Burial Insurance


DEFINITION of 'Burial Insurance '

A basic type of life insurance that is used to pay for funeral services and merchandise costs. This policy usually covers people until they reach the age of 100. Applicants do not have to go through a health exam in order to obtain it, they are usually asked to swear that they are not currently ill or in a nursing home.

BREAKING DOWN 'Burial Insurance '

Burial insurance is a cash policy, which means it builds a cash value over time. Premiums to this type of insurance do not change, and this policy provides permanent coverage. Some of the costs covered by this insurance include funeral service, cemetery plot and headstone, casket, funeral procession and other miscellaneous costs.

Also referred to as final expense insurance and funeral insurance.

  1. Insurance Proceeds

    The benefit proceeds paid out by any type of insurance policy ...
  2. Death Benefit

    The amount on a life insurance policy or pension that is payable ...
  3. Permanent Life Insurance

    An umbrella term for life insurance plans that do not expire ...
  4. Premium

    1. The total cost of an option. 2. The difference between the ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the ...
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