Low Death Benefit Level Term Life Insurance 25K?

[WinoBlues]

That is a good point.

What his burial allowance through the VA has a few ifs attached.
Such as when did he serve? 61 assume Viet Nam.
Is he service related disabled? National Cemetery? VA pension? If he dies at a VA hospital. Etc.....

Then, what will the VA benefit be? A lot of Vets assume if the have a DD214 that all is covered. Not so.

 

[0b1kanobee]

61 + 20 = 81 ... that's just about when they start giving up their ghosts ... is he even aware that he may not get anything?

He is absolutely aware he might not get anything. However having something till you are 81 is better than having nothing I would think.

Also, we are deviating away from the 25k to 100 here or 90 standard that was brought up, why? You don't like that or did you not think that I told him he might live beyond and not get anything?

I'll check into his VA thing but honestly I don't think the military is going to provide the type of 'military' funeral he wants. I think he thinks he was a 4 star general in another life. I think he handed out towels and mints at a bathroom on some military base (joke...sorta).

He served this country in whatever capacity it was and he wants his funeral and as his agent (if he so chooses) I intend on making sure he has the funds to pay for the policy till he dies (affordable) and that it does (the policy) what it was intended to do.

 

[WinoBlues]

If you like send me your email and I will email the VA info I have. It is 2008 but will give you a good base. I would post it but do not know how.


Good Luck

He is absolutely aware he might not get anything. However having something till you are 81 is better than having nothing I would think.

Also, we are deviating away from the 25k to 100 here or 90 standard that was brought up, why? You don't like that or did you not think that I told him he might live beyond and not get anything?

I'll check into his VA thing but honestly I don't think the military is going to provide the type of 'military' funeral he wants. I think he thinks he was a 4 star general in another life. I think he handed out towels and mints at a bathroom on some military base (joke...sorta).

He served this country in whatever capacity it was and he wants his funeral and as his agent (if he so chooses) I intend on making sure he has the funds to pay for the policy till he dies (affordable) and that it does (the policy) what it was intended to do.

 

[Norwayguy]

Thanks Peter
I am not licensed with either, I'll have to check with with my vendor that I use and see if they have Transamerica. They have all my info in their system but their quote engine did not provide me with a Trans quote.

ANOTHER QUESTION:

Say this guy dies and has a beneficiary to get the 25k for his military funeral. However, this guy also has 25k in debts. Now, are the debtors going to come after this money and collect which means no military funeral or what are the legalities here? Do you see where I am going with this question?

Let us say that this guy will die a single man (no wife) one adult child (if this matters). Hell he could be in a nursing home when he dies, I just want to be able to tell him and know for myself and future clients, how this death benefit can be applied.

I realize there is probably more to my answer than can just be thrown out to me but if there is a way to keep it simple.....

If he wants it to be used for final expense and is concerned about what the beneficiary will do with it then he needs to rethink the beneficiary...Technically if he names say me for instance as the beneficiary I can do what I want with the money.

 

[0b1kanobee]

If he wants it to be used for final expense and is concerned about what the beneficiary will do with it then he needs to rethink the beneficiary...Technically if he names say me for instance as the beneficiary I can do what I want with the money.

I'm not concerned too much with the beneficiary right now although I know that is EXTREMELY important. What I'm concerned about is debts. He has about 25k in debts right now that he is not paying. 18k in credit cards and the rest in college loans that he got suckered into.

When the money is paid to the beneficiary, must the beneficiary be responsible to pay those debts? Can the debt collectors come after the money and if so do they usually succeed? I mean you can go after anybody today for anything.

Assuming the beneficiary does as requested or stated in the will, what prevents the money (like unpaid bills) from getting the guy the burial he wants? I don't know how the law works in such a circumstance.

 

[Norwayguy]

I'm not concerned too much with the beneficiary right now although I know that is EXTREMELY important. What I'm concerned about is debts. He has about 25k in debts right now that he is not paying. 18k in credit cards and the rest in college loans that he got suckered into.

When the money is paid to the beneficiary, must the beneficiary be responsible to pay those debts? Can the debt collectors come after the money and if so do they usually succeed? I mean you can go after anybody today for anything.

Assuming the beneficiary does as requested or stated in the will, what prevents the money (like unpaid bills) from getting the guy the burial he wants? I don't know how the law works in such a circumstance.

Is this person with the debts the beneficiary or the insured? That part of your message confuses me...If the insured is the one with the debts the death benefit bypasses probate, if the insured lets the death benefit go to his estate then those assets can be attached by creditors.

 

[0b1kanobee]

Is this person with the debts the beneficiary or the insured? That part of your message confuses me...If the insured is the one with the debts the death benefit bypasses probate, if the insured lets the death benefit go to his estate then those assets can be attached by creditors.

OK, that is what I thought (like an annuity) just wans't 100%.

To answer your question, the one looking to obtain the policy has the debts. Not sure what the beneficiary's debt situation is. It would be his son though I would think or another relative.

I was just wondering if the beneficiary paid out all this money for the funeral and then the creditors come after them (the beneficiary) and say "hey, you did a nice thing for this guy but you owe us money too". Then what? Does the beneficiary tell them to go jump in a lake or what? Was the money used in accordance with the laws? I guess it belongs to the beneficiary and everyone else can go fly a kite. Am I correct?

 

[Norwayguy]

OK, that is what I thought (like an annuity) just wans't 100%.

To answer your question, the one looking to obtain the policy has the debts. Not sure what the beneficiary's debt situation is. It would be his son though I would think or another relative.

I was just wondering if the beneficiary paid out all this money for the funeral and then the creditors come after them (the beneficiary) and say "hey, you did a nice thing for this guy but you owe us money too". Then what? Does the beneficiary tell them to go jump in a lake or what? Was the money used in accordance with the laws? I guess it belongs to the beneficiary and everyone else can go fly a kite. Am I correct?

Yes & Yes.

 

[Franz Kafka]

OK, that is what I thought (like an annuity) just wans't 100%.

To answer your question, the one looking to obtain the policy has the debts. Not sure what the beneficiary's debt situation is. It would be his son though I would think or another relative.

I was just wondering if the beneficiary paid out all this money for the funeral and then the creditors come after them (the beneficiary) and say "hey, you did a nice thing for this guy but you owe us money too". Then what? Does the beneficiary tell them to go jump in a lake or what? Was the money used in accordance with the laws? I guess it belongs to the beneficiary and everyone else can go fly a kite. Am I correct?

The primary purpose of the probate court freezing the estate upon death and publicly announcing it is so that the creditors may come and collect their money. The amount that goes to the designated beneficiary is not part of that estate. JMO

 

[jdeasy]

That AmAm policy is term to age 95. The premium is guaranteed for 20 years.

As for VA. Unless he is on 100% disabilty thru VA, he doesn't have any death benefit except for he can be buried at at any VA cemetary for no cost or they will pay $300 towards a plot at any other private cemetary. The VA will also pay for a bronze plate to be placed on the marker. If he is on 100% disabilty with the VA, he would have a $10,000 benefit.