Life Insurance OR Funeral Plan?

Phil_M_72

Hi all

Just wondering if I should get Life Insurance or a Funeral Plan.  Background:  Me (50), Wife (46) and 1 dependant (16 YO)

Mortgage outstanding:  £38K (House value £230K) - Repayments £528 PM - no other debts (my car on PCI can be returned if I go first - £3K equity at present).

I have Local government pensions - so death in service benefit (whilst we're employed) is £100K ish. & Widowers pension (I'm 30 years in with various schemes - but at least £3K per month) - More than enough IMO to cover £38K Mortgage - funeral costs and some leftover.  Plus an ongoing income to help with bills etc...

Despite all the 50+ life insurance adverts, I am TOO honest and by the time I complete the forms the £7 a month decreasing term quote can rise (after Dr's Checks etc) to over £45 a month - PLUS conditions (or even declined!!!) - so for 6 years - £3,240... after which mortgage has gone BUt still leaves funeral costs etc... - but WHAT do I gain other than paying now for extra £ for my spouse and son which would be there anyway???

Funeral Plan - around £14 a month - until I kick the bucket.  Assuming I make 4 score and 10 - £3,360?  

Avg funeral cost is around £8K - however not sure the "plan" includes the knees up I would want my friends and family to have 😂😂😂 - 

Appreciate thoughts???

dunstonh

Despite all the 50+ life insurance adverts, I am TOO honest and by the time I complete the forms the £7 a month decreasing term quote can rise (after Dr's Checks etc) to over £45 a month - PLUS conditions (or even declined!!!) -

Unless you are in very poor health, you shouldn't be considering the over 50s plans.  You should look at conventional life assurance.     To be honest, I doubt £7 would get you much at 50.  Even with clean health.

Appreciate thoughts???

Perhaps be a bit more realistic on your budget?

Build up some more cash savings and consider additional amounts to pension.  You mention nothing about your wife's provision.