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Permanent life insurance also has a cash value that grows over time, which you can withdraw or borrow against. It’s quite a bit more expensive than term life insurance, but there are a variety of permanent life insurance options, such as whole life, universal life and variable life, that come with different costs and benefits.
This type of insurance covers you for your lifetime (as long as the premiums are paid). It then prices out your final expenses, which you can pay all at once or in installments over time. You choose the specific funeral home, as well as your preferred final arrangements. This essentially works as a payment plan for burial costs that you set up ahead of time.
Before you commit to a policy, consider these alternatives first. These conveniences make it a very expensive way to buy life insurance.īurial insurance isn’t your only option for covering final expenses. There is no medical exam and no health-related questions. Guaranteed issue life insurance: You can’t be turned down for a guaranteed issue life insurance policy.For example, simplified issue applications often ask if you live in a nursing home or have HIV. Simplified issue life insurance: There is no medical exam for simplified issue life insurance, but if you answer “yes” to any health questions, you could be disqualified.Instead, they’ll get a refund of the premiums you paid and some interest.īurial insurance is typically either a simplified issue or guaranteed issue life insurance policy.
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These may include funeral and viewing, cremation, medical expenses, legal costs and more.īurial insurance often has a graded death benefit, which means your beneficiaries won’t get the full death benefit if you die within the first few years of the policy. When you die, the beneficiary can initiate a claim to receive the death benefit and use those funds to cover funeral-related expenses. She is based in Nashville.When you take out a burial insurance policy, you select the amount of coverage you want and designate a beneficiary.
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In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania.
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Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet.
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