If your parents paid for your life insurance as a baby or you pay for your child's life insurance early on and you or your children were given a clean bill of health and released from the hospital, this is the time where the price is lowest that you could ever pay for life insurance. For me personally, my parents purchased a plan similar to a Gerber Life Grow-Up Life Insurance plan, which costs the same amount throughout the lifetime of the child. These plans are can be worth anywhere from $5,000 to $50,000 and will cover the costs of the funeral, the plot, and likely leave enough money left over for a beneficiary for any unforeseen costs or damages.
At this age, you can expect to pay roughly $10 a month for life, which is a great affordable life insurance policy. As you get older and exposed to more life-threatening situations and diseases, the costs will rise, especially if you are in more at-risk occupations, a smoker or an alcohol-user. By the time you are in your late 20s to 30s, life insurance will cost around $25 - $35 a month. As you grow into your 40s and 50s, the price continues to go up. The sooner you get life insurance, the more you will save over your lifetime.
If you haven't done so already for your children, purchase this type of policy and as they get older, and become of age, explain what the policy is and what it does, and you can either continue to cover their life insurance or you can ask them to begin their own coverage. Considering you will likely be the beneficiary, you will eventually want to switch this over to one of their siblings or they ensure it to a trusted friend who will handle their death arrangements. If your child has no siblings or there is no surviving beneficiaries, you can always ask the funeral home if they would be willing to handle your death and possibly setting them as the beneficiary, or getting a Will and leaving to the State. By pre-planning your funeral and having all these wishes in accordance to your Will, whoever is alive at the time, particularly the State, who usually has someone to handle these types of affairs, comes across your paperwork will very likely make your wishes happen.
If you currently have a life insurance plan, then you may want to call up your life insurance company and discuss how the payout operations will go in the event of your death. You may ask them if they have any advisers who can help you plan. In most cases, however, the job of life insurance companies and their policies is to simply hold your money and pay it out when the time comes. You will likely need to discuss with your loved one what they need to do upon your death to ensure they are aware and remove any doubts and questions they may have that are on their mind.
If you do not currently have a life insurance plan, you may want to go directly to the funeral home before you purchase a life insurance plan, which could probably save even more money by paying for exactly what you want and what you need, especially if you outlive your siblings or have none, have no children, and have no actual beneficiaries. A life insurance policy requires a beneficiary and is technically meant to cover the costs of lost income or wages and leaves the survivors with money to do what they will. By paying for your funeral costs outright, you can ensure that there are no questions about anything.
The funeral home will give you all of your paperwork which you can keep in your household or wherever your residing as well as a business card that you can keep in your wallet, which anyone who "finds" you can call to understand your funeral arrangements. It is a very hard thing to do to plan for your own funeral while you are alive and well, but the sooner you take care of your death affairs, whether you have life insurance or plan to prepay for your funeral, you will save a lot of money. The fact of life is that costs of everything are going up, so paying for your funeral as soon as possible will likely cover all of your death expenses.
If you've got your life mostly together, a house, bills paid, and even saving extra money for the costs of education for your children, do yourself the biggest favor that you could ever do for yourself: pay for your funeral and have all of your affairs in order so that no one surviving you has to worry about anything!