Life And Health Insurance For Lonely People.

Discussion in Life & Health Insurance started by mildredtabitha • Sep 3, 2017.

  1. mildredtabitha

    mildredtabithaActive Member

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    I know that someone who lives alone might not consider the importance of insurance. He or she will feel that there is no need to have a life or health insurance because there is no relative or friends who care anyway. They will be like; what is the big deal? And maybe no children no potential partner which to them will mean no responsibilities.

    What is your advice to such a person? How will you convince them to have a life or health insurance?
     
  2. larryl332

    larryl332Active Member

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    You are right in that life insurance might not really have all that much appeal to it, but of course it just depends on all sorts of circumstances. There are plenty of coverage options out there that maybe there is something geared towards this population.
     
  3. Alexandoy

    AlexandoyWell-Known Member

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    Life insurance and health insurance is not only for lonely single people but for all seniors. I have noticed that most in my circle have health issues. In fact, my wife was recently hospitalized and we’re glad that she has a health card that covered the entire hospitalization costs. So maybe the seniors should think about getting a health card. With life insurance, I’m not really that keen because what I’m after is the health card.
     
  4. overcast

    overcastActive Member

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    I am single. I live without any family. And still I go for the health insurance because life is meant to be lived. And not to be given excuses with the reasons like what is the use and things. Because the thing about the health insurance is that you have to get in early for it to see some benefits. Going to the health benefits later in the life is going to cost you a lot of mistakes. And that's what is going to make a lot of issues in days to come.
     
  5. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Well, I too am single, and I have both life ins. and health ins. for my end of life journey. It's always better to have and not need than to need and not have life ins. and health ins. Costs may arise and could be very expensive, if you have health ins. chances are everything is covered. Simple dental cleaning which you need every six months costs near $200.00 each time. It's so much better to have ins. for then the cost maybe free or just $10 each time. The end of life journey is costly. If you don't have a funeral plan, a will, or life ins. who will pay for everything and finish things for you when you're gone? Who will pick up your body and bring it to the funeral parlor for embalming, casket, funeral arrangements, flower arrangement, pastor appt. for your funeral and pay for his services for the funeral and burial...if you're going to cremate it still costs to cremate and have a funeral...well you understand many things happen when you pass that will need seeing to and they all cost money. Do you have a will that explains everything of your last wishes? The person seeing to your last wishes will need money to make sure your last wishes are implemented. Did you make arrangements for someone you trust, to do all these things for you when you pass? Can this person access your bank account for your last wishes and all expenses. Your life ins. should always have a beneficiary who will have to wait at least a month to get survivor's benefit. No company gives out survivor's benefits until they receive and process things with a death certificate, which today costs $10 each. You will need someone you can trust totally & implicitly so they will do all for you as you wished. What of your belongings? This trusted person is the one you should ask to close all your online & offline accts., if you rent...make sure things are all taken care of, take care of any outstanding bills whether credit cards or other loans be paid off and any other life occurrences to be taken care of too. Everything will cost money, everything will need a person to finalize it...even your funeral arrangements that usually takes place right after your death, so the funeral home will want to be paid before the funeral takes place or anything else. This is why we get life ins. We make sure that the person will take care of all expenses for everything, will do everything for your accounts online and offline and anything else that arises to finish your end of life journey.

    Life costs money and the end of life journey will cost money too. A casket today costs around $5K - $10K. This is only for a casket. Who is going to call the pastor or minister or Rev. for the funeral for their services that will cost and pay for your burial which is a separate payment? This is why as soon as possible and when you can afford it, get a funeral plan or an ins. plan that will pay for your funeral to your satisfaction. I was doing some reading, no ins. will pay survivor's benefit until the death certificate is in hand. The death certificate takes time to process. All you can do is wait for it. Today as I've said it costs $10, for just one certificate. Chances are you'll need more than one death certificate. Your credit card co. will need them, your bank will need them...so you got to sit down and plan how much you'll need and let your beneficiary know of it, so they'll be prepared and thorough to complete your end of life journey. So you got to have cash in hand usually from your checking and savings or whatever else you have like an IRA, KEOH or other plans to include all assets & liabilities, so the executrix or executor can do a thorough job for you. If you have a money jar make sure your Executrix & Executor knows about it, too, leaving nothing to chance, please. When you're gone to heaven it's not a two way ticket. Plan thoroughly, writing it all down-even when you start something new, write it down so the Executrix & Executor will have knowledge of it and have it for your last wishes. This is just the top of the iceberg for why get life ins. Now you got to decide whether you want universal life or term ins. plans or both. Accidental Death & Dismemberment Ins. pays out survivor's benefit only if you die of an accident...ONLY.

    The end of life journey is costly and you'd want to get it the way you want it, so it takes planning. Funeral plans will cost, but most have time payments, so by the time comes you'd have it all paid for, but calling clergy, making the arrangements for the day, flower arrangement and burial which you pay for separately to not forget gratuity payments all takes money and planing. Do it when you're able and lucid to do so, then you'll be sure to have what you want done and know what the costs are so you'll leave enough behind so your Executor or Executrix will have enough to pay for it. Aside of dealing with your loss, your family & friends have, your Executor & Executrix will have to make lots of payments and do a lot of other things, so plan well. Before this year I just went to funerals. This year when my Mother passed I went through it first hand, so I understand how it feels, being an Executrix. If there is any outstanding credit card loans or other loans that you can't pay off with survivor's benefits, please make arrangement with your lender, they will understand you might not have enough to pay off the loan, so make arrangements on how to repay the outstanding amt. so you'll leave the loved one who passed in good standing as well as being a responsible Executor or Executrix. Good luck in making your long term decisions. I have peace of mind knowing everything before I pass and know that everything is going to be okay when I pass. By the way, make sure you get a power of attorney for your Executor or Executrix if needed too. Legal Aid does if for free. One last thing...prices do go up for funeral plans and everything else, so the earlier you begin planning you'll save money, too.
     
  6. overcast

    overcastActive Member

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    I think kristina mentions most of the things. We don't plan that deep. But I like how much deep she is thinking about this issue. And not just for health insurance but also for the funeral. And that's something I'd consider as well. I have not much money in my pocket though. So not sure how to approach this. But I may plan for this in next few weeks or months depending on how my earnings goes. I guess I have to plan now before prices go up on the some specific insurance.
     
  7. Happyflowerlady

    HappyflowerladyWell-Known Member

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    Health insurance is important for people of any age, but especially for older people , who often have more health problems that younger people do. However, and accident can happen to anyone, at my age, and you could end up in the hospital, and with no way to pay for it, or being burdened all of your life trying to pay the hospital bill.
    Also, if a person has a medical problem, and you do not have insurance and do not get it treated soon, then the problem will often only continue to become more severe, and when you finally can it it treated, it is too late to reverse it.
    Every one should have at least a small life insurance policy, even if they are single. It is the responsible thing to have enough life insurance to pay for your burial, and even if you do not have close family, you can have the proceeds go your estate, or have a friend that is willing to help out.
     
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