Whole Life Insurance and Burial Insurance
Burial insurance is really just easy issue, low benefit whole life insurance. Some drawbacks with whole life coverage (that also apply to burial) include:
Some benefits to whole life, that you DON'T get with burial include:
- You can't choose between interest bearing accounts
- You can't change the monthly premium (like universal life)
- You may not be able to increase the benefit
- Your cash value may be lower than your face value
- Interest is only changed once per year
Review some of the benefits and problems of burial insurance.
- Can give you a lower premium for good health
- Larger face amounts
- Typically higher interest rates
- Greater ability to borrow cash value
- Can be used for estate tax
If you can survive death, you can probably survive anything.
- Maxwell Smart