Do you have enough life insurance?

[Big Frank]

I don't have any heirs to leave anything to, so the only life insurance I have is a couple of free policies. I think I have 2 $500 policies, but I'm not sure. I need to check and update all my information. My mom passed away 2 weeks ago, and I filed a claim with MetLife to get $166.67. That's 1/3 of $500.01, so I assume my brothers and I are getting equal shares of a $500 policy, and the insurance company rounded up one cent to make it equal, instead of one of us only getting $166.66.

Everyone knew my mom was slowly dying for 2 years so It didn't surprise anyone. You can't live forever when they can't find a pulse in any extremity and your blood oxygen level drops to 60%. No condolences are necessary. I already know you care. She turned 102 about 6 weeks before she died, and she has more or less been gone since she was 99 or 100. That's probably why I didn't feel sad or cry, like when my dad died in the hospital almost 28 years ago. She was totally deaf and blind, and lost most her senses of smell and taste decades ago. The last time I took her to Texas Roadhouse she was eating a Cactus Blossom, Texas-sized, golden-fried onion with Cajun sauce for dipping. It's like an Outback Bloomin' Onion but maybe with a spicier sauce, and my mom kept saying, This sure is a good potato. I'm glad she enjoyed it even if she couldn't tell the difference between an onion with Cajun dipping sauce and a potato. And she was also eating a steak one-handed while holding her knife or fork in the other hand. She apparently forgot how to use silverware back when she could still see.

So when I filed my claim for an amount of money that wouldn't cover half of my last grocery bill, I started thinking about life insurance. I don't need it, but I know a lot of you have families, just like all of my friends do, and thought I'd ask if you have life insurance, and do you think it's enough. I was offered policies up to a million dollars in the past, but who would I leave it to? My dog died, I don't know where my ex lives, even if I thought the b***ch deserved anything, and I don't want my brothers to profit from my life or my death. If you knew how badly they treated me, you'd know why. It wouldn't be as bad as if prisoners at Auschwitz bought the guards Christmas presents, but it wouldn't make any more sense than that.

[alfsauve]

I carried term for many years so that my family could live comfortably (for a while) if I died before retirement.
As the kids moved out, and our retirement and savings grew, I gradually reduced the coverage.
By the time I retired I had no policies in force.

Of course Big Frank, if you are looking for a beneficiary, all donations accepted.

[PegLeg45]

I've always carried as much as I could afford.
My work offered several AD&D options way back and I'm grandfathered in a 1 million AD&D policy that was offered thirty years ago via a credit card company for $7.95 a month. The accidental death part is the 1 mil and the disability part is pro-rated based on level of injury. When I lost my leg 21 years ago they paid me enough to pay of my home and vehicles so I guess the 8 bucks a month was worth it. I had a similar short and long term policy as well as a life policy through work.
Like Alf, as I've grown older, the life policy coverage has gone down as the premiums increase, but I still have enough to keep the wife in the black if I kick first.

As a side note, many credit unions offer life policies if you're a member. When we financed our latest truck I put it in the wife's name. A few weeks later she got info in the mail offering life and AD&D policies. They were good prices and since she's never had life insurance we opted for that route.

I don't want my son's or wife to have to finance a funeral.

[TAB]

Yes and no.   I have a 1 mill policy, but I have  more than enough networth to ensure the misses is just fine.

[Rastus]

I don't have any life insurance I am paying for anymore. 

I'm glad this subject came up.  I've been intending to look into the "free policies" you get with memberships and such.

[Sponsor]

[Big Frank]

I carried term for many years so that my family could live comfortably (for a while) if I died before retirement.
As the kids moved out, and our retirement and savings grew, I gradually reduced the coverage.
By the time I retired I had no policies in force.

Of course Big Frank, if you are looking for a beneficiary, all donations accepted.

 

[Big Frank]

I've always carried as much as I could afford.
My work offered several AD&D options way back and I'm grandfathered in a 1 million AD&D policy that was offered thirty years ago via a credit card company for $7.95 a month. The accidental death part is the 1 mil and the disability part is pro-rated based on level of injury. When I lost my leg 21 years ago they paid me enough to pay of my home and vehicles so I guess the 8 bucks a month was worth it. I had a similar short and long term policy as well as a life policy through work.
Like Alf, as I've grown older, the life policy coverage has gone down as the premiums increase, but I still have enough to keep the wife in the black if I kick first.

As a side note, many credit unions offer life policies if you're a member. When we financed our latest truck I put it in the wife's name. A few weeks later she got info in the mail offering life and AD&D policies. They were good prices and since she's never had life insurance we opted for that route.

I don't want my son's or wife to have to finance a funeral. 👍

I think I only have a policy from one CU and not the other one. And one from work. The AD&D part of one paid half if if you lost 3 fingers on one hand, or a thumb, but 100% if you lost the whole hand or 2 fingers and a thumb. Something like that, and whole feet paid an equal amount, IIRC. I didn't opt for the upgrade up to a million, but it was there from the CU and it it was cheap. Some people don't realize that as a member of a CU you're partial owner of it and can get all kinds of deals you can't get elsewhere. You wouldn't sell yourself anything at full price would you? When I went to Cedar Point to ride roller coasters for a day or two, the first thing I did was get discount tickets at the CU. They used to have discount movie passes that were good for all except a few movies that didn't take passes when they first came out. I don't know if they still do that, but I don't recall paying full price for a movie, ever.

[Big Frank]

I don't have any life insurance I am paying for anymore. 

I'm glad this subject came up.  I've been intending to look into the "free policies" you get with memberships and such.

I'm happy to get the ball rolling. Now I'm going to bug you about it until you're covered. 

[Big Frank]

It sounds like you guys are all on the right path. I need to check into my own policies. I had my mom as primary on at least one policy, and my best friend as secondary. I want to put ol' Sarge on them as primary. He's been in and out of the hospital since summer, and the VA won't cover most of the bills when he gets them. He and his family can use the money more than anyone I know. I don't even know how many amputations he's had but he stands about 4'5" tall now , and he had several fingers or parts of them amputated. He still has enough fingers on his left hand to learn to play guitar left-handed if he ever makes it home for good. He has a couple dozen guitars and already bought a left-handed one before he ended up the ICU. When I was a little kid, my mom used to say any time I'm feeling sorry for myself, I should know that there's someone else who has it a lot worse off than I do. That's one thing she got right.

I went over my older brother's house yesterday to pick up a copy of the death certificate. And $20. He got the funeral taken care of on time and under budget. He got a new hip Tuesday and a new knee last year. He has surgery of some kind almost every year. He waits until after deer season in November, and after Christmas because he cooks a lot over the holidays. Then he'll be all healed up by small game season opens on September 15th. The new knee gave him a little trouble walking though the woods, stepping over downed tree branches and stuff.

I couldn't believe what the death certificate said. I mean, I believe my mom quit breathing for 5-10 minutes and that was the cause of death. But there's a place at the bottom that asks if tobacco use contributed to her death. And the box that said, "Probably" was checked off. WTF? My mom never used any form of tobacco in her unnaturally long life AFAIK. I texted my sister in law and she said they never noticed that. Then she thought maybe they meant second-hand smoke, but I think my dad quit smoking 60 or 65 years ago, something like that. I don't remember him ever smoking, and I think he said he quit after my older brother tried eating his cigarettes as a toddler, which can quickly be fatal. I think the doctor just checked off the wrong box and no one else even noticed.

[Ramundis]

I have to say, 102 is an incredible milestone, and it sounds like your mom had some truly memorable moments, even in her later years. That Texas Roadhouse story gave me a chuckle—it’s amazing how food can bring joy even when other senses fade.
I’ve been in a similar spot with life insurance. After my dad passed unexpectedly a few years ago, I had to step up and figure out all his loose ends. It made me think about my own situation. I don’t have kids, but I decided to get a small policy to cover any final expenses. For those with families, it’s definitely worth considering if you have enough coverage—peace of mind goes a long way.