She isn't doing too well. She had to let the house go to the mortgage company after a two year struggle to keep it. She was just getting sicker and sicker with the stress. It was a sad day because all the kids had grown up in that home and even though it wasn't much, to them it was home and the place that held the last memories of their father. My mother-in-law now lives in an old school house. The elderly couple that lived there renovated a couple rooms into two apartments. They live in one and one of their children use to live in the other. When they heard of her hard time they offered her the place at low monthly cost. It doesn't have any heat except for electric heaters she purchased from Wal mart. It is definately undesirable. Since the foreclolsure and some other bills went on her credit record she can not just go rent anywhere because of the credit check. This was her only option.There isn't much family to help out. Most live in double wides with children. It isn't only her. My sister-in-law is mentally handicapped and she goes with her since she really doesn't have the capacity to live on her own. So its simply no just taking in one..They have been turned down for any type of financial aid because of her income and the sister-in-laws SSI. Neither amount to much in this economy. Plus she is still paying creditors a good part of her income. The ones she can't are constantly harassing her for payment. I don't mean to go into such detail but it gives good reason for a person to get insurance even when it seems immpossible to fit in these days. I am going through this with car insurance. I am finding ways to fit in higher coverage just in case I was ever to injure someone. I consider myself a too safe driver but its not always that. Roads around here get bad and there is always that one time.
I guess you have to ask yourself how aware your mother in law was about the situation before her husband passed away, was she involved with everything financially or did she choose to turn a blind eye, you should not finance outside your means these days, you have to stay with in a budget that if something would happen to one, the spouse would be able to pay the bills that are left behind. It is a good idea to spend the few bucks and get the insurance.
She was aware of the massive debt they had. I must say she aquired a good part of it. She has never been able to handle her own finances and her daughter even goes as far as taking care of her checkbook for her. Still in all some of their biggest debts were through first and second mortgages and another for home improvements. None had ANY type of insurance. My father-in-law had been sick with diabetes for years. I guess she never thought he would pass although many signs were there.
Sometimes it is hard to face reality until it slaps us right upside the head, bang and before we know it our whole world comes crashing down. I keep our bills so that if one of us would lose our jobs we would be able to afford to make and have some left over, I never let our bills go above like a 3rd of our income. Just don't see the sense in having a lot of unnecessary things, if you want it then save up and pay cash for it and then you don't have the monthly bill to go along with it. We have not financed any major purchases besides a car last year and I can't wait to get it knocked out along with the mortgage, 4 years left on the car and another 10 on the mortgage and then all the bills will be paid off, with the exception of the ones, the forever bills like utilities. It has taken a while to adopt this mind set, it has been tough staying in this mind set, but I am keeping it. If I want something, I will save for it, then I don't pay a bunch of money in intrest either.
Posted: Fri Feb 29, 2008 5:56 am Post subject: insurance
Of course, I'm looking for Life Insurance, for my son. Whole Life, if I can find it (and afford it). He's the 'love of my life', like ANY child should be. Good Life Insurance I can count on and can build 'cash value'. Anyone have suggestions?
Posted: Fri Feb 29, 2008 7:21 am Post subject: See if this one works!
Hi sdchargersfan,
My brother has the L-98Whole Life policy from Metlife.
This policy seems to have that power to generate tax-deferred cash values.
The premiums are quite flat throughout. You may try out this one!
Regards. _________________ Register Now to have your Insurance queries solved.
I think, life policies for the children are available in plenitude now-a-days and often they are also quite cheap. You can ask your existing agent about such policies or can do a bit of comparison shopping before purchasing one. And yea, the premium is likely to remain constant for any standard whole-life policy during its tenure. _________________ Register Now to have your Insurance queries solved.
There definately are alot of policies out there now with different ranges of coverage. My best advice is to look around, compare coverage and prices. Good Luck.
Posted: Fri Feb 29, 2008 2:35 pm Post subject: insurance
Thanks, ya'll, for all of the advice. This is a small town, I live in, but..I'm sure I can do some research, and see what's 'right for me.' KBernstein..with Metlife?...does it matter what state you live in? Are they a 'nationwide' source?
Not sure there. I'm from PA and I know Met life is around here. You should be plenty busy trying to find one. There are plenty out there. Hope we all helped you.
Wow! That story sure makes one wantb to run out and buy insurance.talk about the forever bills. They are electric,phone+internet,water +garbage,(ours is seperate) Some have gas,(I have all electric)cable,Then you have health insurance,home insurance and vehicle insurance after all that there isn't much left after food .lol Thats without any loans or mortage.
Funny Hummingbird that you mention this. My husband was just paid today and as we were walking around Wal Mart just getting the groceries, perscriptions and wiperblades..just what is needed not wanted. We ended up on this very subject. I mean by the time we got out of there $112 later ,went on down for gas $62 and grabbed a cheapo meal at Mc Donalds $12, it all quickly added up. This is day 1 with 13 more to go and already we have spent $200 plus the bills that had to be paid. I think it is crap to only bed able to afford basics and for some people they can't even do that. Is it any wonder half the world is on prozac?
Right and you forgot to figure in the insurances all of them if you want to be covered.Then there went the old paycheck. Yes, it is a shame when living expenses takes everything .We never go into Walmart without spending over 100.But the IGA which is only 5 miles form our house is too expensive.
I can agree with you there about waving bye bye as soon as the paycheck come. Wal mart is the closest to us so that is pretty much were we shop. I try not to go more than once a week because even if it is just a couple items you always see a couple more and so on. We did get a Sams Club membership lat year. Don't know if you heard of it but it is a big discount warehouse. We go to it about every three months and it does help out alot to buy frequently used items (t.paper,shampoo,soap and so forth) by bulk. At this point every penny really does help. I'm really glad they passed that economic stimulus package, that is going toward insurance.
