Much like whole or universal life, it's referred to as graded life, final expense of easy issue permanent coverage. Most have a yes or no application with no medical review or exam (unless you are requesting over normal coverage limits). Coverage continues as long as premiums are paid unless you cancel the policy. All policies accumulate cash value, and premiums remain the same. Burial life insurance is usually used to pay for immediate medical expenses related to funeral, credit cards, etc. Features of burial insurance include:
Small face value policies
Easy to qualify for (yes / no application)
Can accumulates cash value (most don't)
Life insurance premiums remain level
Provides insurance protection to age 100
You can get burial insurance if you are:
Terminally ill
Diagnosed with AIDS
In a nursing home
Have major heart issues
In the hospital, on morphine, and waiting to die
Diagnosed with cancer
Have other major, life threatening health issues.
Reasons to avoid buying burial or graded life insurance:
I want my death to be a real tragedy
I can't conceive of dying, it's hard for me to think about
It's unpleasant to talk about
Reasons to buy burial or graded life insurance:
You don't want your loved ones left with any of your debts from a funeral, credit cards, etc.
It's not something you'll dwell on, just spend an hour or so making the arrangements and then keep your policy in force, from then on.
You will show your loved ones that you care now by providing for them later.