burial insurance

Burial insurance, also called funeral or final expense insurance, is a type of life insurance purchased to cover the cost of burial, cremation, or other end-of-life expenses. The policy pays a death benefit that can be used to cover funeral services, merchandise, and other related costs.

Parties to a burial insurance contract include:

• The subscriber or policyholder: the person who purchases the policy.
• The insured: the person whose life is covered, often the same as the subscriber.
• The beneficiary: the person designated to receive the death benefit.
• The insurer: the company that issues the policy and pays the benefit.
• The broker: an intermediary who may facilitate the sale if the policy is not sold directly by the insurer.

[Last reviewed in August of 2025 by the Wex Definitions Team] 

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