A Helpful Plan To Help Pay For The Expenses Of A Lost Loved One.
Burial insurance for final expenses
If you want to make sure you leave money to pay final expenses, you may be most interested in life insurance products with a death benefit. All life insurance has this feature in a range of amounts, depending on the value of the policy.
What is a death benefit?
A death benefit gives your loved ones money – typically, tax-free – that they may use to pay your final expenses in the event of your death. This benefit is often referred to as ‘burial insurance’ or ‘funeral insurance.
How does burial insurance work?
Burial insurance covers the cost of your funeral and/or cremation expenses after you pass away. It can also be used at the beneficiary’s discretion to pay off debts including any medical bills, mortgage loans, or credit card bills. Similar to burial insurance, pre-need funeral insurance covers any funeral expenses, but is usually paid directly to a funeral home rather than any family members