And it's taking a toll on her greatly. My sis already has her hands full, so i know she won't have the ability to care for my mom full time if the time comes to that. I can't say where i'll be or what i'll be doing. I've already told my aunt that i'd try to be the one to take care of her, but i suspect that'll be another 10 or so years down the road. It really could come down to the next few years with my mom (i'm not trying to be mean, but thats what happens when you don't take care of yourself).

 

[Colinsmom]

You probably won't be able to get long term care insurance on your mom now that she's had a stroke - that's really only affordable if you buy when you are young AND healthy. Even life insurance will be tough to get. There are some expensive "guarantee issue" policies that you can find but they offer a very limited death benefit for the first few years.

 

[QVCshopper]

Sorry about your mom--but she is still fairly young. My mom is 63, with a list of ailments.

I didn't read any of the above posts, but this is NOT a case for life insurace--life insurance is what you use to help out your dependents when you die, not necessarily to cover funeral costs. Save up the insurance money each month; AARP might have a funeral fund or something you can buy into. And she might want to consider cremation--pretty sure it's cheaper. That's what I have in my will--it's a good option on many levels.

 

[31Buzz]

So it's been brought up that me and my sis try to find a life insurance policy for my mom.
Some basic info, she has no insurance, no job, collects SS, broke her hip a few years back, and just this past week had a stroke (a very minor one considering she only has slight loss of movement on her left side). And she's 63yrs old.

There are no assests, so all end of life expenses will have to be paid out by some one. I didn't think she'd be able to get a policy before this happened, but my aunt thinks it's possible for a reasonable amount per month (that can be taken from her SS checks).

So where do I start looking, and what's the best kind of policy in this situation?? We're thinking 10,000 should probably be enough to cover final expenses.

Thanks Budget Gurus.

If she is a member, maybe try AARP? I would suggest term insurance certainly. Maybe a fraternal organization or church group?