Burial insurance (final expense insurance or funeral insurance) is a type of insurance policy designed to cover the cost of a person's funeral and related expenses after their death.
Burial insurance policies pay out a lump sum of money to the policy's beneficiary after the policyholder's death. The beneficiary can use the money to cover funeral expenses.
Burial insurance are available to individuals who are between the ages of 50 and 85. However, some policies may be available to individuals with pre-existing medical conditions.
Types of burial insurance include, Guaranteed issue burial insurance, Simplified issue burial insurance, Level benefit burial insurance, Graded benefit & Pre-need burial insurance.
Costs covered by this burial insurance include, Funeral services, Casket or urn, Burial or cremation, Headstone, Funeral procession, Transportation and Miscellaneous expenses.
Cost of burial insurance can vary depending on factors such as age, health & coverage amount. Policyholder selects amount ranging from a few thousand dollars up to $25,000 or more.