Burial Insurance
Hi Terry. I want to purchase burial insurance. Should I purchase it through Whole Life or Term Life insurance, or is it a separate insurance?
Terry Says
Well, I’ve never advised buying “burial insurance” because those small policies are typically overpriced and costly. Can you qualify for a term insurance policy at your age and health status? If so, just buy a conventional term policy — and leave instructions in your will that some of the money is to pay for your funeral. Your named beneficiary should be someone who will actually use that money for your funeral instead of keeping it for himself, or herself!
Do you think you will die without leaving enough money to bury you? One alternative is to purchase a pre-paid funeral at a sound, well-run local funeral home that has been in business for a long while. Or you can set some money aside in savings and when you make your will, you can designate that money to pay for the funeral you want.
