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Do I need life insurance if I can cover my own funeral costs?

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Do I need life insurance if I can cover my own funeral costs?

How much life insurance do I need?Does life insurance cover one's funeral costs, or should I save for it separately? How much?When do I need life insurance?How can life insurance possibly work as investment?Comparing Life Insurance ProposalsI'm 29, single, and healthy. Do I need life insurance?Does life insurance cover suicide?Life Insurance payout vs. inflation costsIs it advised to minimize life insurance cover as investments grows over the time?Do I need my own life insurance if I already have life insurance through work?

8

I'm fairly well off and could cover the cost of a funeral out of personal savings and investments. I'm also single, in my late 20s, and live alone. Unfortunately, my family (parents and siblings) aren't as well off as myself. They will receive all of my assets in the event that something happens to me. Does it make sense to get life insurance if I already have the funds to pay for the funeral? Just to clarify, I don't plan to make any arraignments with a funeral beforehand. I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

insurance life-insurance

share|improve this question

asked 6 hours ago

SteveSteve

412

New contributor

Steve is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  I would make your most trusted heir a beneficiary on a savings account that has like 10K in it. That should be more than enough to cover final expenses.
  
  – Pete B.
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @PeteB. That account too would have to go through the processes of getting distributed to the heir. If OP is really concerned about covering funeral costs, a joint account would be better?
  
  – stannius
  4 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @stannius for many institutions, the only that is needed is a death certificate. Funeral homes will float payment for such things. Having a joint account means that the heir could withdraw money at anytime including when the person is alive.
  
  – Pete B.
  3 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  I don't recommend a joint account. No matter how much you trust someone. It can be too tempting to the non majority account holder to access it. I know someone who did something similar for estate planning purposes. The person who was supposed to be the beneficiary (joint owner) drained it of over 6 figures.
  
  – Heather
  2 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @jamesqf The family might reasonably still want to have a funeral (or at least a wake) even if the body itself is not present. Funerals aren't just about getting rid of the corpse.
  
  – Steve-O
  58 mins ago
  

  
  
  
  

 | 
show 1 more comment

8

I'm fairly well off and could cover the cost of a funeral out of personal savings and investments. I'm also single, in my late 20s, and live alone. Unfortunately, my family (parents and siblings) aren't as well off as myself. They will receive all of my assets in the event that something happens to me. Does it make sense to get life insurance if I already have the funds to pay for the funeral? Just to clarify, I don't plan to make any arraignments with a funeral beforehand. I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

insurance life-insurance

share|improve this question

asked 6 hours ago

SteveSteve

412

New contributor

Steve is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  I would make your most trusted heir a beneficiary on a savings account that has like 10K in it. That should be more than enough to cover final expenses.
  
  – Pete B.
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @PeteB. That account too would have to go through the processes of getting distributed to the heir. If OP is really concerned about covering funeral costs, a joint account would be better?
  
  – stannius
  4 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @stannius for many institutions, the only that is needed is a death certificate. Funeral homes will float payment for such things. Having a joint account means that the heir could withdraw money at anytime including when the person is alive.
  
  – Pete B.
  3 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  I don't recommend a joint account. No matter how much you trust someone. It can be too tempting to the non majority account holder to access it. I know someone who did something similar for estate planning purposes. The person who was supposed to be the beneficiary (joint owner) drained it of over 6 figures.
  
  – Heather
  2 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @jamesqf The family might reasonably still want to have a funeral (or at least a wake) even if the body itself is not present. Funerals aren't just about getting rid of the corpse.
  
  – Steve-O
  58 mins ago
  

  
  
  
  

 | 
show 1 more comment

I'm fairly well off and could cover the cost of a funeral out of personal savings and investments. I'm also single, in my late 20s, and live alone. Unfortunately, my family (parents and siblings) aren't as well off as myself. They will receive all of my assets in the event that something happens to me. Does it make sense to get life insurance if I already have the funds to pay for the funeral? Just to clarify, I don't plan to make any arraignments with a funeral beforehand. I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

insurance life-insurance

share|improve this question

asked 6 hours ago

SteveSteve

412

New contributor

Steve is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.

share|improve this question

asked 6 hours ago

SteveSteve

412

New contributor

Steve is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.

share|improve this question

asked 6 hours ago

SteveSteve

412

New contributor

Steve is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.

asked 6 hours ago

SteveSteve

412

New contributor

Steve is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.

asked 6 hours ago

SteveSteve

412

2 Answers
2

active

oldest

votes

17

Life insurance should be used to replace your income for someone that depends on it. Since that is not the case, and you have enough in your estate to cover funeral costs, it sounds like you do not need life insurance. It's a "nice to have" at this point.

I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

Sure. At worst, they'd have to pay for the funeral out of pocket and pay themselves back from the estate. That said, having some cash in your estate and a clear will that will make the probate process smooth will be a big help in this situation.

Obviously once you get married or have someone that depends on your income, things will change.

share|improve this answer

edited 5 hours ago

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  New life insurance policies become more expensive as one ages. It would be cheaper for someone in their late-20s to get life insurance than someone in their mid-30s. So even if the OP isn't married now, if marriage/children are things that might happen in the next 5-10 years, it may be worth it to lock in a term life insurance premium now.
  
  – Daniel
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Depending on the policy, the premiums can increase with age anyway to reflect the greater likelihood of the policy being used.
  
  – chepner
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @Daniel The question is "Do I need life insurance". Yes it might make things easier and might be slightly cheaper in the long run, but it is not needed (meaning no one will go bankrupt) at this point.
  
  – D Stanley
  4 hours ago
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Daniel The "increase with age" scales with, well, the age you need it; getting it early either (a) ends it earlier, or (b) spends money on a period of time you don't need it. More important than that, insurance policies scale with danger; suppose you discover you have a heart condition, then fall in love with someone and want to have kids. "Too early" insurance is, in a sense, insurance against needing insurance. ;)
  
  – Yakk
  1 hour ago
  

  
  
  
  

add a comment | 

5

Does it make sense to get life insurance if I already have the funds to pay for the funeral?

Yes, because funerals happen fast, and estates take time to wind through probate.

Do I need life insurance if I can cover my own funeral costs?

Your circumstances (spouse, children, etc) will almost certainly change, so getting a longish term life policy while you're young and healthy and the premiums are low is probably a good idea.

Depending on how well off is "well off", some early estate planning might not hurt, either.

share|improve this answer

answered 6 hours ago

RonJohnRonJohn

12.9k42458

• 
  
  
  

  
  2
  

  
  
  
  
  
  

  
  
  You make it sound like the life insurance is paid out days after the event and isn't delayed by an investigation about its validity etc. Do you have any grounds for this? AFAIK they can wait 30 days and possibly more.
  
  – pipe
  4 hours ago
  

  
  
  
  


• 
  
  
  

  
  2
  

  
  
  
  
  
  

  
  
  Nope. At least in England and Wales. Banks etc will happily pay funeral director's bills long before you get probate (this is because "Funeral Expenses" are the first call on the estate - so the bank cannot possibly be sued by another creditor who should have got that money.) Other jurisdictions may or may not have similar rules (and it's the sort of thing that is quite likely to vary between US states).
  
  – Martin Bonner
  4 hours ago
  
  

  
  
  
  

add a comment | 

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17

Life insurance should be used to replace your income for someone that depends on it. Since that is not the case, and you have enough in your estate to cover funeral costs, it sounds like you do not need life insurance. It's a "nice to have" at this point.

I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

Sure. At worst, they'd have to pay for the funeral out of pocket and pay themselves back from the estate. That said, having some cash in your estate and a clear will that will make the probate process smooth will be a big help in this situation.

Obviously once you get married or have someone that depends on your income, things will change.

share|improve this answer

edited 5 hours ago

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  New life insurance policies become more expensive as one ages. It would be cheaper for someone in their late-20s to get life insurance than someone in their mid-30s. So even if the OP isn't married now, if marriage/children are things that might happen in the next 5-10 years, it may be worth it to lock in a term life insurance premium now.
  
  – Daniel
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Depending on the policy, the premiums can increase with age anyway to reflect the greater likelihood of the policy being used.
  
  – chepner
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @Daniel The question is "Do I need life insurance". Yes it might make things easier and might be slightly cheaper in the long run, but it is not needed (meaning no one will go bankrupt) at this point.
  
  – D Stanley
  4 hours ago
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Daniel The "increase with age" scales with, well, the age you need it; getting it early either (a) ends it earlier, or (b) spends money on a period of time you don't need it. More important than that, insurance policies scale with danger; suppose you discover you have a heart condition, then fall in love with someone and want to have kids. "Too early" insurance is, in a sense, insurance against needing insurance. ;)
  
  – Yakk
  1 hour ago
  

  
  
  
  

add a comment | 

17

Life insurance should be used to replace your income for someone that depends on it. Since that is not the case, and you have enough in your estate to cover funeral costs, it sounds like you do not need life insurance. It's a "nice to have" at this point.

I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

Sure. At worst, they'd have to pay for the funeral out of pocket and pay themselves back from the estate. That said, having some cash in your estate and a clear will that will make the probate process smooth will be a big help in this situation.

Obviously once you get married or have someone that depends on your income, things will change.

share|improve this answer

edited 5 hours ago

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  New life insurance policies become more expensive as one ages. It would be cheaper for someone in their late-20s to get life insurance than someone in their mid-30s. So even if the OP isn't married now, if marriage/children are things that might happen in the next 5-10 years, it may be worth it to lock in a term life insurance premium now.
  
  – Daniel
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Depending on the policy, the premiums can increase with age anyway to reflect the greater likelihood of the policy being used.
  
  – chepner
  5 hours ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @Daniel The question is "Do I need life insurance". Yes it might make things easier and might be slightly cheaper in the long run, but it is not needed (meaning no one will go bankrupt) at this point.
  
  – D Stanley
  4 hours ago
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Daniel The "increase with age" scales with, well, the age you need it; getting it early either (a) ends it earlier, or (b) spends money on a period of time you don't need it. More important than that, insurance policies scale with danger; suppose you discover you have a heart condition, then fall in love with someone and want to have kids. "Too early" insurance is, in a sense, insurance against needing insurance. ;)
  
  – Yakk
  1 hour ago
  

  
  
  
  

add a comment | 

Life insurance should be used to replace your income for someone that depends on it. Since that is not the case, and you have enough in your estate to cover funeral costs, it sounds like you do not need life insurance. It's a "nice to have" at this point.

I'm just asking if my surviving family would be able to use my estate to pay funeral costs? Could they access my accounts fast enough?

Sure. At worst, they'd have to pay for the funeral out of pocket and pay themselves back from the estate. That said, having some cash in your estate and a clear will that will make the probate process smooth will be a big help in this situation.

Obviously once you get married or have someone that depends on your income, things will change.

share|improve this answer

edited 5 hours ago

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

share|improve this answer

edited 5 hours ago

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

answered 6 hours ago

D StanleyD Stanley

57.1k10168173

5

Does it make sense to get life insurance if I already have the funds to pay for the funeral?

Yes, because funerals happen fast, and estates take time to wind through probate.

Do I need life insurance if I can cover my own funeral costs?

Your circumstances (spouse, children, etc) will almost certainly change, so getting a longish term life policy while you're young and healthy and the premiums are low is probably a good idea.

Depending on how well off is "well off", some early estate planning might not hurt, either.

share|improve this answer

answered 6 hours ago

RonJohnRonJohn

12.9k42458

• 
  
  
  

  
  2
  

  
  
  
  
  
  

  
  
  You make it sound like the life insurance is paid out days after the event and isn't delayed by an investigation about its validity etc. Do you have any grounds for this? AFAIK they can wait 30 days and possibly more.
  
  – pipe
  4 hours ago
  

  
  
  
  


• 
  
  
  

  
  2
  

  
  
  
  
  
  

  
  
  Nope. At least in England and Wales. Banks etc will happily pay funeral director's bills long before you get probate (this is because "Funeral Expenses" are the first call on the estate - so the bank cannot possibly be sued by another creditor who should have got that money.) Other jurisdictions may or may not have similar rules (and it's the sort of thing that is quite likely to vary between US states).
  
  – Martin Bonner
  4 hours ago
  
  

  
  
  
  

add a comment | 

5

Does it make sense to get life insurance if I already have the funds to pay for the funeral?

Yes, because funerals happen fast, and estates take time to wind through probate.

Do I need life insurance if I can cover my own funeral costs?

Your circumstances (spouse, children, etc) will almost certainly change, so getting a longish term life policy while you're young and healthy and the premiums are low is probably a good idea.

Depending on how well off is "well off", some early estate planning might not hurt, either.

share|improve this answer

answered 6 hours ago

RonJohnRonJohn

12.9k42458

• 
  
  
  

  
  2
  

  
  
  
  
  
  

  
  
  You make it sound like the life insurance is paid out days after the event and isn't delayed by an investigation about its validity etc. Do you have any grounds for this? AFAIK they can wait 30 days and possibly more.
  
  – pipe
  4 hours ago
  

  
  
  
  


• 
  
  
  

  
  2
  

  
  
  
  
  
  

  
  
  Nope. At least in England and Wales. Banks etc will happily pay funeral director's bills long before you get probate (this is because "Funeral Expenses" are the first call on the estate - so the bank cannot possibly be sued by another creditor who should have got that money.) Other jurisdictions may or may not have similar rules (and it's the sort of thing that is quite likely to vary between US states).
  
  – Martin Bonner
  4 hours ago
  
  

  
  
  
  

add a comment | 

Does it make sense to get life insurance if I already have the funds to pay for the funeral?

Yes, because funerals happen fast, and estates take time to wind through probate.

Do I need life insurance if I can cover my own funeral costs?

Your circumstances (spouse, children, etc) will almost certainly change, so getting a longish term life policy while you're young and healthy and the premiums are low is probably a good idea.

Depending on how well off is "well off", some early estate planning might not hurt, either.

share|improve this answer

answered 6 hours ago

RonJohnRonJohn

12.9k42458

share|improve this answer

answered 6 hours ago

RonJohnRonJohn

12.9k42458

answered 6 hours ago

RonJohnRonJohn

12.9k42458

answered 6 hours ago

RonJohnRonJohn

12.9k42458