What is a good insurance policy for funeral andextra money for your family?
Term life is great for what it is designed to do (income replacement if you die during your working years) but is not designed to be for funeral expenses. Most people do NOT die young so their term of coverage is over long before they die. For the funeral portion of your coverage, you should do a funeral preplanning policy which is a limited payment (usually 3 to 10 years) increasing benefit life policy. If you buy it through a funeral home, you will have price guarantees from the funeral home over and above the policy limits. You can also buy it from some independnt agents but don’t let them confuse you with final expense insurance which is usually a lifetime pay policy with level benefit (no inflation protection.) Don’t ever buy the guaranteed issue policies you see advertised on television or the AARP UNLESS you have serious illnesses and have been turned-down by the companies that offer underwritten policies. For the non-funeral part of your coverage, you need to meet with a local
