Burial Insurance

Burial insurance — also called final expense insurance — is a type of whole life insurance designed to cover funeral and burial costs, medical bills, and other end-of-life expenses. Policies typically offer face amounts between $5,000 and $25,000, require no medical exam, and feature simplified or guaranteed underwriting. Premiums are level for life, and coverage never lapses as long as premiums are paid. Because underwriting is lenient, premiums per dollar of coverage are higher than traditionally underwritten policies. Burial insurance is popular among seniors who want to spare their families the financial burden of a funeral without leaving a larger estate planning concern.