Life insurance or funeral plan?

Traimai

Hi, I'm 46, single and children have moved out, I want to put something in place for when I die, no one is relying on my income but I would like to leave something for the family, can I get a life insurance and if so what do I look for? or can I just pay into a funeral plan so they don't need to worry about that later on?

csgohan4

Funeral plans help with funerals and not inheritance, Life insurance pays out when you die before the policy ends which is usually when you retire to help pay a partner to help with the mortgage e.t.c




Whole life insurance pays on your death with no end date for the policy but are extremely more expensive




If you want inheritance for the family, consider pouring it into a house

Weighty1

You say no one is relying on your income...........do you not rely on this?

If so, I'd suggest first and foremost looking at protecting yourself. Worst case scenario your family can claim state funeral benefit to cover the basic funeral cost. In addition to this, some income protection plans even pay out a small amount on death as well as covering lost income in the event of ill-health