Burial Insurance
What Does Burial Insurance Mean?
Burial insurance is a type of whole life insurance designed to help cover the funeral expenses of the insured. Since it is specifically intended for this purpose, the death benefit is typically smaller, ranging from $3,000 to $35,000, making it more affordable. Additionally, it is easier to obtain compared to other term or whole life insurance policies.
Burial insurance is also referred to as funeral insurance or final expense insurance.
Insuranceopedia Explains Burial Insurance
Burial insurance does not expire as long as premiums are paid, and these policies also accumulate cash value. Additionally, the premiums remain fixed for the duration of the policy. Approval is often quick and can be granted after a brief interview without requiring a medical exam. Individuals up to the age of 85 can still qualify, helping protect their families from the financial burden of funeral expenses, which can quickly add up. Costs such as planning the service, renting a venue, purchasing a casket, and a cemetery marker can all contribute to a significant financial strain on the surviving family.
