Go Fund Me VS Personal Responsibility

[Wally]

Anyone notice the rise in Go Fund Me requests in response to someone dying? I always thought Life Insurance was a personal responsibility? You click on the Go Fund Me link and you see the deceased on their boat, or by their vacation home, or on their fancy motorcycle, cars, or ATV's/jet ski? Doesn't make sense?

I can see some legitimate requests, but is this getting out of hand?

 

[bottomups]

I'm thinking of starting one up for my retirement.

 

[oldngray]

 

[OrioN]

Yeah it's a sad state of affairs if your parents or grandparents says, "when I move on to the next dimension, u deal with my debts"

My brother is still struggling to pickup the pieces after my parents passed away...

Although helpful if there's a rich person who has money to burn & visits such a site to help a few, there's always scammers out there just "working the system"

RiP, dad. Lost to Colon Cancer

 

[Wally]

These folks can afford all types of goodies, but can't afford a low cost term life policy?

 

[sailfish]

These folks can afford all types of goodies, but can't afford a low cost term life policy?

Being able to think that far ahead is an uncommon virtue. I have a fixed-rate $100k policy that costs me about $67/month. It's funny because I have no debt anyway.

 

[sailfish]

Yeah it's a sad state of affairs if your parents or grandparents says, "when I move on to the next dimension, u deal with my debts

That's a good way to get yourself a sky burial.

 

[BakerMayfield2018]

Being able to think that far ahead is an uncommon virtue. I have a fixed-rate $100k policy that costs me about $67/month. It's funny because I have no debt anyway.

What????!!!!! $67 a month for a 100k policy????

 

[OrioN]

Yeah, Wtf! That's a bit much...

Does your teamsters union have a special discount for all the members???

 

[BakerMayfield2018]

 

[Wally]

What????!!!!! $67 a month for a 100k policy????

Whole life?

 

[sailfish]

What????!!!!! $67 a month for a 100k policy????

Yeah, Wtf! That's a bit much...

Does your teamsters union have a special discount for all the members???

View attachment 150697

It's not term. It's a fixed lifetime rate. It will never change.

Whole life?

Yep.

 

[olroadbeech]

I don't see any reason for life insurance if your assets are more than liabilities.

 

[sailfish]

I don't see any reason for life insurance if your assets are more than liabilities.

While I would agree, as I have no debt and more than enough in the bank to cover any kind of final expenses, I have no idea what the future could bring and would rather not be having to take out expensive policies then.

There's also no telling what kind of hospital expenses or something the health insurance companies could end up sticking someone with. My dad's cousin died last year and the hospital expenses were over $600k. There was a whole bunch of it they (the health insurance company) tried to weasel out of covering for some reason (I can't remember what) but we did manage to get it overturned.

 

[rickyb]

Anyone notice the rise in Go Fund Me requests in response to someone dying? I always thought Life Insurance was a personal responsibility? You click on the Go Fund Me link and you see the deceased on their boat, or by their vacation home, or on their fancy motorcycle, cars, or ATV's/jet ski? Doesn't make sense?

I can see some legitimate requests, but is this getting out of hand?

the economy is garbage and maybe people cant afford it. i very much doubt its people taking advantage of it. america's safety net is garabge relative to other developed countries.

 

[Indecisi0n]

I'd rather buy gas for my boat, motorcycle and jet ski then spend it on life insurance. Ain't no body care about debt when they die.

 

[burrheadd]

I'd rather buy gas for my boat, motorcycle and jet ski then spend it on life insurance. Ain't no body care about debt when they die.

You better put raincoats on that list my friend

 

[Babagounj]

I cashed my policy in years ago , I decided to spend it now than leave it to the state to steal.

 

[sailfish]

I cashed my policy in years ago , I decided to spend it now than leave it to the state to steal.

If you'd really like to stick it to the state and their bull inheritance tax, sit down and try to come up with a projection of the value of your estate at a realistic estimated time of death.

Take out a life insurance policy equal to the amount of your projected estate, with the beneficiaries being your heirs who you would normally leave your estate to in a will, but instead of leaving your estate to them, leave 100% of your estate to a charitable organization so that it will not be taxed.

Your heirs get all the money you were worth, you essentially double the value of your estate, and you get to give the government one last " you".

 

[Wally]

Oops, life insurance is tax free. Financial planners use it as a tool to offset taxes.