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Life Insurance Advice
mrchris
Posts: 16 Forumite
I am fast approaching 60 on a low income due to poor health, I don't have a funeral plan and was contemplating getting life insurance to cover funeral costs, I am finding it a bit of a minefield to be honest any tips on what to look out for would be appreciated.
TIA
Chris
TIA
Chris
0
Comments
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Firstly, depending on your health it may be difficult to get life insurance which is medically underwritten. Secondly, if you can get it then paying the monthly premiums may be impossible depending on the premium offered, once your health is taken into account.
Thirdly, how much would you need? A funeral in 15-years time will be far more costly than it is now as funeral inflation is far higher than general inflation.
Depending on your assets, if you have none, then you could be eligible for state funeral benefit which covers the costs of a very basic funeral. So the question is, do you really need cover in the first place?0
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