Save or get life insurance?
A family member has recently passed on left his children money in the will. One family member has said she is saving 10k of it to help her children with any funeral related cost. I dont think thats in her best interest (nothing to do with me I know) but I think she would be better off using and spending that money and enjoying her life with it but taking out an insurance policy that pays out in the event of her death instead. As she is renting and no mortgage insurance needed she would only need a small life insurance payout to cover the cost so my thinking is If a small life insurance cost £40 a month she would get 20yrs of cover for the same 10k but be able to enjoy that 10k she was willing to save now, and in that time she will be left more monies from other family relatives, hope that makes sense? Any advice for me for her or am I wrong???
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