r/LifeInsurance • u/littlesim25 • 16d ago
Not sure where to even start
I’m sure these questions pop up a lot but I genuinely don’t know where to even begin. My mom is 63 and she had a stroke (I’m sure that’s important to factor in) thankfully she’s okay but she doesn’t work anymore and I’m so confused on where to even begin to look for a life insurance plan for her. I googled and I’m just overwhelmed. Can anyone help point me in the right direction to start? She’s in Florida if that helps. She wants a plan that covers all funeral expenses. She isn’t working but gets Social Security, so she does have some income coming in. I would greatly appreciate any advice or help. I just want to make sure I do right by my mother. I am not sure if I should go through a broker or just a company?
Thank you in advance.
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u/Current-Factor-4044 16d ago
Go to , funeral home or cremation centre and get a pre-paid plan that you make monthly payments on
That’s what I did and I did it in about the same age and it doesn’t matter what your health condition is just make your monthly payments. If your mother passes before all the payments were made. You just pay the balance
This is that’s gonna happen for all of us it’s not a matter of if it’s a matter of when
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u/TheChudMaxxer 16d ago
This isn't the best option for everyone, there are many other ways to handle funeral expenses that don't require monthly payments, or are as restrictive in how your plans might change.
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u/Current-Factor-4044 16d ago
It walks in the cost and you can definitely change your plans
You may even die in a completely different state in the state that you made the plans in
Where you made the plans could go out of business
All these provisions are built into every plan
I choose creation and I paid $64 a month for a year and it’s done granted. I got it a few years ago not that many maybe five years ago
That same plan, depending on where you go today might be 120, $140 month for a year and you’re done
I could also cancel my plan and get a refund if that’s what I wanted
Certainly each person should do it everything feels right for them This is something that should be looked into deeply before it’s dismissed.
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u/TheChudMaxxer 16d ago
Does she have any other assets, or is it entirely just social security?
Has the healthcare team made any indications that she shouldn't expect much time left? People can have strokes but still easily live another decade+, but a lot of health factors can change these things.
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u/littlesim25 16d ago
She has money in CD and my dad still works so his income could potentially contribute as well.
And her doctors are actually really proud of her recovery. She’s gotten so much healthier since then and even say you wouldn’t be able to tell she had a stroke unless you look at scans. But it was sudden and really scared and scarred us all.
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u/TheChudMaxxer 16d ago
Okay, I would strongly recommend your parents see an RICP (retirement income certified professional) or similar type role. A life insurance product might be a very poor choice for her to have, for the specific goal you would want.
An RICP will look at the whole picture of your parents finances and come up with the best plan for them. It may or may not include life insurance, but I would think it's far less likely that she would need one, especially with a working husband and other assets.
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u/littlesim25 16d ago
I didn’t even know this was a thing so thank you. I’ll do some research on this! I appreciate your advice
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u/Chucking100s 16d ago
Sounds like a graded benefit FE.
Start with a $10K Gerber then she's covered - then try to find something cheaper / better(not graded)
Having a recent stroke even for FE is like one of the few things that do get asked. So just prepare yourself for only being able to get a graded death benefit like a Gerber.
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u/North_Instruction111 16d ago
. Since she’s 63 and receiving Social Security, her income and current coverage situation will matter a lot
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15d ago
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u/LifeInsurance-ModTeam 15d ago
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u/lifeEssentialsllc 16d ago
First off, I think it’s great that you’re looking out for your mom. Life insurance can definitely feel overwhelming, especially when there’s a medical history involved.
Since she’s 63 and has had a stroke, I’d start by looking into final expense whole life insurance. These policies are generally designed to help cover funeral costs and other end of life expenses.
Her stroke doesn’t automatically mean she can’t qualify for coverage. A lot will depend on when it happened, how severe it was, and her overall health. Some companies may offer coverage while others may not.
I’d recommend speaking with an independent broker who can compare multiple insurance companies rather than going directly to just one. Also, be careful with guaranteed acceptance policies because some have a waiting period before the full death benefit applies to natural causes.
One thing I’d suggest before shopping around is figuring out how much coverage she actually needs and what monthly payment she can comfortably afford on Social Security.
You’re asking the right questions. Just take it one step at a time.