If you want cover for the rest of your life
If your need for life insurance will not diminish in old age, then whole-of-life assurance might appear to be the best option. However, before purchasing this form of insurance, you should pay particular attention to the total amount you will pay in premiums, considering that whole-of-life policies often require you to continue to make payments for the rest of your life, or at least until an advanced age, say 85. You may find that the total premiums payable are well in excess of the sum to be insured, in which case you might like to consider term insurance initially (see below) and maybe switch to whole-of-life assurance later in life. Some term policies allow you to switch to whole-of-life during the policy term.
Don’t forget to factor in inflation when deciding on your sum insured, as the cost of a funeral or general living costs may rise significantly during your lifetime. Consider selecting a sum insured that covers the estimated costs in the future, not just now.
Some people take out over 50s life insurance for funeral expenses. Bear in mind that these plans often have a maximum age for acceptance, say 75 to 85. There is no assessment of your health before cover commences, but you may need to survive for two years after commencement of the policy in order for your beneficiaries receive a payout.