Should I Buy a Burial Policy?

Term life insurance really should not be used as a burial or final expense type of plan. Since the term period can expire prior to the death of the insured it is not a viable method to plan for final expenses.  The strategy of buying term life insurance is to simultaneously pay down debt and grow your savings and investments so when the term expires you no longer need life insurance. Dave also advises against purchasing life insurance for the sole purpose of covering final expenses, since in most cases it should be paid from your emergency fund and/or savings. However, in some extreme cases, you may want to consider a plan through Senior Legacy Insurance, which sells burial type policies. While Dave does not usually recommend these since they are cash value type plans, they may be the only way to address this type of issue if you are dealing with an older individual whose financial situation does not allow for any other approach. See answers to more frequently asked questions about term life insurance.