Life insurance whole or term?

Question

we are late 50s and have life insurance at work should we get whole or term on our own. I think we once retire its kinda of expensive to carry over. I just want enough to bury us 10,000

Answer 1

Call a Northwestern Mutual agent near you and ask about getting a ACL policy.  It's a combo of both whole and term.  Not all insurance policies perform the same.  Make sure that you go a stud compant like Northwestern.

Answer 2

If you die in the near future then your plans from work should be enough for a funeral.  

As far as after you retire, hopefully you will have enough money saved for retirement that you can fund your funeral from your estate.  If this is a priority to you, then I would recommend funding and planning your funerals as soon as possible through a prepaid funeral plan.  Be sure and shop around and make sure the plan is backed by a solid company.

Answer 3

You can get funeral insurance, but you may want to speak with a financial advisor, because you might be able to invest/save the amount that you need for a funeral.

I would avoid term insurance because of your age, you would more that likely be paying in to something that you won't use.

Answer 4

If you want it as part of a burial plan you don't want term because you just might outlive the term of the policy. You'll want some sort of permanent insurance. However, go with the advice of the above answerer and consult a financial planner. The burial policy should be just one part of your total financial forecast. You could probably do better investing your money. You can also look into pre-payment plans for your burial expenses. Beware and be forewarned that there are many scams with these plans and they're not for everyone so deal only with a well-known company.

Answer 5

If all you want is enough to bury you, why don't you just put $100 a month in a mayo jar under the bed?

If not, you want whole life - which could cost the same as that.  Because you WILL die some day.   So you don't want it to expire.

Answer 6

You could buy a whole life policy or just prepay your final expense.

If you lose your company insurance when you retire then you need some more for the surviving spouse who will have less to live on.