Some folks looking for funeral insurance (sometimes referred to as burial insurance) discover final expense insurance, and want to know what the difference is between all these terms. Here’s a quick explanation.
Because people were looking for an inexpensive way to pay for their own funerals, the insurance business responded with final expense insurance. It’s a small, inexpensive life insurance policy with a low monthly premium. When you pass away, we’ll provide a cash payout to your next of kin that can be used for your funeral or anything else your loved ones want to spend it on.
In other words, all the labels in the title – “burial insurance,” “funeral insurance” and “final expense insurance” – are fundamentally identical. Final expense insurance is an industry term, but it’s insurance to be used for your funeral or burial in the event of your passing.