What is the difference between a funeral plan and life insurance?
1) A funeral plan covers your funeral costs only, and funds paid into the plan are paid directly to the funeral director when you pass away. Whereas, with life insurance, a cash lump sum pay out is received by the beneficiaries of the policy and they can decide how proceeds are spent.
Is funeral insurance the right insurance for You?
If you purely want to cover your funeral expenses, then this is the ideal insurance product for you. If are ineligible for life insurance, then funeral insurance also might be suitable for you. If you are expecting a cash lump sum for your family to be used for any purpose, funeral insurance is not the right product .
What are the benefits of a funeral plan?
A funeral plan forces you to think about your mortality It’s a difficult subject, especially one to discuss with family and friends. Planning your own send-off may feel uncomfortable in the short term-but can give you peace of mind in the long term.