Is pre-need burial insurance counted as life insurance?

Question

theres this statistics site in which they break down the insurance into life insurances and non life insurance and other insurances i was just wondering where burial insurance comes to place? Because im not sure if its counted as a life insurance because life insurances are those in where you die, your beneficiaries get money whereas burial insurance is if you die, interment/burial expenses will be shouldered by the insurance company. So im jjust a little confused, does this count as life insurance?

Answer 1

Burial insurance, mortgage insurance, term insurance, cash value insurance, call them what you want, they are all life insurance. A person could make their estate, their funeral home, or their spouse the beneficiary, it doesn't matter, the insurance company, when you die with a policy in force shoulders the responsibility or shells out the cash to the beneficiary.

Answer 2

It depends who you buy it from.  If you buy a package of services through some funeral home or company, it's not insurance, it's pre-paid services.  Insurance can be purchased from an entity licensed to sell insurance.