Final expense insurance, or burial insurance, is meant to cover the cost of funeral and burial services like the prepaid plans. However, unlike preneed and prepaid funeral packages, final expense insurance can also help cover a number of costs, including but not limited to:
- Outstanding debts
- Probate or legal fees
- Medical bills
- Outstanding debts
This type of policy can increase in value over time. It works like a savings account, with the balance going up as you pay in. Additional benefits can be awarded in the case of an accidental death.
