Burial Insurance—also called Final Expense Insurance or Funeral Insurance—covers the cost of your funeral and burial or cremation. These terms are just retailing expressions: All refer to a type of whole life insurance that provides a payout of $2,000 to $50,000 designed not to support your survivors but to spare them the burden of your post-death expenses, especially if your estate can’t cover the cost.
After you die, burial life insurance pays the death benefit of your policy directly to your beneficiary who can use the money in any manner.
For example, if you have a $15,000 burial insurance policy and funeral expenses came in at $10,000, your beneficiary might choose to use the additional funds to pay for other final expenses such as outstanding medical bills, legal costs, or any other outstanding debts you may owe.
Life insurance and Burial Insurance may seem the same at first, but they are distinctly different from each other. With life insurance, you agree to pay a preset amount of money periodically to an insurance company. At your death, the insurance policy will issue a payment to your designated beneficiary.
On the other hand, Burial insurance is designed to prepay your funeral arrangements only and decrease the burden of funeral planning for your surviving family members.
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