re: Do you have life insurance? Who is the beneficiary?

quote:

---

Make sure you leave enough for your final burial expenses. If something were to happen you don't want that added burden on someone else.

---

Only caveat on that is most places like to be paid upfront for some services since the payout on life insurance is dependent on a death certificate which will take a few days or weeks.

I have heard some stories that some life insurance companies are quick and may advance you money by giving you checks tied to the life insurance payout. While other life insurance companies will take weeks or months to process a simple death.

Heck, I bought a small 5k policy with a 20 year pay that is now paid for, but the life insurance company has gone out of business twice and the policy has shifted between state guaranty associations and a private company. I just received a letter this week about it.

Sometimes the funeral home will perform their services while they process the life insurance claims and receive the life insurance check and cut you a check for the remaining balance.


In my experience as far as the burial plot or mausoleum space, they want money upfront and will not wait for a life insurance payout.

quote:

---

Wife is primary, trust is secondary. Trust is to ensure that, if me and the wife both die, no one comes for my daughter so they can collect >1million in investments, multiple life insurance policies, and SS payments till she’s 18. SIL and BIL are trust managers. Son just turned 18 so he’s legal next of kin. I just don’t want him to be put under the pressure of taking care of his sister for 6 years when he’s supposed to be building his life.

---

I think I have a half mil and wife has 1.1 mil policy. We are both worth more alive and don’t really need it.

Won’t be any “accidents” around here.