Burial insurance is an older type of life insurance. The payout is upon death to cover final expenses, such as the cost of a funeral.
The Greeks and Romans first invented burial insurance circa 600 CE. They organized guilds called “benevolent societies,” which took care of the families left behind and paid for the funeral expenses of the members upon death.
Guilds in the Middle Ages served a similar purpose, as well as a friendly society during the Victorian era.
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