Blog: life

Planning For The Arrangements Of Your Own Funeral

In another article, I spoke about planning for a funeral, and I said I was talking about a funeral early to get it out of the way, but now that I think back on it, I wanted to discuss the difference between purchasing life insurance vs. prepaying for a funeral. To the point as I try to be, I believe prepaying for your funeral will save you and your loved ones more money in the long-run instead of paying for life insurance. Let's discuss why.

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.