Comments on: Could You Buy Life Insurance For Those You Love…With You As The Beneficiary? http://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/ A place to discuss money...for the rest of us. Thu, 24 May 2012 23:41:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Jenniferhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35589 Jennifer Thu, 21 Jan 2010 01:31:15 +0000 http://www.mytwodollars.com/?p=2379#comment-35589 Ron, I couldn't find anything like that when mine were babies. What company offers that? Or do they no longer offer it? Ron,
I couldn’t find anything like that when mine were babies.
What company offers that? Or do they no longer offer it?

]]> By: Davidhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35588 David Thu, 21 Jan 2010 01:09:16 +0000 http://www.mytwodollars.com/?p=2379#comment-35588 Thanks Ron. I actually did need to hear that today, so good timing. :) Thanks Ron. I actually did need to hear that today, so good timing. :)

]]> By: Ronhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35587 Ron Thu, 21 Jan 2010 00:58:26 +0000 http://www.mytwodollars.com/?p=2379#comment-35587 David, I bet you'd be an unbelievable, fantastic, loving father. Any kid would be fortunate to call you "Dad." David, I bet you’d be an unbelievable, fantastic, loving father. Any kid would be fortunate to call you “Dad.”

]]> By: Mitzihttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35581 Mitzi Wed, 20 Jan 2010 09:53:26 +0000 http://www.mytwodollars.com/?p=2379#comment-35581 My husband and I are in the process of burying my 27 year old step-son. It's very expensive and this has set me to thinking I need to buy insurance on my grown children and grandchildren who have no life insurance coverage. I have 3 grown children, two of which have no life insurance. I have 6 grandkids, 3 of which have no insurance. I want to buy a $10k policy of each of them and one on my husband and I. I have a large life insurance policy on myself already, but that money is to go to my husband and the family to help them financially after I'm gone. I want to buy a 10k policy just to cover my funeral expenses. I'm wondering the best type of insurance to buy, the best place to buy it and how much I can expect to pay for these policies. Please anyone, please email me if you have any knowledge. mitzi.m@suddenlinkmail.com My husband and I are in the process of burying my 27 year old step-son. It’s very expensive and this has set me to thinking I need to buy insurance on my grown children and grandchildren who have no life insurance coverage. I have 3 grown children, two of which have no life insurance. I have 6 grandkids, 3 of which have no insurance. I want to buy a $10k policy of each of them and one on my husband and I. I have a large life insurance policy on myself already, but that money is to go to my husband and the family to help them financially after I’m gone. I want to buy a 10k policy just to cover my funeral expenses. I’m wondering the best type of insurance to buy, the best place to buy it and how much I can expect to pay for these policies. Please anyone, please email me if you have any knowledge. mitzi.m@suddenlinkmail.com

]]> By: Davidhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35524 David Thu, 14 Jan 2010 16:48:44 +0000 http://www.mytwodollars.com/?p=2379#comment-35524 That's a bargain Ron, will have to remember that if/when I have kids :) That’s a bargain Ron, will have to remember that if/when I have kids :)

]]> By: Samhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35523 Sam Thu, 14 Jan 2010 16:26:44 +0000 http://www.mytwodollars.com/?p=2379#comment-35523 I have my kid as a rider on my life ins. That way if he dies all expenses for my nervous break down or loony bin stay are covered (I'm not joking- I adore the boy & if anything ever happened to him I'd have a breakdown). I know people who have had kid's die & they couldn't even scrape the $ to bury them let alone cover end of life services & such. I think people should have a puny 5k policy on any relative they are financially responsible for just in case. Last summer a single/no kids guy i know drowned. He had to insurance or anything. His family is in a real bind over the various expenses. My son's grandmother (Dad's side) has a small 5 or 10k policy on all her unmarried kids so if anything happens she at least knows she can bury them. As far as taking policies out on peopel you don't care about... I think it's a little unethical unless there's a family tie that could financially negatively affect you. I wish my son's Dad would let me take out 20k on him just in case - since I would no longer get child support & SS wouldn't be much (he's a real bad driver). If there's a way to take out a policy without their permission let me know ... it'd help me sleep better @ night. I have my kid as a rider on my life ins. That way if he dies all expenses for my nervous break down or loony bin stay are covered (I’m not joking- I adore the boy & if anything ever happened to him I’d have a breakdown).

I know people who have had kid’s die & they couldn’t even scrape the $ to bury them let alone cover end of life services & such.
I think people should have a puny 5k policy on any relative they are financially responsible for just in case.
Last summer a single/no kids guy i know drowned. He had to insurance or anything. His family is in a real bind over the various expenses.

My son’s grandmother (Dad’s side) has a small 5 or 10k policy on all her unmarried kids so if anything happens she at least knows she can bury them.

As far as taking policies out on peopel you don’t care about… I think it’s a little unethical unless there’s a family tie that could financially negatively affect you.
I wish my son’s Dad would let me take out 20k on him just in case – since I would no longer get child support & SS wouldn’t be much (he’s a real bad driver). If there’s a way to take out a policy without their permission let me know … it’d help me sleep better @ night.

]]> By: Evanhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35510 Evan Thu, 14 Jan 2010 03:19:41 +0000 http://www.mytwodollars.com/?p=2379#comment-35510 I think the term everyone is hinting at is the term insurable interest. Parent-Child / Employer-Employee / etc. I think the term everyone is hinting at is the term insurable interest. Parent-Child / Employer-Employee / etc.

]]> By: Kenhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35509 Ken Thu, 14 Jan 2010 03:10:01 +0000 http://www.mytwodollars.com/?p=2379#comment-35509 I have a whole life insurance policy on my dad. It has 10K face value. He knows I'm paying the premium and I am the beneficiary on the account. I do wonder if the premium is worth it. Anyone got words of wisdom for me? I have a whole life insurance policy on my dad. It has 10K face value. He knows I’m paying the premium and I am the beneficiary on the account. I do wonder if the premium is worth it. Anyone got words of wisdom for me?

]]> By: Tweets that mention Could You Buy Life Insurance For Those You Love…With You As The Beneficiary? | My Two Dollars -- Topsy.comhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35506 Tweets that mention Could You Buy Life Insurance For Those You Love…With You As The Beneficiary? | My Two Dollars -- Topsy.com Thu, 14 Jan 2010 00:58:21 +0000 http://www.mytwodollars.com/?p=2379#comment-35506 [...] This post was mentioned on Twitter by Hank, sonali chenmoran. sonali chenmoran said: Could You Buy Life Insurance For Those You Love"¦With You As The Beneficiary?: Is that even legal? Ethical? Mora.. http://bit.ly/4Y7sJ4 [...] [...] This post was mentioned on Twitter by Hank, sonali chenmoran. sonali chenmoran said: Could You Buy Life Insurance For Those You Love”¦With You As The Beneficiary?: Is that even legal? Ethical? Mora.. http://bit.ly/4Y7sJ4 [...]

]]> By: Edwinhttp://www.mytwodollars.com/2010/01/13/could-you-buy-life-insurance-for-those-you-love-with-you-as-the-beneficiary/#comment-35501 Edwin Wed, 13 Jan 2010 22:28:17 +0000 http://www.mytwodollars.com/?p=2379#comment-35501 Expanding on what Ron said, companies actually take out insurance policies on all employees, not just "key" ones and it's been nicknamed dead peasant insurance. I've actually seen the topic discussed on a few investigative journalism TV shows and in Michael Moore's most recent movie. There seems to be no legal issue with it although I heartily disapprove. If you want to find out more just Google "life insurance on employees". Expanding on what Ron said, companies actually take out insurance policies on all employees, not just “key” ones and it’s been nicknamed dead peasant insurance.

I’ve actually seen the topic discussed on a few investigative journalism TV shows and in Michael Moore’s most recent movie. There seems to be no legal issue with it although I heartily disapprove.

If you want to find out more just Google “life insurance on employees”.

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