It’s common to hear about “Burial Insurance,” but that’s actually not a real name for a type of coverage. It’s industry shorthand that describes a small whole life insurance policy that is designed to take care of funeral costs for the person being covered.
A typical burial insurance policy is a whole life plan that covers a person’s life for anywhere from $10,000 to $25,000. Because it’s a whole life plan, it doesn’t expire as long as the policy’s owner continues paying the premium. This means that the policy’s face amount is practically guaranteed as long as the policy is in place, paid in full, and there are no loans taken on the policy.
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