HulaSista
03-09-2003, 02:53 PM
I am sure this ranks in the top 10 of taboos for folks to talk about, but preparing your life or helping others to prepare for sudden or expected death is a need we should take on as a part of our money matters.
I am sure there is ONE hush sista who know what i am talking about here ;) ...
i have sat back and watched many family members and friends stress behind money when it came time to bury their relatives. There is emergency assistant (banks, loans, etc.) yet few (very few) funeral homes will make arrangements for funerals on credit. a need that is necessary for those who are in DIRE NEED... but there are FAR too many who can afford to prepare and avoid these discussions with their family.
If you are one of those people, perhaps this thread is for you.
What Hula has done:
If something should happen to my family, I do not want to be burdened with that dreadful question
"where am i going to find the money?"
I've had discussions with my parents about what their insurances hold and who are the beneficiaries. this is not a private discussion. My sisters KNOW that I will be handling the business when that time come.
My sisters on the other hand are of the mind that when they get a job they will get the insurance. Big mistake! Like everything else in life, if we procrastinate, we will never get it done. I encourage them to purchase life insurance that they can maintain outside of a job or take on "pre needs" (more on that in a minute). i can't make them do anything, but if i remember correctly my parents have them covered as well... we just have to work on their kids being covered.
For myself, I maximized my primary life insuance policy (from the job) and pay the extra, and took out 2 additional policies. The second for my son and another one to cover what the 1st don't cover (accidental or job related deaths). Check with your HR department for more info. AND READ YOUR POLICIES.
I was allowed to place up to 10 people as beneficiaries. I choosed people that I would trust with my life and ranked those persons accordingly. I then notified every single one of them and told them what I did so that there are no surprises. They thought I was nuts... but... hey... I want my child cared for.
Pre needs:
I remember my mother going to pick out my grandfather's funeral needs ahead of time while he was sick. She took out an insurance policy based on those needs and then paid on it. She slipped and let it lapsed and never went to keep it up again. She learned the hard way and so She did the same for her brother who is near bout homeless, broke and have nothing to claim except veterans death benefits. This hardly covers ALL funeral expenses, so, she took up the policy with him.
This is something that I have always thought to be good because upon death, the funeral home is notified and they do all the paperwork for you and is paid directly. The family is left to grieve and have almost nothing to worry about because decisions had been made ahead of time.
Here is a link to help you get started:
Funeral Plan.com (http://www.funeralplan.com/index.html)
When reading about this information, remember that burial and funeral are almost always 2 SEPERATE expenses and transactions.
If someone reading this has a need for this information I hope you read up about it and make decisions for you and your family. It IS a scary feeling to think of these things, but the feeling of knowing that you have nothing to worry about and your family have nothing to worry about for you is a relief that you didn't know was possible.
If there is anyone who have advice or a story regarding funerals, please post it here.
I am sure there is ONE hush sista who know what i am talking about here ;) ...
i have sat back and watched many family members and friends stress behind money when it came time to bury their relatives. There is emergency assistant (banks, loans, etc.) yet few (very few) funeral homes will make arrangements for funerals on credit. a need that is necessary for those who are in DIRE NEED... but there are FAR too many who can afford to prepare and avoid these discussions with their family.
If you are one of those people, perhaps this thread is for you.
What Hula has done:
If something should happen to my family, I do not want to be burdened with that dreadful question
"where am i going to find the money?"
I've had discussions with my parents about what their insurances hold and who are the beneficiaries. this is not a private discussion. My sisters KNOW that I will be handling the business when that time come.
My sisters on the other hand are of the mind that when they get a job they will get the insurance. Big mistake! Like everything else in life, if we procrastinate, we will never get it done. I encourage them to purchase life insurance that they can maintain outside of a job or take on "pre needs" (more on that in a minute). i can't make them do anything, but if i remember correctly my parents have them covered as well... we just have to work on their kids being covered.
For myself, I maximized my primary life insuance policy (from the job) and pay the extra, and took out 2 additional policies. The second for my son and another one to cover what the 1st don't cover (accidental or job related deaths). Check with your HR department for more info. AND READ YOUR POLICIES.
I was allowed to place up to 10 people as beneficiaries. I choosed people that I would trust with my life and ranked those persons accordingly. I then notified every single one of them and told them what I did so that there are no surprises. They thought I was nuts... but... hey... I want my child cared for.
Pre needs:
I remember my mother going to pick out my grandfather's funeral needs ahead of time while he was sick. She took out an insurance policy based on those needs and then paid on it. She slipped and let it lapsed and never went to keep it up again. She learned the hard way and so She did the same for her brother who is near bout homeless, broke and have nothing to claim except veterans death benefits. This hardly covers ALL funeral expenses, so, she took up the policy with him.
This is something that I have always thought to be good because upon death, the funeral home is notified and they do all the paperwork for you and is paid directly. The family is left to grieve and have almost nothing to worry about because decisions had been made ahead of time.
Here is a link to help you get started:
Funeral Plan.com (http://www.funeralplan.com/index.html)
When reading about this information, remember that burial and funeral are almost always 2 SEPERATE expenses and transactions.
If someone reading this has a need for this information I hope you read up about it and make decisions for you and your family. It IS a scary feeling to think of these things, but the feeling of knowing that you have nothing to worry about and your family have nothing to worry about for you is a relief that you didn't know was possible.
If there is anyone who have advice or a story regarding funerals, please post it here.