Burial insurance or funeral insurance are other names for final expenses insurance. As those names suggest, coverage can go towards funeral and burial costs, outstanding bills or other final expenses immediately after someone passes away. In the case of North Cover Final Expenses Insurance, it’s a one-time cash payout up to $25,000.Life insurance, on the other hand, is designed to replace a person’s lost income after they pass away. That means the coverage amount may be bigger, because it often offers financial support for a longer period.While life insurance payouts can go towards funeral costs, having final expenses insurance can give you additional peace of mind. The claim payment will come through fast, so your beneficiaries will have money on hand to cover immediate costs.