Yes, I have Life Insurance. My life insurance is through my job. I pay $23.00 each month for a $250K policy. I don't smoke or have any health issues which is why my monthly premium is so low. When I die, my beneficiary (oldest sister) will receive this money to take care of my funeral and other business I may have at the time. I do not want to be a financial burden on my family which is why I have had life insurance since I was 18 years old. Our youngest brother does not have life insurance because he was not responsible enough to keep up with his monthly payments. He opted to make weekly payments on cigarettes, alcohol for him and his buddies and expensive clothes and shoes. Since he has chosen that route, I have explained to him and my other 8 brothers and sisters that they better not call me and ask me to donate to the "I Have No Money To Bury My Brother Fund" because I will not submit any payments. It probably sounds cold hearted but I can't see myself suffering financially because of my brother's hard head and irresponsibility when I know he can afford $45.00 a month.
My father was a smoker and had heart disease and he had insurance. It was expensive ($50.00 monthly) because of his health issues and smoking so he only had a $20,000 Life insurance policy but that was just what he needed. He died at the age of 70. His policy was enough to cover a $7,000 Funeral, pay medical bills and other bills with about $1,000.00 left over. He didn't have a big policy but it was enough to cover everything, so there was no financial burden on us.
The way his policy worked (after death) was that I met with the funeral home (I was the beneficiary.) and finalized the funeral with a total cost. I had the policy with me, so we called the insurance company and confirmed the amount. I signed a document from the insurance company and with the funeral home regarding final payment of the funeral and balance afterwards. The amount of the funeral was deducted from the original amount of the policy. The funeral home received their money from the insurance company within 30 days and I received the balance of the policy within 30 days as well. We had no problems.
If a person can afford to get a little life insurance, then that is better then nothing at all. Look in to all of your options and see what is best for you.
My father was a smoker and had heart disease and he had insurance. It was expensive ($50.00 monthly) because of his health issues and smoking so he only had a $20,000 Life insurance policy but that was just what he needed. He died at the age of 70. His policy was enough to cover a $7,000 Funeral, pay medical bills and other bills with about $1,000.00 left over. He didn't have a big policy but it was enough to cover everything, so there was no financial burden on us.
The way his policy worked (after death) was that I met with the funeral home (I was the beneficiary.) and finalized the funeral with a total cost. I had the policy with me, so we called the insurance company and confirmed the amount. I signed a document from the insurance company and with the funeral home regarding final payment of the funeral and balance afterwards. The amount of the funeral was deducted from the original amount of the policy. The funeral home received their money from the insurance company within 30 days and I received the balance of the policy within 30 days as well. We had no problems.
If a person can afford to get a little life insurance, then that is better then nothing at all. Look in to all of your options and see what is best for you.
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