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Burial/Final Expense policies are typically purchased in the $5,000 to $25,000 range, though many companies offer up to $50,000. As with all insurance, the cost is based on your age and health when you start. Clients often tell us the cost is higher than they anticipated.

Burial insurance usually refers to a whole life insurance policy with a death benefit of from $5,000 to $25,000. As its nickname implies, people buy this type of policy to provide money for funeral and burial costs for themselves and/or family members.

Burial insurance is a type of funeral expense life insurance policy designed to cover the cost of your funeral or cremation expenses when you die. After you die,burial life insurance pays the death benefit of your policy directly to your beneficiary who can use the money in any manner.

Funeral expense insurance can be used to pay for the cost of the funeral alone, or it can cover additional final expenses such as outstanding medical bills, legal costs, or any other debts that you owe, such as credit card bills.

Historically, however, most Americans have left the workforce some time before age 65. Indeed, SmartAsset's analysis of U.S. Census Bureau data found that the national average retirement age is 63 years old. At the state level, it ranges from 62 to 65.

For example, they may be afflicted by a severe disease or simply may not have the financial means to pay insurance premiums. In such instances, you, as a dependent, may be able to purchase elderly insurance that covers your financial expenses upon the passing of your parents.