Is it better to get a funeral plan or life insurance?

It depends on your circumstance and specific needs. If your family is financially dependent on your income, life insurance might be better. If your death won't significantly impact their finances, but you want to protect them from funeral costs, funeral insurance might be better.

Is funeral insurance worth the money?

If you choose to take out funeral insurance, look for a policy with a value protection which ensures your beneficiaries will receive, at the very least, the full amount you paid into the plan.

Do you need funeral insurance if you have life insurance?

Most likely, no. Most life insurance policies include a funeral advancement benefit so you would not need funeral insurance.

What’s the key differences between life insurance and funeral insurance?

Life insurance pays a large lump sum to help your family pay off significant debts and cover general living expenses. It's well suited to people who have a family that is financially dependent on them. Funeral insurance pays a much lower lump sum but can help your loved ones cover the cost of your funeral, so they're not out of pocket.

What are some of the disadvantages of funeral insurance?

You may end up paying more into your policy than you'd like to spend on a funeral. If you cancel your policy, it's likely you will lose the money you paid to the insurer. Some people consider pre-paid funerals as an alternative.