Beneficiary

Burial insurance

Burial insurance refers to a life insurance policy of minimal face value planned to provide insurance for covering burial and funeral expenses. It provides protection to both the insured and his family. It can also be used for any need. It pays money to the nominee of the insured when he or she dies. This amount is to cover the burial costs of the insured.

Burial insurance is sold for cheaper rates. There are also accelerated benefits which pay if the insured is in death bed. This insurance will not offer any kind of financial support to the nominees if the insured dies. It is designed to cover only the burial costs of the insured.

Burial life insurance is also known as final expenses insurance or funeral insurance. But many people believe that final expense insurance is different from burial insurance. The former covers various expenses related to death and also includes settling of outstanding, legal expenses and much more.

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