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What Is Burial Insurance Coverage?
— BurialInsurQuote Team
Burial insurance also referred to as final expense insurance or funeral insurance, is a type of specialized life insurance coverage that people generally purchase to help protect their families and loved ones from the high cost of a funeral, burial, and other final expenses.
These insurance plans are typically whole life coverage, offer permanent coverage, have smaller face amounts (death benefits) between $5,000 – $25,000, and feature simplified-issue underwriting; which simply means that you do not have to take a health exam or answer a bunch of medical questions to apply.
These whole life policies also feature premiums that never increase, death benefits that do not decrease, and cash value accumulation accounts that increase as your premiums are paid.
You can easily gain access to this cash value in times of need, via policies loans, or if you ever decide to surrender your policy.
Although burial insurance policies are usually taken out to cover one’s final expenses, they can also be purchased to provide extra funds for other purposes as well.
- Outstanding Medical bills
- Probate fees & Attorney bills
- Unpaid loans & Credit cards
- Replacement Income for a surviving spouse
- Financial gifts to family members & loved ones
- Mortgage and/or Rent payments
- Charitable donations
Another thing to keep in mind is that, because burial insurance plans tend to feature smaller death benefits, they can oftentimes “payout” a lot quicker than your much larger life insurance policies.
This can be a great help if you have a larger life insurance policy (ex: $75,000 or more) already, and you prefer “discretion” when it comes to your finances.
By taking out a smaller policy to cover your final expenses, you won’t have the added worry of unwanted individuals and/or 3rd parties, knowing your business.