Quote:
Originally Posted by Rain Man
Yeah, in reading about it I guess the insurance companies don't want to create situations where you're rooting for another person to die. So it has to be a situation where the insurance offsets a loss (financial or maybe emotional - hard to tell on that last part).
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I asked my wife about this, whether it's just burial insurance or life insurance for the kids. It's only 10k, so I said it's burial and she says it's life. Guess we will have to talk to the insurance company next week to find out.
On a separate note, I'm glad this was brought up tonight. For many years I thought I had a decent payout from my employer in the event of my untimely demise. After reading this thread, I logged in to my work insurance and found that I was wrong this whole time. While I thought I had a payout of 5X my annual salary, I found out it was just 10k.
Guess I missed a few clicks when I set the life insurance up. I am obviously going to correct that as soon as I can, but I can't believe I've gone all these years not knowing this disastrous mistake. Thanks everyone for the heads up.