By coincidence, I have just consulted my insurance broker about just such an insurance and his suggestions was to simply open a separate bank account and start paying in a regular sum each month.
He reckons the premiums charged by insurance companies now do not return what you need or want. If you pay an equal or higher amount than the insurance premiums, this will bring a much better reward. And you benefit by the interest.
So that’s what I’m doing.
My other insurance premium are paid automatically from my main bank account, so it was quite easy to set up a new account, labelled ‘Funeral Insurance’ so my next of kin know what it’s for, and have the money transferred each month from my main account into that. Quite painless once you’ve set it up. 🙂 🙂
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