Specific questions about death & insurance & whatnot

[oldfella1962]

Okay, my wife is in the ICU and statistically won't come out of there alive. You know me - I googled the situation. If she does, her long term (that being lasting more than a few months) prognosis is not good. We both have term life insurance, and she is well under 70 years old. She will be cremated with no ashes retained. Anyway, if she has an 8K policy does that mean 8K is only for funerals/cremation or can that 8K be used in whatever way I see fit? When my mother died - living/dying in an out-of-state assisted living home) she had no life insurance that I know of, so I just don't know how it all works. Same with my wife's parents - no life insurance. Ergo I am clueless about all this. The hospital has all the legal help & counseling available, but I don't want to go into this without knowing what questions to even ask them. Sidenote she has no outstanding debt that I am responsible for so that simplifies things. So if anyone can help me avoid any legal & financial pitfalls I would appreciate it - thank you.

 

[tad1]

So sorry about your tough situation.
It it is a term life policy then the policy can likely be used for absolutely anything you choose from cat food to coffee. But you are going to have to “RTDP”. “Read The Dang Policy”.

 

[Milkman]

Sorry this is happening.
Life insurance is paid directly to the beneficiary. The funeral home can assist you with submitting the claim if you wish.

 

[tr21]

Sorry about your situation. Last year when my dad passed away the funeral home we used billed the life insurance policy and we got the remaining balance. We could of wrote a check for the funeral if we wanted to and then got the whole amount of the policy as a option.

 

[specialk]

so sorry to hear this...

 

[oldfella1962]

Sorry about your situation. Last year when my dad passed away the funeral home we used billed the life insurance policy and we got the remaining balance. We could of wrote a check for the funeral if we wanted to and then got the whole amount of the policy as a option.

Oh I see. Yes, writing a check to the funeral/cremation company and then getting the policy payoff seems like the simplest way (less links in the chain) to do it.

 

[BassRaider]

What TR21 said. When my dad died, mom turned the policy over to the funeral home and she got the balance.

 

[tad1]

Not sure if the funeral home would provide any value in handling the insurance or not but something about that gives me the heebie-jeebies. Like getting a paycheck cashed at the liquor store or something…
I would probably try to deal with the insurance company myself and pay the funeral home whatever was owed them.

 

[oldfella1962]

Oh I see. Yes, writing a check to the funeral/cremation company and then getting the policy payoff seems like the simplest way (less links in the chain) to do it.

Maybe I'm misunderstanding this. My plan is to pay the funeral place out of pocket, then use the full amount of the payoff policy for myself. It seems like every business in Augusta is incompetent, so I don't trust them to do anything in a correct nor timely manner. The less I can involve them, the better.

 

[JustUs4All]

If you are named as the beneficiary of the policy you are good to go as planned.

 

[Ruger#3]

My mom had made all her arrangements with a specific funeral home out of state. As beneficiary of her policy I could have gotten her policy full value and paid everything out of pocket. As transportation of my mom out of state and a traditional funeral was involved it was simpler for me to let the funeral home handle the details and pay me the balance of the policy. I signed the policy over to the funeral home in a services contract that outlined the payment process.

 

[oldfella1962]

My mom had made all her arrangements with a specific funeral home out of state. As beneficiary of her policy I could have gotten her policy full value and paid everything out of pocket. As transportation of my mom out of state and a traditional funeral was involved it was simpler for me to let the funeral home handle the details and pay me the balance of the policy. I signed the policy over to the funeral home in a services contract that outlined the payment process.

Oh I see. With an actual funeral per se I might do that too. But we aren't having a funeral because my wife only knows a handful of people. If any of my kids want the ashes from the cremation, I'll do that for them. The policy money will go to a new roof so that when I pass away at 75 or so, my kids will have a paid for house in decent shape if they want it.

 

[DannyW]

No help on the insurance question, so sorry to hear about your wife.

 

[bigchiefchoctaw]

I don’t trust folks enough to sign everything over. I would tell them I’m paying cash what’s the best price you will give me, whomever that may be. Deal with the life insurance directly. Dang folks wana jack prices up fees and anything else they can come up with when they know your getting money back. Don’t tell them no more than you have to when that time comes. Im paying cash and that’s all you need to know. Really hate to hear about your situation and wish you the best with it.

 

[ucfireman]

I don’t trust folks enough to sign everything over. I would tell them I’m paying cash what’s the best price you will give me, whomever that may be. Deal with the life insurance directly. Dang folks wana jack prices up fees and anything else they can come up with when they know your getting money back. Don’t tell them no more than you have to when that time comes. Im paying cash and that’s all you need to know. Really hate to hear about your situation and wish you the best with it.

Exactly what I was wondering. Would the crematorium jack the cost up because the insurance company is paying for it?
I would ask for the cash best price and take the insurance yourself.
Sorry about the situation.

 

[notnksnemor]

Maybe I'm misunderstanding this. My plan is to pay the funeral place out of pocket, then use the full amount of the payoff policy for myself. It seems like every business in Augusta is incompetent, so I don't trust them to do anything in a correct nor timely manner. The less I can involve them, the better.

Prayers sent for you and yours.

IMO this is the best approach from what you describe.
You will have more control over what the funeral home charges rather than them submitting a bill directly to the insurance.

 

[Tblank]

When my mother passed this past October, the funeral home wanted to charge 5% of the policy to handle the claim. I paid out of pocket and collected the life insurance myself.

 

[oldfella1962]

When my mother passed this past October, the funeral home wanted to charge 5% of the policy to handle the claim. I paid out of pocket and collected the life insurance myself.

That's a good example of why I will eliminate the excess links in the chain.

 

[oldfella1962]

I don’t trust folks enough to sign everything over. I would tell them I’m paying cash what’s the best price you will give me, whomever that may be. Deal with the life insurance directly. Dang folks wana jack prices up fees and anything else they can come up with when they know your getting money back. Don’t tell them no more than you have to when that time comes. Im paying cash and that’s all you need to know. Really hate to hear about your situation and wish you the best with it.

She's improving somewhat but the doctors don't want to rush anything. How fast people recover or respond to treatments can vary greatly. The ICU doctors were trying to ease her back into consciousness today, but that didn't pan out so they will try again tomorrow if all her vitals are stable enough. Who knows, maybe she will regain consciousness on or before Valentine's Day and I can get her a card or something to cheer her up.

 

[j_seph]

When my wife passed, the funeral home took care of it all for me. If there are bills out there lingering I believe that unless your name was on them that no one can take claim to the life insurance. My late wife had some credit cards in her name only, once they were informed and proof given they wrote those debts off.