Definition - What does Burial Insurance mean?
Burial insurance is a type of whole life insurance policy meant to help buyers pay funeral expenses of the insured. As a policy with the specific purpose of covering the aforementioned expenses, the death benefit tends to be much smaller, with it ranging from $3,000 to $35,000; thus, it is much more affordable. Moreover, it is much easier to obtain than other term and whole life policies.
Burial insurance is also known as funeral insurance or final expense insurance.
Insuranceopedia explains Burial Insurance
Burial insurance never expires as long as premiums are being paid, and these policies have a cash value feature as well. In addition, premiums stay the same throughout the life of the policy. As for approval, it is possible to obtain a policy after a quick interview without a medical exam. People up to age 85 can still qualify to protect their families from the burden of paying funeral expenses, which can quickly add up. For instance, such expenses as planning and renting a space for the service, buying the casket, a cemetery marker, and more can significantly add up and place a heavy burden on the surviving family.
Top Reasons to Forgo Mortgage Protection Life Insurance