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Maverick. Offline
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Life Insurance/Inheritance - March 1st 2013, 07:03 AM

To my understanding Life Insurance money is to be used to pay for funeral related expenses. But I noticed many people are using beneficiary money for selfish reasons such as buying new cars, luxury items and in some cases being set for life financially.

So what is exactly the point of life insurance money?

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Re: Life Insurance/Inheritance - March 1st 2013, 12:37 PM

For the most part life insurance is taken out so that in the event that an individual (especially the main provider for a family) passes away they are still able to, indirectly, provide for their family. While this is usually used to cover funeral expenses, there are some large insurance policies out there that would cover that and much more. It is entirely up to the beneficiary on how they want to spend said money.

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Re: Life Insurance/Inheritance - March 2nd 2013, 03:01 PM

Richard is right, the main purpose of life insurance is for the care of minor children in the event that a parent passes away, it can also be used if the breadwinner of a family dies to help fill in the gaps and it can be used for funeral expenses.

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Re: Life Insurance/Inheritance - March 3rd 2013, 08:47 PM

What others said are correct. Usually, life insurance money is used for when someone passes away, and they need to cover funeral expenses. I know I just had my mom start a huge life insurance contract for me, due to the fact that I work (and will continue to work) in a career in which my life may be directly harmed, or taken away, and the last thing I want if that happens, is for my family not having the money to bury their own son.

Hope this clears up any confusion.

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insurance or inheritance, life

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