Ive just reached the age of 50 and Im looking for a good insurance plan.
Ive got no children, so Im only looking to cover the cost of my funeral and burial.
I don’t have much money and I don’t want my sisters worrying about the cost.
PS – no salespersons please.
I wont see any spam – Ive got a good filter.
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Well, I’m glad that you asked for no salespersons to respond; as that wish is at the very heart of my response. Life insurance should never be purchased from a salesperson. Life insurance is not primarily an insurance product; it is an intricate financial instrument available in many varieties to provide for a broad range of needs. No type of life insurance is “better” than any other; each has its place as the most appropriate tool for particular needs. Not only are there very few in this forum qualified to discuss the topic, but most agents licensed to sell life insurance haven’t the first clue; and most of course don’t realize this.
Life insurance should only be obtained as part of a comprehensive financial plan from a properly qualified financial planner. If you ask an advisor what type of life insurance is best, and anything but “it depends” or something similar rolls off his tongue, you’re not talking to a qualified advisor. This is a question that can only be answered after the advisor has a clear and complete understanding of you and your objectives. At your age, there is likely to be far more to be considered than a simple temporary death benefit, so anyone who immediately tells you to stay away from permanent coverage is automatically disqualified from the discussion. That’s not to suggest that you need permanent coverage; it just has yet to be determined, and this is a reliable way to quickly spot the wrong guy.
ADDED: Nick makes a good point (sort of). No; I did not overlook it in my post, but perhaps I should have clarified. First of all, it is not difficult to find an independent advisor who will provide a comprehensive financial analysis at no cost. I’m guessing that Nick and others would be quick to point out their belief that this places that advisor in the category of salesperson. Nothing could be further from the truth. An independent financial planner or advisor may sell financial products (whether or not he charges a planning fee), but that doesn’t make that person a salesperson any more than a physician, attorney, or accountant who charges for services beyond an initial consultation. The important issue is the advisor’s methodology; not how he gets paid. Also, if you do subscribe to the bogus theory that fee-based planning ensures greater objectivity, remember that if you’ve gone this long without making such basic financial arrangements as obtaining life insurance, you probably have a lot more to discuss than just that. If done properly, seeking competent financial counsel in obtaining life insurance is not a “good idea,” it is a requirement.
To make it simple, if you don’t need life insurance, then pre-pay on funeral expenses. It doesn’t sound like you need life insurance. See a funeral home to pre-pay on a plot or any other funeral arrangements you want. They also have payment plans.
If you are in the UK one of the best is the Co-op, they do prepaid funeral plans.
Several good websites are available to you.http://www.quote-hunter.com/http://www.quotes-r-us.org
http://http://www.usinsuranceonline.com/
If you’re going to take note of one answer suggesting you seek independent professional financial advice, I wish you the best of luck. The cost of that advice will probably cost you as much as your funeral. And you say that you haven’t much money, something that answer appears to have completely ignored.
Agree that a Co-op funeral is worth a look. However think from memory that you have to pay over 60 months. Another plan to consider would be a ‘whole of life’ life assurance plan, where you insure yourself for an amount to cover your funeral costs and pay a set monthly premium for the rest of your life. This allows you to spread the cost but is an ongoing financial commitment and you have to second guess how much a funeral might cost when you die. So effectively you have to over insure just in case. Here’s a link to a comparison site: http://www.bestvaluecover.uk.com
Good luck, I hope you find something to give you peace of mind at a cost that suits.