Life Insurance for Dad's Funeral
By Alice on
This review is dedicated to my Dad.About 32 years ago when he thought my mom would outlive him he took out a $5000.00 life insurance policy to cover his funeral costs so my mom wouldn't have to worry about that expense.Little did he know he would outlive her by 12 years.
When my mom passed away in 1995 he asked me to take care of his bills as I was the oldest.He told me he had changed the beneficiary on this policy to me so that I could take care of everything when he passed away.
The policy was only $10.62 per month which I paid each month for the next 12 years.I asked my dad several times over the years about just sending a check once a year but he said he worked hard for his money and he could do better getting the interest instead of a big insurance company.
My dad passed away last year and the day after the funeral I went down and signed over the benefits to this policy to the funeral home.End of story, right?Unfortunately I got a call a few days later from the funeral home saying that I was not the beneficiary on the policy but my mom was!!
Needless to say I was in shock and not sure how this was going to play out and feared the worst.But after a frantic call to the insurance company and talking to a very understanding service rep. I was told that I would just need to fax them a certified copy of my mom's death certificate and they would process the claim to the funeral home.They did just that within a week so Lincoln National Life gets high marks from me.
Overall my dad paid out just over $4000.00 over the life of this $5,000.00 policy so it was worth the investment.At $10.62 a month it was a small price to pay for his peace of mind!Miss ya Dad!!
Sorry for you loss. It sure is hard to say goodbye to your parents. I think this is a very important thing for all of us to do.
Thankfully my Mom has done pre planned and pre paid, Ill never forget how horrible it was planning Dads. My husband and I are wanting to do this as well.
Great decision on your dad's part. Great Co to work with you like that.
Informative and well written. thanks for sharing.
My dad also had a similar type of policy and it was such a relief not to have to worry about paying for his service when he died in 2003. It was money well spent for such peace of mind. Likewise, my mother also had a small policy of the same type. She was very ill for many years and was unable to afford very much but it was enough to , again, pay for her service when she died last year. Finanacial peace of mind is so good to have when you are whirling emotionally after the death of a loved one. These types of policies provide that peace of mind.
How wonderful that this turned out good, and so sorry for the loss of your dad!