Using the proceeds of life insurance policy, is more cost effective way that using savings. Funeral Insurance. Judith has been a single mother for most of her daughter’s life. She learned that she needs to be independent. Therefore, has saved $15,000 to make sure that when she dies, her adult daughter would not have to worry about the money to pay for her funeral. She was very happy to find out that she can buy $25,000 for only $600/year. Because it’s a 20 pay permanent life insurance, over next 20 years she will pay $12,000 for her insurance premiums, still leaving $3,000 from her savings.Using insurance, she can leave $28,000 to her daughter, instead 15,000 using savings.
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