by Guest » Thu Feb 19, 2009 10:47 am
My Mum does not have any life insurance. I don't want to have her insured so that my Brother and I get any money after her death just so that we can cover funeral expenses but I'm not sure if we are permitted to do this, can anyone help??
Posted: Thu Feb 19, 2009 11:17 am Post Subject:
Hello Guest, Life insurance is a really good thing to have in place these days. It saves loved ones alot of grief after their beloved passes. I believe that you can pay for your mothers policy but she must sign the policy in order for it to be legal. Imagine if anyone could take out insure on anybody...could lead to problems down the road.
I would sit down with your mother and express my concerns and explain about life insurance. Another option is presetting plans with the local funeral home and paying in advance. Although I am not a life insurance expert I believe there are different methods in which your mother could have the proper things put into place before her passing. There are others here who could probaly give you a wider variety of options so srtick around.
Posted: Thu Feb 19, 2009 11:54 am Post Subject:
How old is your mother? You can get her a guaranteed issue life insurance which requires no medical underwriting. This policy is can be used to plan for the funeral expenses.
Posted: Thu Feb 19, 2009 02:25 pm Post Subject: Life Insurance to Pay for Funeral Expenses
Yes, you and your brother may purchase life insurance to pay for your mum's funeral expenses.
You may need your mother to sign the application and possibly take a medical exam, depending on the type of life insurance you purchase.
There are guaranteed issue life insurance policies that do not require a medical exam, but may cost more than fully underwritten policies requiring a medical exam.
Also, Globe Life Insurance offers up to $30,000 simplified life insurance without a medical exam for people age 78 and under.
Otherwise you could request quotes from an agent and compare plans and prices which may be available for your Mum.
Posted: Thu Feb 19, 2009 07:27 pm Post Subject:
That is quite the amount for globe life to lay on the line for no medical examination and factor in the age it really blows my mind. I would have to imagine the rates being quite high in order for them to be able to do this. Is my thinking correct?
Posted: Sun Feb 22, 2009 11:02 pm Post Subject:
How old is your mother? Is she in good health? Is she a smoker? These are the major things that need to be answered. You and your brother can get a policy for your mom. I would suggest to get some quotes online so you have an idea of how much it will cost you. Some good online sites where you can get quotes from multiple companies are:
jdoqocy.com/click-3243881-10425133
kqzyfj.com/click-3243881-1519859
tinyurl.com/dmg9fh
Link deactivated by the Moderators
Posted: Sun Feb 22, 2009 11:33 pm Post Subject:
I would be careful about this one. For example, Lincoln Benefit Life does not allow a third party payor. If you go with a company like this they will insist that your mother pay for the policy herself or they will not take the coverage. I unfortunately did not know this and because of me not checking, I could not change the process after the fact and they would not cover my client for 2 years. I had to go to another carrier that did not care about a third party payor. I suggest you check with many different carriers and ask how they feel about a third party payor.
Michael
Posted: Mon Feb 23, 2009 05:54 am Post Subject:
I would be careful about this one. For example, Lincoln Benefit Life does not allow a third party payor. If you go with a company like this they will insist that your mother pay for the policy herself or they will not take the coverage.
What could be their reason for not allowing the third party payer?
Posted: Mon Feb 23, 2009 02:22 pm Post Subject:
They are concerned about foul play. Where the son or daughter could have other things in mind. I personally think that is rediculous but in this economy you never know what people are thinking.....
I am sure that this insurance company is not the only one to protect themselves this way.
Posted: Mon Feb 23, 2009 03:05 pm Post Subject:
Insurance companies are always suspicious. They are trying to protect their interest.
Posted: Tue Mar 24, 2009 08:08 am Post Subject:
first thing you should mention your mothers age.
no problem only you want to have funeral expanses
their are different life insurance policies you can choose according to your convinience.LOOK SOME POLICY REQUIRED MEDICAL EXAMINATION some not required so choose for which option you want to go .
convince your mother choose the policy take signature and done.
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