What type of insurance should I buy to pay for my funeral expense?
Funeral insurance is basically a low face value, whole life insurance policy. Frankly, if you put the money in a mayonaise jar, you’ll be better off, IMO. You’re probably looking at $5,000 of coverage. I have no idea what that would cost at your age, but it’s not likely to cost less than $50 a month. And if you put that money into a jar, you can have your $5,000 in about 8 years. If you buy a small face value whole life policy with it, then 9 years from now, you’re still paying $50 a month. Life insurance companies are basically betting you’re going to live long enough to pay in MORE than they’re going to pay out. And they’re generally right.
