Burial insurance is another name for final expense. This form of life insurance helps with funeral costs when a person passes. Funerals are not extremely expensive but are more than often not, brought about unexpectedly. If not planned for ahead of time, the costs of a funeral can be a burden on loved ones. Many people have chosen to have a final expense policy in place on themselves or a loved one. This enables funds to be available when needed, releasing family left behind from the financial burden.
Due to the death benefit being smaller than traditional life insurance policies, a final expense policy has lower premiums. This affordability gives people on a budget the ability to have funds set aside for a funeral. Death benefits range from $2,000 to $50,000. Final expense is most common for 50 years of age to a cut off of 85 years. People younger are able to acquire a policy if they choose to. The younger and more healthy an individual, then the more affordable the premiums.