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Life & Health Insurance/Cancelling Term Insurance


I have a 15 year policy, and I am thinking of just getting burial policy because the person will be just 71 years old when it end. When it expires, correct me if I am wrong, but I think the burial policy will be much higher if I wait.

Any suggestions on options I have and maybe now would be appreciated.

Thanks in advance.

Your thinking seems correct to me. There are three types of "burial" policies, by which I believe you mean a whole life policy offered in small amounts, such as $5,000, $10,000, $15,000, etc.  The first is a fully medically underwritten policy, which may require a medical exam, doctor's records, etc. The second is a "simplified issue" policy, which requires some questions on an application, possibly a prescription check performed by the insurer, and offers full and immediate protection in most instances. The last form is a guaranteed issue policy, which does not require underwriting of any kind. However, this form of a policy limits the payout at death to premiums paid plus interest if death occurs prior to the third year of the policy. In answer to your second question, it is true that the cost of the whole life will be higher the longer you wait to purchase it. That being said, if there is a need for a higher level of coverage, you may wish to retain the term life policy and purchase the burial policy at the same time. One possibility is that the amount of coverage of the term life policy can be reduced, and the savings in payments applied towards the burial policy.

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Dave Bowman


I will answer questions of a general nature regarding life insurance, disability income insurance annuities (fixed and variable) and long term care insurance. Also, questions regarding estate analysis. No legal or accounting advice, as I am not a lawyer or a CPA. I do not sell health insurance, so have limited knowledge of the current status of that field.


30 years as a life insurance and investment industry professional. Former chapter president of Association of Insurance and Financial Advisors, Buffalo Chapter. CLU designation.

Association of Insurance and Financial Professionals.

B.B.A Economics, U. of Georgia, 1971.

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