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akern
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Joined: 31 May 2002
Posts: 17149
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 Posted: 01/30/06 - 12:49 Post subject: Serious questions.
We've been thinking about getting additional life insurance policies. We have a small amount that our employer provides now. So my question is:
If we both kick over at the same time who knows what to collect from where? Is this what a will is for? Who holds the will and how do they know you've died? How much is the average cost of a will. Do I ask the lawyer these questions or insurance agent. 
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robp
Pyromaniac
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Joined: 26 Jul 2002
Posts: 16241
Location: Waiting in line at the beer store...
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Posted: 01/30/06 - 12:50 Post subject:
Just sign all insurance money and will stuff over to me and I'll take care of it.
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gretriever
Hipster Doofus
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Joined: 16 Jul 2003
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Location: A moving target in a firing range.
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Posted: 01/30/06 - 12:54 Post subject:
You ought to talk to a lawyer regarding wills. And you should let said lawyer and/or a family member know where the will is (usually a safe deposit box). Usually your will contains some order of people who would get the proceeds in case of an event like you mention. I'm not a lawyer, so hopefully someone who is (a-hem) or has at least dealt with wills can help here - especially if I'm wrong on something.
Oh yeah, I don't think they'll have any trouble figuring if you're dead. Unless you do one heck of a disappearing act.
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JACKED UP
PRESIDENT
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Joined: 06 Jun 2003
Posts: 21238
Location: www.johnnydu.com
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Posted: 01/30/06 - 13:08 Post subject:
The only reason DH don't kill me is cuz I have no life insurance! I bet I'm the only one here worth more alive!  
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brie k
Member
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Posted: 01/30/06 - 15:18 Post subject:
Well, here's the thing. If you die at the same time, one of your will's can say that "in the event my spouse and I die at the same time, he is considered to have died first," or some such verbage to that end. This is the way I have mine at this time, because Kramer does not have a will. However, given that I am now divorced, I have to redo it.
When JM and I get married, we'll have the same stipulation, but then I think that our wills will be so different that it won't matter too much. Marie will get his life insurance policy, and my children will get their third of mine, we'll likely give them equal access to whatever is left, with exceptions being those special things that we want each child to have.
What you want to make sure is clear in your will is what is to be done with your life insurance policies (such as the guardian gets x amount for expenses for the children up until they reach majority, and specify when that majority is). Make sure that the children have a guardian. That is much more important than the life insurance, or at least AS important.
It would not hurt to talk to a lawyer and/or financial planner in cases involving minor children.
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rolling rock
The Pinball
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Joined: 15 May 2002
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Location: unknown zone
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Posted: 01/30/06 - 15:29 Post subject:
i hate death threads today.
all i can add is if you are considering additional life insurance (which we did when we first got married and i'm ever so glad we did) do it now. not tomorrow. not even friday.
you are both young enough and healthy enough that the premium should be reasonable. hurry! get while the gettin' is good.
my dad was a financial planner; i thought it was the most stupid thing ever when he gently encouraged us to buy some.  but now i'm glad we did.
we have a will too. it badly needs to be updated.  it feels very worthless now as it's written. stuff changes in 20 years!!
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karlene
Canadian Bacon
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Joined: 17 Oct 2005
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Posted: 01/30/06 - 15:36 Post subject:
is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff  how lucky for him!
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purple hayes
Frightened Inmate #2
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Posted: 01/30/06 - 15:42 Post subject:
| Karlene wrote: | is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff how lucky for him! |
Why do you have a life insurance policy? I thought people bought them because they had dependents they wanted to take care of after they were gone.
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gretriever
Hipster Doofus
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Joined: 16 Jul 2003
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Posted: 01/30/06 - 15:44 Post subject:
| purple hayes wrote: | | Karlene wrote: | is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff how lucky for him! |
Why do you have a life insurance policy? I thought people bought them because they had dependents they wanted to take care of after they were gone. |
Maybe she wanted the benefits to go to her parents, nephews/nieces, gretriever, etc.
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karlene
Canadian Bacon
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Joined: 17 Oct 2005
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Posted: 01/30/06 - 15:55 Post subject:
| gretriever wrote: | | purple hayes wrote: | | Karlene wrote: | is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff how lucky for him! |
Why do you have a life insurance policy? I thought people bought them because they had dependents they wanted to take care of after they were gone. |
Maybe she wanted the benefits to go to her parents, nephews/nieces, gretriever, etc. |
parents, sister, or brother(if i thought he could take care of money )
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purple hayes
Frightened Inmate #2
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Posted: 01/30/06 - 15:57 Post subject:
| Karlene wrote: | | gretriever wrote: | | purple hayes wrote: | | Karlene wrote: | is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff how lucky for him! |
Why do you have a life insurance policy? I thought people bought them because they had dependents they wanted to take care of after they were gone. |
Maybe she wanted the benefits to go to her parents, nephews/nieces, gretriever, etc. |
parents, sister, or brother(if i thought he could take care of money ) |
You could name me as a beneficiary in his stead.
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karlene
Canadian Bacon
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Posted: 01/30/06 - 15:58 Post subject:
my mother is the #1 beneficary at this point.
but i'm sure anyone from here would deal with money a lot better than my brother...
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purple hayes
Frightened Inmate #2
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Posted: 01/30/06 - 16:22 Post subject:
Can you leave me enough money for a smith machine?
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karlene
Canadian Bacon
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Posted: 01/30/06 - 16:23 Post subject:
| purple hayes wrote: | | Can you leave me enough money for a smith machine? |
no 
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purple hayes
Frightened Inmate #2
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Joined: 14 May 2002
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Posted: 01/30/06 - 16:28 Post subject:
| Karlene wrote: | | purple hayes wrote: | | Can you leave me enough money for a smith machine? |
no |
But I'm trying to lift more than I should.
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