Funeral insurance acts just like life insurance; you pay a monthly fee and the money is given to your family when you die to pay for your funeral.

Pros 

• You gain interest, so it covers inflation costs.

• This money is always set aside for the funeral, so while other debts accrue from medical bills you know this money is always there.

Cons

• Funeral insurance can be overpriced compared to other types of insurance policies.

• Some insurance plans decrease their benefits after you reach a certain age.