Yes, Life Insurance pays for funeral bills and any other expenses associated with final expense needs. The funeral life insurance policy can be purchased for any face amount with a relative or friend as the beneficiary, plus a collateral assignment to the funeral home. That way the funeral home will get what they are owed with the remainder going to your beneficiary.
Having Life Insurance for funeral needs is handy because it not only can cover the funeral, but cemetery, transportation for special guests to get to the funeral, and other costs that are incurred upon death. In fact, the remainder of the death benefit can be used for anything at all that the beneficiary chooses to spend it on.
The death benefit proceeds from life insurance are paid to the beneficiaries of the policy. The beneficiaries, unless otherwise directed, can spend the proceeds as they see fit. Generally final expenses like funeral costs fall upon the family, i.e. commonly the beneficiaries. Most beneficiaries pay outstanding debt, the number one use of life insurance death benefit proceeds.
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Having Life Insurance for funeral needs is handy because it not only can cover the funeral, but cemetery, transportation for special guests to get to the funeral, and other costs that are incurred upon death. In fact, the remainder of the death benefit can be used for anything at all that the beneficiary chooses to spend it on.