shine4u2cee Asked September 2009

Where can I go to get quotes on death and burial insurance benefits?

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I have finally gotten my disabled mother, age 60 to talk about buying death/burial insurance, where do I turn to after this conversation to get quotes? Thanks so much Signed Needing help really bad.

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EXPERT Carol Bradley Bursack Sep 2009
Are you thinking of prepaid funeral expenses? If so, you can go through a funeral home in your area. One thing to ask about, however, is who is in charge of that money. In North Dakota, the money is protected so if the funeral home goes out of business or you change your mind about the place, the money follows you. Not all states do this. You don't want to go through a home that "owns" the money. Ask a lot of questions.

If you are looking for some sort of insurance, like life insurance, you can go through a group like AARP. They have term insurance for a reasonable rate where you could get just enough to cover a funeral. You can check their site and get information.

Carol
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Another option is a life insurance plan specifically designed for this purpose. Coverage can be specifically designed .benefits never decrease, premiums never increase; no medical exams. Plus eliminates worry about Funeral Home financial stability.

Kathleen
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ezcare Sep 2009
Yet another option would be to self-insure this event. Here's how: Any pre-paid arrangement or life insurance plan will involve payment of a premium based on your mother's current age and the actuarial tables applied by the insurance company. (Depending on the regulations in your state, the funeral home may use your prepayment to purchase life insurance on your mom with the Funeral Director being named as the beneficiary. In either case your only benefit is a funeral fund that may or may not cover unexpected expenses.) However, if you use that same premium to set up a fixed-rate annuity with your mom's Executor as the beneficiary then the premium and interest remains in your mom's estate. If she lives much longer than expected that annuity continues to grow. If she dies sooner than expected, the annuity can be used as collateral to borrow the extra funds needed. Also that loan can be claimed against the value of your mom's estate to reduce probate taxes. An Estate Attorney in your area can advise you on how to do this.
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