Blog Archives for tag life insurance

But I Have Whole Life Insurance To Pay For My Funeral…

whole life insurance

But I Have Whole Life Insurance To Pay For My Funeral…

Why is this NOT a good idea? I recently helped a gentleman who had, in good faith, taken out a whole life insurance policy to pay for his final expenses. So far, he has paid in over $18,000 (yes that is correct!). If he retained the policy, he would be required to pay the rest of his life. At age 81, that could be ten or more years. At $101 per month, or $1,212 per year, several thousand more dollars in premiums could be paid. And, did I mention that since he has paid since 1999, the cash value of the his insurance policy is a whopping $2,100? Additionally, when he dies, the death benefit pay-out is $5,000.