How much life insurance needed?

dr_del

Hi,

I'm 45, unemployed, single, no kids or anything.

I have never had life insurance but having just watched a family struggle to pay for a relatives funeral it seems like the responsible thing to do to get some.

But obviously money is tight.

What kind of life insurance cover do I need? Is there a minimum amount needed to bury someone and how do you guess how much that will be at some random point in the future?


dr del

InsideInsurance

If it is for a funeral then you could get a funeral plan instead of life insurance.

Otherwise it will depend on (a) what you want for your funeral and (b) if you die tomorrow or in 40 years time

dr_del

Hi,

Yeah, I really just want to not cost anyone anything to bury me etc.

That's a thought - I'll need to buy a plot in a graveyard somewhere won't I.

And I'm hoping it will be years in the future ta. :rotfl:

I'll look into funeral plans - I had never heard of them. :A


del

Lifes_Grand_Plan

Do you not have savings or assets that could be use to pay for your funeral?

If that's the only thing you are worried about paying for in future, I would suggest just stashing away some savings for it.

dr_del

No, sadly.

The only assets I have of any worth are my pet snakes and they will probably be more of a rehoming problem at the time than a cash cow to pay for the costs.

I have been unemployed for a long time now so any savings I started with are almost gone. I can kind of tick along at the moment but only just.

I am planning on switching energy supplier and thought the money saved might be enough for the life insurance premiums.

del

rs65

dr_del wrote: »

That's a thought - I'll need to buy a plot in a graveyard somewhere won't I.

A family member of mine bought a plot with a nice view :rotfl:

dr_del

heh heh,

I'll buy one with a horrible cold wind blowing accross it - don't want people lingering while I'm trying to sleep.


del