Definitions for "Burial Insurance"
A slang term usually referring to a small policy of life insurance ($1,000 to $5,000) intended to pay the funeral costs of the deceased insured.
See Funeral Insurance.
The most common type of permanent life insurance, with fixed premiums, a fixed guaranteed rate of return, and guaranteed cash values. The proceeds usually cover burial, funeral, and other final expenses. Premiums must generally be paid as long as the policy is in force.