Industrial life, also called burial life, is a specialized kind of policy that isn’t too common. As its name implies, the policy pays a small amount to your beneficiaries for your burial expenses. The premiums are quite low because the policy’s face value — the cost of burial — is fairly low.
In essence, industrial life is another term life policy, but the death benefit is specifically tied to the cost of burial. For most people, industrial/burial life insurance is not a good buy. It’s usually more expensive than simple term insurance and doesn’t pay your beneficiaries for anything other than your burial. If, however, you feel that you would like enough coverage to pay for your burial, you should speak with an agent about buying or increasing a life insurance policy.
In essence, industrial life is another term life policy, but the death benefit is specifically tied to the cost of burial. For most people, industrial/burial life insurance is not a good buy. It’s usually more expensive than simple term insurance and doesn’t pay your beneficiaries for anything other than your burial. If, however, you feel that you would like enough coverage to pay for your burial, you should speak with an agent about buying or increasing a life insurance policy.
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