Life Insurance

In my review, I have budgeted $12,000 for cremation and a small celebration of life. This amount is high, but I was trying to factor inflation if I live a long time. Next, I estimate it will take $10,000 to clear up all of my outstanding debts and business expenses. This dollar figure is inflated as I may die after I retire and no longer have business expenses or quarterly estimated tax payments. I am hoping that my small $5,000 in savings will be easily accessible to pay for the final expenses.

I also had $250,000 term life insurance policy during this period. Seven years into the 10-year term, I just could not rationalize making the policy premiums. I needed that money for other bills. For me, it was more important to pay for my son’s college tuition than the term life insurance policy. It was not an easy decision as I consider myself a very responsible person.

California Insurance Commissioner Dave Jones announced that his office, along with other states, have reached an agreement with ING over the misuse of the Death Master File. This follows after similar agreements were reached with other carriers earlier this year. ING has agreed to pay $10.7 million to insurance regulators.