A lot of people choose to buy life insurance in order to protect their families from having to pay for funeral costs and other expenses after their death.  However, if purchasing a life insurance plan is not feasible for you, there are a number of different options to consider instead.

A savings account is one of the best ways to accrue money over the years for big events such as funerals and paying for college tuition.  If you do not yet have a savings account, we recommend that you open one as soon as possible.  If you make a small deposit into your savings account for every paycheck you receive, you will be amazed at how much those small amounts add up over the years.  Putting aside ten to fifteen percent of every paycheck is highly recommended when putting away money for your family in lieu of a life insurance policy.

The main thing that life insurance policies cover is funeral arrangements.  If you are able to pre-pay for your funeral arrangements, that will spare your family from the emotional and financial burden of planning and paying for your funeral in the wake of your death.  Without a pre-paid funeral or a life insurance policy, a funeral and proper burial can be very hard to pay for.  You can sometimes find aid from the government in such situations, but you will find very little if any assistance there.

Another popular practice is using investments and stock bonds as a form of life insurance.  While this is a lot riskier than purchasing life insurance, it could potentially pay off for your family if all of your stocks and bonds are profitable.  While many people do use stocks as a method of saving for life insurance, your best and safest bet is buying a real life insurance policy.  That way, your family will be fully protected in the event of your untimely death.  In such an uncertain world, it is always a good idea to have the maximum amount of precautions in place.  However, if you cannot afford life insurance at this time, there are plenty of other options to consider.