Even the basic is so expensive

by hummingbird » Mon Feb 04, 2008 07:08 am

My father in-law died 2 years ago. He left my mother in-law well off. He was not a rich man.he was a factory worker till he retired and he raised cattle also. he worked himself to death I think.He dies the year after he retired. Dies of a heart failure out in the fields running cattle.He had it fixed so that when he died every bill he owed was paid for.Then he left her a huge policy besides. Now my hubby if he passed away tomorrow I would be in the poor house...lol No insurance at all to pay for anything.What does a person do when to have insurance Even the basic is so expensive it is a choice between feeding the kids and having insurance?

Total Comments: 75

Posted: Tue Feb 26, 2008 12:57 pm Post Subject:

One major thing I tell anyone who is taking out any type of loan is to be sure to get all the insurance. The biggies are the disability and death. They really aren't that much when spread over the life the loan. My father-in-law passed a few years agoand had a huge amount of loans..not one with any death insurance. After beating herself into the ground trying to hold two jobs, she finally had to let the bank foreclose. I know these days it is very hard to fit any extra money into ones budget but think of life insurance like you would electric or heating. It is a must. Can you imagine being that mother-in-law and in the end losing everything you have and starting over at a later age. We all splurge at least $20 a month if we really think about it. In this day and time why not splurge on a policy. It will help put your mind at rest. That alone is worth it.

Posted: Wed Feb 27, 2008 04:42 pm Post Subject:

You are right .In fact I will start looking into right away.Maybe pay yearly with a tax refund. Some insurance is better than none.It certainly isn't going to get any cheaper by waiting.I don't think any of the company's we have dealt with offered any insurance with the loans .Seems like I remember them saying you have to do that separately now.That most companies don't even offer the death insurance anymore.I know years ago every loan we had,had it, now I don't think any of them do.

Posted: Thu Feb 28, 2008 12:12 am Post Subject:

Yeah I heard of some places not doing the death and disability insurance with loans now. I really think that is a shame they quit. The problem is these days it takes two people working in a household to even afford the basics. So when gets sick or worse dies and there is no insurances it ends up being a really sad story. They have to deal with how to make paymants on top of the death or illness. Hope you find insurance thats affordable. Good luck.

Posted: Thu Feb 28, 2008 12:39 am Post Subject:

It is a good idea to have insurance in place if you have family that will have to pay the bills with out your income, weather it be a one or two income household, it is one gone. fireyone you have experienced first hand what can happen, it is devastating. Loss of a loved one and then loss of your home on top of it, what a shame. How is your mother in law today, did she move out?

Posted: Thu Feb 28, 2008 07:40 pm Post Subject:

She isn't doing too well. She had to let the house go to the mortgage company after a two year struggle to keep it. She was just getting sicker and sicker with the stress. It was a sad day because all the kids had grown up in that home and even though it wasn't much, to them it was home and the place that held the last memories of their father. My mother-in-law now lives in an old school house. The elderly couple that lived there renovated a couple rooms into two apartments. They live in one and one of their children use to live in the other. When they heard of her hard time they offered her the place at low monthly cost. It doesn't have any heat except for electric heaters she purchased from Wal mart. It is definately undesirable. Since the foreclolsure and some other bills went on her credit record she can not just go rent anywhere because of the credit check. This was her only option.There isn't much family to help out. Most live in double wides with children. It isn't only her. My sister-in-law is mentally handicapped and she goes with her since she really doesn't have the capacity to live on her own. So its simply no just taking in one..They have been turned down for any type of financial aid because of her income and the sister-in-laws SSI. Neither amount to much in this economy. Plus she is still paying creditors a good part of her income. The ones she can't are constantly harassing her for payment. I don't mean to go into such detail but it gives good reason for a person to get insurance even when it seems immpossible to fit in these days. I am going through this with car insurance. I am finding ways to fit in higher coverage just in case I was ever to injure someone. I consider myself a too safe driver but its not always that. Roads around here get bad and there is always that one time.

Posted: Thu Feb 28, 2008 11:31 pm Post Subject:

I guess you have to ask yourself how aware your mother in law was about the situation before her husband passed away, was she involved with everything financially or did she choose to turn a blind eye, you should not finance outside your means these days, you have to stay with in a budget that if something would happen to one, the spouse would be able to pay the bills that are left behind. It is a good idea to spend the few bucks and get the insurance.

Posted: Fri Feb 29, 2008 12:30 am Post Subject:

It is important when you have debt that you have the tools in place to make sure that things are taken care of if something should happen.

Posted: Fri Feb 29, 2008 01:25 am Post Subject:

She was aware of the massive debt they had. I must say she aquired a good part of it. She has never been able to handle her own finances and her daughter even goes as far as taking care of her checkbook for her. Still in all some of their biggest debts were through first and second mortgages and another for home improvements. None had ANY type of insurance. My father-in-law had been sick with diabetes for years. I guess she never thought he would pass although many signs were there.

Posted: Fri Feb 29, 2008 04:32 am Post Subject:

Sometimes it is hard to face reality until it slaps us right upside the head, bang and before we know it our whole world comes crashing down. I keep our bills so that if one of us would lose our jobs we would be able to afford to make and have some left over, I never let our bills go above like a 3rd of our income. Just don't see the sense in having a lot of unnecessary things, if you want it then save up and pay cash for it and then you don't have the monthly bill to go along with it. We have not financed any major purchases besides a car last year and I can't wait to get it knocked out along with the mortgage, 4 years left on the car and another 10 on the mortgage and then all the bills will be paid off, with the exception of the ones, the forever bills like utilities. It has taken a while to adopt this mind set, it has been tough staying in this mind set, but I am keeping it. If I want something, I will save for it, then I don't pay a bunch of money in intrest either.

Posted: Fri Feb 29, 2008 05:56 am Post Subject: insurance

Of course, I'm looking for Life Insurance, for my son. Whole Life, if I can find it (and afford it). He's the 'love of my life', like ANY child should be. Good Life Insurance I can count on and can build 'cash value'. Anyone have suggestions?

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