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What Is Burial Insurance in Life Insurance?
<lingo>Burial insurance is a type of life insurance policy. It covers the costs of burial at the time of the policyholder’s death. In many situations, a person may decide to purchase this policy to cover their own burial costs and end of life wishes, alleviating the requirement for family members to have to pay for these needs. Most burial insurance policies are of a value set by the policyholder and meant to just cover end of life needs. In some cases, they can be used to pay for prearranged burials.</lingo>
Burial Insurance Clearly and Briefly Explained
Purchasing burial insurance, which is also known as funeral insurance, may help family members to cover the cost of your final wishes. You can specify what the coverage should pay for, but this often includes a funeral, cremation services, burial costs, and any other end-of-life needs you have. Because burials cost thousands of dollars, this type of policy can be essential for caring for your needs.
<twitter>Burial insurance is a type of life insurance policy. It covers the costs of burial at the time of the policyholder’s death. </twitter>
Policy values for burial insurance can also range widely. They can be as low as $5,000 worth of value or as much as $25,000. Some of these life insurance policies may be valued at an even higher rate. You can set a value that fits your specific needs. Many times, individuals will discuss the costs of burial and other end of life needs with their service provider and then choose a policy to match that amount.
In some situations, it is possible to purchase more burial insurance than is specifically needed for burial or cremation. The extra money can be used by the beneficiary (the person you name to be responsible for paying for these costs) in any way he or she determines is necessary. This may be for outstanding medical bills or debts you have. It may also be used to pay for legal needs. However, as a life insurance policy, these funds do not go through probate court, and they are never accessible by your debtors. Burial insurance is best for those who want to alleviate the need of their loved ones paying for these costs.
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