This person (or persons) will be able to receive
the proceeds of the burial insurance policy and take on the duties of the initial beneficiary.
Not exact matches
Good candidates for
burial, or final expense,
insurance can include those who may want to pay off more than just their funeral costs with the
proceeds of the
policy.
All
of the
proceeds from a
burial insurance policy can be used by the beneficiary, too, because life
insurance proceeds are free
of income taxation to the recipient.
Burial insurance is a very specific kind
of whole life
insurance policy where the
proceeds of the
policy are meant to pay for end
of life expenses.
Final expense life
insurance is a life
insurance policy whereby the
proceeds are meant to pay for end
of life costs such as funeral and other
burial expenses.
These types
of life
insurance policies, which are also often referred to as funeral or
burial insurance, will typically provide between $ 5,000 and $ 25,000 in
proceeds so that the insured's funeral and other final expenses can be paid.
For example, they may use the
proceeds of a Guaranteed Acceptance Life
Insurance policy to pay for expenses such as funeral and
burial costs, medical bills, or other consumer debts.
In addition, a person may also have other associated expenses, too, such as uninsured final medical and / or hospice costs —
of which the
burial insurance policy proceeds could also help to pay off.