My parents 70 and 67 want to get life insurance only to help pay for funeral/burial expenses when the time comes. But term life insurance ends at 80 and permanent policies are more expensive. What should they do?
I am not an insurance specialist but I would definitely recommend talking to one.
In this case, whole life, though expensive might be the only sensible option?
If your parents are healthy and expecting to live beyond 80, it would not make sense to pay in to a policy that would just cut off once they turn 80.
Through what little research I did though, whole life came up as the main way to stay insured past 80.
I agree at this point that whole life might be the best choice at this time. Be very careful when comparing policies. There seem to be different variations of “whole life” some of which have premiums that increase every five years. Also other policies don’t pay if the insured passes within two years of purchasing the policy.