This type of policy falls under the category of whole life insurance, providing a death benefit that is typically smaller in comparison to traditional life insurance policies.
In the state of Missouri, burial insurance serves the same fundamental purpose as it does in other states. It offers individuals a means to proactively plan and finance their funeral costs in advance, thereby relieving their loved ones from the financial burdens that arise during an already challenging period.
The payout from a burial insurance policy is customarily utilized to cover a range of funeral expenses, including caskets, burial plots, embalming, funeral services, and other related costs.
Compared to traditional life insurance policies, burial insurance policies often come with easier qualification requirements and lower coverage amounts.
They generally feature simplified underwriting processes, making them more accessible to individuals who may not meet the eligibility criteria or find larger life insurance policies unaffordable. The premiums associated with burial insurance are typically affordable and fixed, and these policies often accumulate cash value over time.
Importantly, burial insurance policies offer a cash payout that can be employed to cover various funeral expenses and are not restricted to a specific funeral home.
If you're considering purchasing burial insurance in Missouri, it is advisable to conduct thorough research on different insurance providers, compare policies and premiums to ensure you find the most suitable option for your needs. Get a burial insurance quote.