What is a Burial Insurance Policy?
A burial insurance policy, also known as final expense insurance, is a specialized type of life insurance designed to cover the costs related to one’s funeral and other final expenses. Unlike standard life insurance policies, burial insurance ensures that the policyholder's family is relieved from the financial burden occurring after their passing.
Typically, burial insurance policies are easier to qualify for, often requiring no medical exams. Instead, applicants may only need to complete a simple health questionnaire. This makes it an ideal option for seniors or individuals with health concerns, as they can secure coverage more readily.
The benefits from a burial insurance policy can be used for a variety of end-of-life expenses, such as:
- Funeral home services
- Cemetery plots
- Gravestones
- Outstanding debts
- Legal fees
Typically, these policies provide coverage amounts ranging from $5,000 to $25,000, making them a practical choice for ensuring that loved ones are not financially impacted during an already difficult time. By choosing a burial insurance policy, individuals can have peace of mind, knowing their final wishes will be honored without placing a financial strain on their family members.