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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Burial Insurance


Synonyms:burial services, coffin, cremation, crypt, deep six, entombment, funeral insurance, grave
Filed Under: estate-management, insurance
Tags: insurance, life insurance
 

Definition of burial insurance

burial insurance
1. A form of life insurance policy that covers funeral expenses, generally with a level premium up to the age of one hundred. Also known as "final expense insurance" or "funeral insurance."

Related Terms and Acronyms:

  • accidental death and dismemberment insurance   Insurance coverage for death or dismemberment (the loss of a body part).
  • accidental death benefit (ADB)   An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
      ➥  A life insurance policy rider.
  • casualty   A liability or loss that results from an incident or accident.
  • critical illness insurance (CII)   Insurance that covers individuals in the event of a critical or catastrophic illness.
      ➥  A health insurance policy rider.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • living benefits   The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.

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