Burial Plan: An agreement between a funeral home or an insurance company and a participant to provide funeral services and merchandise at the time of the Household Member's death.

A participant may or may not be a Household Member. The actual cost of the burial, when the participant dies, may be a lump sum payment or paid in installments. This is the face value of the burial plan. The cash value is the monetary value the participant receives if the burial plan is cancelled.

Example

Linda Smith has purchased a burial plan with a funeral home to provide funeral services upon her death. A case worker creates a Burial Plan record for Linda Smith which details the agreement between Linda Smith and the funeral home.