funeral plan and life insurance at 21?

[Weddingnyc]

Life insurance is important, however, a friend of mine had been paying for a funeral plan for her mum for around 20 years, and had paid in significantly more than what a funeral would cost. She was having money troubles but couldn’t afford to stop paying it as she would lose all the money she had previously paid and really regretted it. As someone else suggested, pay some money into a savings account each month.

[EssexSue]

No life insurance for us, for some reason my grandparents were persuaded to take out some silly little policy advocated by a trusted actor on TV. They had more than enough money to pay for their funerals anyway and paid in a hell of a lot more than they got back. They did get a travel clock out of it!

[3disneykids]

Originally Posted by EssexSue

No life insurance for us, for some reason my grandparents were persuaded to take out some silly little policy advocated by a trusted actor on TV. They had more than enough money to pay for their funerals anyway and paid in a hell of a lot more than they got back. They did get a travel clock out of it!

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These ads should be banned.

OP whatever age I wouldn't buy a funeral plan they are a massive waste of money.

Life insurance when you have a mortgage is worth taking out.

[400ixl]

Originally Posted by 3disneykids

Life insurance when you have a mortgage is worth taking out.

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You won't get one without in some form. Its either built in (not a good way as often expensive and why lots of people got PPI they never needed). or alongside.

[DisneyExplorers]

Hey thanks for the replies
My house is in my name and is mortgage free as I had some early inheritance so bought it out right a few years ago
I think I will still go ahead on the life insurance though as I would like to leave some money behind
I will have a think more about a funeral plan as I do understand I am slightly young for one I was just trying to get all bases covered

[MissVincent]

Originally Posted by 400ixl

You won't get one without in some form. Its either built in (not a good way as often expensive and why lots of people got PPI they never needed). or alongside.

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I have a mortgage and no life insurance. My husband has life insurance but was taken out a few years after we took out our mortgage.

I agree with others get life insurance, if you can get it but the funeral plan is not needed. Just have an emergency back up of savings if it really concerns you

[DonnaD]

IMO life insurance isn't about your age but any dependents you leave behind who currently rely on your income or provision of childcare etc that allows you to work. For example if a full time mother died would her partner need to hire childcare or quit his job to look after the children?
I agree with your decision on life insurance but have to agree with others that the funeral plan makes no sense at your age. Set up a separate savings account and pay in a similar amount each month. You are likely to save enough long before you need it! The policies are for older people who are more likely to die before they can save enough. Personally I think they aren't even needed by anyone with enough assets or life insurance to pay for a funeral out of their estate anyway.

[3disneykids]

Originally Posted by 400ixl

You won't get one without in some form. Its either built in (not a good way as often expensive and why lots of people got PPI they never needed). or alongside.

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I know, I used to work for a bank. Just because you have to have one when taking a mortgage out doesn't meant that people continue to have one. All insurance policies can be cancelled and some people naively cancel them.

[Inky]

I would pay into a pension rather than a funeral plan

[firsttimemouse]

I’d check out what your employer offers you first if you’re working. That would usually be more than sufficient to cover funeral costs, particularly as you have a mortgage free property.