burial insurance can work with other life insurance, though it's not common to buy multiple policies at once

Can Burial Insurance Work With Other Life Insurance?

There are different types of life insurance, including term, and whole life. Burial or funeral insurance is a kind of whole life insurance. The various kinds of life insurance can raise a lot of questions, such as: What type is right for me? And, can you have burial insurance and a standard life policy at the same time?

Senior Life Services is here to help. We’ll explain the differences and similarities between burial and standard life insurance policies. Regardless of whether burial insurance can work with other life insurance policies, we hope you find this information helpful.  

Burial vs. Life Insurance

Burial and life insurance have many similarities and differences. Burial insurance is technically a form of whole life insurance, but offers a smaller benefit meant for seniors to cover their final expenses. With that being said, the beneficiary can use the death benefit for everyday expenses — assuming the funeral is paid for. Aside from whole life insurance, there’s term life insurance, which offers policies with specific terms or durations.  

No matter the type of life insurance you purchase, you must pay premiums to maintain your policy and make sure your beneficiary can receive the death benefit after you’re gone.

The cost of burial insurance depends mostly on your age, health, and location. Through the application process, certain criteria are used to determine the amount of the premiums and what the insurer is willing to issue. With burial insurance, there are far fewer criteria that are used which means that the premiums are less affected by a person’s circumstances. Most other types of life insurance use stricter criteria so the premiums more accurately reflect a person’s circumstances.

Can Burial and Other Life Insurance Policies Work Together?

Under most circumstances, insurers don’t base eligibility on whether a person has multiple insurance policies and there’s no law indicating that a person cannot have multiple policies. This means that a person could have burial insurance and another type of life insurance policy, as long as they can afford multiple policies at once. Considering burial insurance is a type of whole life insurance, a person may decide to obtain term life insurance depending on their health status, and what coverage they believe they need. This situation could arise if a person has multiple goals and finds that burial insurance coverage may not be large enough, or if they want a more tailored policy than standard life — as they approach their final years.  

Note: Insurers will typically take other policies into account when reviewing the amount a policyholder may be eligible for. Insurers typically want to compare the total amount being requested versus the amount of income the person receives, which could assist them in determining how reasonable or risky it is to insure the person. 

Need a Burial Insurance Policy? We Can Help

There are many different kinds of life insurance policies that can help individuals meet their financial goals and secure financial stability. Such policies include burial insurance, or other types of whole life insurance, and term life insurance policies. Considering no laws are keeping you from having multiple policies, and most insurance companies will issue a policy to someone that already has one, you can have burial insurance and another type of insurance policy.  

If you have burial insurance or another type of life insurance and want to determine if you may benefit from additional insurance, call (800) 548-3249. We have licensed agents available to assist you with all your life insurance needs.