Life Insurance for Funeral Expenses
If you are over 50, you might find that life insurance is very expensive. Generally, the older you get, the more likely you will die, so the cost of life insurance goes up. However, there are several kinds of life insurance, and you might find that “whole” life insurance is the right kind for your funeral expenses.
“Term” life insurance is inexpensive and generally only good for a specific period of time — the “term” of the insurance policy. Most term policies come in 10, 20, or 30 year increments. And it costs less, because after the term runs out, you don’t see any of that money you paid into the policy.
However, with whole life insurance, the insurance policy acts like a savings account. Admittedly, the policy assumes you’ll live to be 100; and you only see the money if you live to 100. If you die before you turn 100, your family gets the entire amount of the insurance policy. But whole life insurance is expensive.
Generally, if you are over 50 and you want a policy that will cover your funeral expenses, you probably should buy a whole life insurance policy. Ask your lawyer for advice on planning for your funeral or ask an insurance agent about the best option for someone of your age.