A lot of people use life insurance to cover burial expenses. But, little did they know, burial insurance is life insurance for final costs. Sometimes, it's called final expense insurance or funeral insurance.
Video Source
One of the reasons why many old consumers use a life insurance policy is to pay for the funeral. However, burial insurance may be expensive. That's why there are a variety of plans for people to avail, to make sure they've covered the financial losses before departing. Besides marketing, burial insurance is more than just a form of whole life insurance.
Understanding Burial Insurance
It's a whole life insurance policy sold in small amounts. The policies are meant to pay for the funeral costs and final expenses. This insurance is not meant to raise families who need life insurance. It's not about covering obligations, paying for mortgages or tuitions, or even a replacement for income during the working years.
How Burial Insurance Works
When you take advantage of burial insurance, you only have to choose the coverage you want and who will be the beneficiary when you depart. They don't require a medical exam and they will only ask a few health questions. Your beneficiary will be the one to contact the insurance company and process the claims following your death. The beneficiary should present identification and the form of claims, as well as a copy of the death certificate.
.
