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8 Steps To Getting The Best Final Expense Life Insurance Quote

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Today’s Topic Is About 8 Steps To Getting The Best Final Expense Life Insurance Quote

NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!

I’m figuring you are here because you’re interested in considering at final expensive life insurance and want to see what your options are but are not really sure as to where to start.

If that describes you, then read further or watch the video since we’re about to discuss details that will help you find the best way to get the best plan for you in your circumstance.

Let’s get started with a quick overview. I’m going to tell you the bottom line 8 steps that you need to take to get the best final expense life insurance quote.

Here Are The Steps We Are Going To Cover:

Defining your final expense goals

Let’s talk about the first step, which is to figure out how to get the best final expense life insurance quote.

It’s important to figure out from the very beginning what your goals are. Whenever you go want to, if you want to accomplish a task, it’s important to understand where you are now and where you want to be.

Once you define the difference between one point to the end point, we’ll now we can tether those together and create a path which you can follow down.

The more specificity you provide in your goals, the better off  you’re going to understand what kind of policy you want or do not want; whether it does or doesn’t fit your goals and budget. These determine your goals.

Our job is to help find the most competitively priced option available to you. If you would like to get a free quote, contact us at (888) 626-0439.

You can also submit a message to the left-hand side of the screen and we will reach out to you within the next 24 business hours.

How to define your final expense life insurance goals?

It’s important to make sure that you understand what you need to do to figure out how to define your goals.

The first thing in my opinion is your budget.

A lot of people buy final expense life insurance are on a fixed income. If you’re buying for a parent you may be working, but you may be in a situation where you need to keep a certain budget.

You need to keep an eye and think ahead of time what you’re comfortable paying; perhaps something that’s easily affordable. This is important because you don’t want to buy a plan with the potential of dropping it in the future. If, in 6 or 12 months, something financially bad happens and you can’t afford this insurance. It’s a bad use of your money because it doesn’t do any good when you drop it.

I’m a big advocate of figuring out ahead of time what you’re comfortable paying and what type of budget works best for you.

A lot of people in this business, when they buy a final expense plan, pay about 50 bucks a month, give or take. Some people pay a lot more. It depends on what you want to accomplish and how much coverage you got.

You also have to figure out that you want to get the best quality of coverage.

That depends upon what your goals are. If your goal is to have coverage to pay off a funeral bill and you don’t know when you’re going to die, then you probably need a plan that’s permanent and it doesn’t go away or cancel because you are old. A lot of plans out there actually terminate before a set end date.   

If you get past, say the age of 80 with a lot of insurance, they just cancel you. Does it make sense to get a plan that cancels before you do not in that regard? You got to think about again. What it is that you’re exactly trying to accomplish? We’ll go into this a little bit more to better define that.

What are the kinds of things that we’ll cover? When I say that I mean is whether you want to be buried or cremated. What other final expenses are there that you’re going to have to jump into?    

What you want your policy to do for you?

A question I like to ask when I sit down with my clients or talk to them over the phone helping them wherever they live, is what do they want the policy to do for them.

What I want you to do is really think about this question because answering this question helps identify what your most important goals are for purchasing final expense life insurance.

I don’t want to sound grim, but you have to imagine this policy coming to life when you pass away. It’s been sitting in your drawer for hopefully a very long time and then you die and we walk in and what do you want that plan to do?Think about it. What do you want it to pay for? Who do you want it to go to? How do you want it to affect the lives of the people you leave behind?

If you can better imagine the circumstances of what would happen and how that policy would pay for it, that better defines what your goals. If you don’t answer these questions ahead of time, you’ll do one of the following things.

  • You’ll lose interest in keeping the plan long-term if you don’t take time to define why it’s important to own a life insurance policy or what you want it to do for you. You may keep this for a year or two and then forget the  fundamental reason you owned it because there wasn’t much thought put into it.
  • The other thing you may do is you may buy the wrong plan for your particular goalsYou may be looking at the first thing that you see without investigating the fine print and could end up making a  bad purchase decision where you have life insurance, but it doesn’t match the actual goals of what you’re trying to accomplish.
  • You may risk more time waiting around not getting covered. A lot of people start thinking this way and they get flustered because it’s tough. I mean we think about how our loved ones will survive after we pass away. A lot of people don’t want to think that way, so they delay the decision because there’s confusion and there’s emotion, but you’ve got to work through this.

You have to think through the entirety because by doing that, you will be better able to define what kind of plan is going to be in your best interests. I feel strongly about this and you should definitely take time to think about what you want your policy to do for you because it’ll make a huge impact on the quality of coverage you have as well as your long term desire to keep it.

Let’s talk about a few reasons why people purchase final expense life insurance and build on this.

Burial or cremation?

Do you want to be buried or cremated? Obviously a final expense plan usually focuses around final expenses, which usually are burial or cremation costs. That’s the number one reason why people buy these plans. What do you prefer? Have you given it much thought?

Do you want to be buried the traditional way in a casket and have a service? Do you want a multi-day service where people come and a view your body and people have community with each other at the funeral home? Do you just want a grave site service or just a basic casket?

Do you want to be cremated? The biggest trend that we see in the funeral business is people are getting away from burials and in the cremation. There are all sorts of reasons for this – partly religious and partly because it is extremely costly to bury someone. Cremation can be much less expensive and people feel it’s sufficient and don’t want to put that much money in the ground.

Let’s say you don’t know how much it costs. How does that impact what it is that we’re doing?  We can go through  the website of the National Funeral Directors’ Association and take a look at the breakdown on the average costs for a burial and then for a cremation.

I’m going to give you my opinions as somebody who has dealt with both for years and seen the actual costs of different types because what you’re going to get is a basic average, but I’m going to tell you a little bit about it to give you a little more flexibility and more realization.

INSERT SCREENSHOT of NFDA website homepage

The official website of the funeral director society is www.nationalfuneraldirectorsassociation.org. They like to compile statistics on funerals and cremations and show the inflation and the average costs so that regular people like you know what to expect going into funeral.

The website shows some general funeral service facts; discusses the rate of which there’s less and less funeral homes and the rates of cremation and burial. Interestingly, the website shows that the rate of people getting a cremation is more, not so much price.

I will tell you how they collect this information. They give you some basic overviews, but what we’re looking for is to start the national median cost for an adult funeral with a viewing and a burial: 2017 vs 2014. They’re only looking at the difference between three years. I’m not going to go into extreme detail here but want you to notice that there’s items and then the year shown 2017 being the one that we’re concerned with.

You can scroll on the website and see all the typical items involved with a funeral are listed. Of course you have things like the embalming, which most likely needs to be done, the facility usage, the hearse, and, of course, the casket.

INSERT image of price comparison from NFDA website

When you add the vault, which is what goes around the casket to ensure it’s properly buried and contained and is typical in most burials these days, the total cost you’re looking at is about $8,755. This is the national average, so you can essentially assume if you’re to die immediately right now and it’s 2017, this is a good estimate as to what to expect.

Before I go into some personal opinion on those prices, let’s look at the national median cost for an adult funeral and cremation. This is the same in the sense that there are viewings and a service, but there is no burial. What this means is there shouldn’t be a casket price or a vault price, and they will say cremation casket that will be something the body is shown in. The price total of $6,260 has risen quite a bit from a couple of years ago and on an average basis.

Now you’ve seen the prices, I want to inflect my opinions upon you as an insurance agent and not a funeral director. As an insurance agent who deals with final expense life insurance, I tend to think that the funeral bill average is a good estimate.

If you live in high cost of living areas, the price will probably be higher. For example, if you live in California or the East Coast, it’s likely that rate is going to be in the $10,000 to $15,000 range easily. In places like Hawaii, the prices are double or even triple that amount. Take that with a pinch of salt. If you live in fly over America, Middle America, if you live in Tennessee like I do, that average is pretty representative.

The other thing you’ll find out is the funeral business is like all others. There are some funeral homes that will do services at a higher price because they appeal to a higher price mentality person. There are also what we would call  ‘discount funeral homes‘. Many times they use the same items and the same procedures.

There’s no difference necessarily in the immediate quality, but there could be a vast difference in price. Take for example, just north of where I live is a town where funeral homes charge $10,000 to $12,000 for funeral, which is pretty expensive in Tennessee. Then you’ll have a funeral home that will charge $3,000 to $5,000 for a burial.

It can weigh range wildly depending on what you want to get. It’s very much like buying an entry level vehicle like a Ford two-door coupe versus buying the Corvette. You’re going to have a huge price difference. It still gets you from point A to point B. But there’s going to be a price difference because of what you’re buying.

When we look at cremation expenses, I don’t feel that the cremation bills are exactly accurate. Let me explain why. Even though these are averages and even though these are numbers that were hopefully conducted in a scientific manner, one of the big reasons people have been attracted to cremations is because it’s not nearly as expensive.     

There are different ways to be cremated and what services you can get. For example, you can have a direct cremation and many cities including where I live for under a thousand dollars. That’s where they just literally take your body and cremated and put it in within a receptacle and an urn.

There are facilities that will do it for $2,000 and have a wake or a service involved. Some of the more upper scale ones will do it for more, several thousand dollars more. But as an average, I don’t see many people who do cremation having all of those elements to it.

That doesn’t mean it won’t happen or it won’t cost that much. But it just depends on really what you want in a cremation. A lot of people who want to be cremated, part of the reason is they don’t want the frills associated with the burial, so they may not have the viewing.

My grandfather was cremated pretty quickly and then we had a wake about a week later after he passed away at the Rotary Club that was complimentary. He was a long-time member. He contributed a lot of his time and money and he had the 21 lite and have 21 gun salute.

I don’t see the cost components being that high in a lot of circumstances. With that said, it would be smart to have a good amount of coverage to protect. In both cases, this is true for inflationary concerns. If you’re going to be buried today it’s going to be around $10,000. You might get 15 or 20, especially if you’re in your fifties or sixties, it may be less if you’re older than that.

But if you go from 50 to 60 to 90, it’s a long time for prices to move upward. It’s good to get as much as you can afford, of course, but ideally a little bit more. It’s going to be wise because prices have gone up tremendously relative to say the eighties. For cremations, a $5,000 plan in my mind is good, but five to 10 thousands, probably a safe bet.   

Other final expenses

Let’s talk about other final expenses. If we’re looking beyond just burial plans or the cremation plan, there are other reasons people purchase a final expense life insurance plan.

One reason is a legacy of love. For example, I had a client who owned assets and there was a concern about a dispute occurring upon her passing. The assets by themselves couldn’t be put up for sale and then immediately sell them, cash them out and then get cash in hand. So that person wanted that particular asset and the other didn’t really care, but felt a right to them upon her passing.

This was setting up for a a family dispute. Wisely, this woman decided to separate the liquid asset and leave it for the person who really wanted it and get a life insurance plan to pay a cash benefit to the survivor’s kid. What that would do in turn is allow a plan to separate the estate in an amicable way that satisfied both – the one who wanted the liquid asset and the other one who wanted just the money but wasn’t interested in the asset.

You can leave a legacy of love or you maybe you’d just leave money behind to a daughter or son or somebody you love. My mother was gifted an $8,000 plan that my grandfather had as an army vet and she didn’t know about it. She needed a new roof and it came in perfectly timed. Things like that makes a huge difference in people’s lives and it can’t be discounted.

Another reason people take out this kind of insurance is income replacement. If you are married and worried about your spouse considerable being affected economically when you die, buying a life insurance plan can be a method to replace your outgoing income.     

For example, if your husband was the breadwinner and he makes the predominant source of income and retirement. Imagine if they pass away – picture yourself in position of not having them. Think about your expenses and about what you owe. Think about what it takes to just live the lifestyle you have now imagined the kind of income you’re bringing in and then watching that go out of the door with him.   

If you’re scared of that and worried about something like that happening, then the right thing would be an insurance policy. As soon your spouse walks out, we walk in and pay a lump sum in the form of income replacement plan that will help offset that loss of income for a period of time. It makes your lifestyle easier not to necessarily lose it.

It also gives you time. Say you own a house and you can’t afford the mortgage on your own or you just want to out right sell it and downsize that. The life insurance plan gives you time to get to that point. If you don’t have time, you are going to be under pressure to sell it. You may sell it for a lot less than you should and you’ll lose a tremendous amount of money.

Everything that needs to be sold immediately, always sells for pennies on the dollarLife insurance is a great way to prevent that from happening in the sense that it gives you more time to prepare and to have the best outcomes possible.

People buy final expense life insurance plans to pay down debtsLet’s say you owe money on a car and you want to keep it in the family and maybe you want to give it to your grandchild. The policy can take care of that; even medical bills or credit card debt.

Final expense life insurance plans aren’t designed to go directly to the funeral homes. They are designed to go to the beneficiary like a loved one of yours, and then that can go towards paying down debts so that they don’t have to assume them.

The same is applicable to mortgage payment protection plan. It’s possible you get enough to pay off the entire mortgage or you get a lump sum and you set that aside in the bank. It’s liked I mentioned in the income replacement plan. If you get a $25,000 plan and your mortgage is $500 a month; that means you pay $6,000 a year in mortgage payments. You have 4 years to pay the mortgage without being under stress of not being able to pay it if you couldn’t out of pocket.

What this gives you is more time again to allow your house to appreciate in value; to live in your house longer, and also to be prepared and put it up on the market if it doesn’t sell immediately.  

Determine what life insurance policy type fits your goal best

Now that you’ve got a good idea of why to buy life insurance for final expenses and you’ve got a good idea if you want to be buried or cremated and other final expenses you want to pay for. Let’s talk about determining what kind of life insurance policy type fits your goals best.     

An important thing that you should understand about final expense life insurance is they’re not all the same. Some plans are better than others. When I say that, this is big to me, better is a relative term. As an insurance agent, I care about your goals and figuring out what you want to accomplish; ensure we establish what’s most important in your goals and based on the level of importance.

Then we go out to the market to figure out the best. Let’s say it sounds like you want x, y, and Z. I give you the plan and tell you how it accomplishes X, Y, and Z. The goal is to get you a plan that basically matches your goals. We don’t want a mismatch of life insurance that doesn’t accomplish your goals while also having some life insurance is better than none.

If it doesn’t accomplish your goals, then you’re in big trouble. It’s important to take the time to match life insurance to goals. Let’s take a look at the two different types of life insurance options to consider and then what I want to do is analyze both the pros and the cons that how they work.

Let’s first talk about permanent life insurance.  You may understand permanent life insurance as whole life insurance or straight line life insurance. A permanent life insurance is designed to provide permanent life insurance protection until the insured passes away. The most common types are whole life insurance and no lapse universal life insurance.     

The benefits of these particular types of plans is simple. First of all, the premiums never increase. It simply means that once you take out the plan and you have paid the prescribed premium that is built into the plan, you never have to worry about your premiums going up unexpectedly.   

This is perfect especially for somebody who is on a fixed income. Maybe you’re in a position where you get social security and the raises aren’t tremendous there. They are meager, if anything. There’s nothing worse than having escalating prices on everything else because that takes away from what you can do else wise.   

With a permanent plan, you have premiums locked in for the entirety of the plan, which means until you pass away. That’s the other element of your benefit is that the coverage never cancels due to age or health. What is nice about this is that as long as you pay the premium as recommended, then you never can be cancelled because of your health changing or getting too old.

You can literally have this plan into your hundreds if you can make it that long. In many cases, you can get first a full coverage because it depends on if you can qualify. That’s the job of the agent like myself – to analyze your health and then figure out what options are going to be best.

The drawbacks of these types of plans are that you are going to pay higher premiums relative to the amount of coverage you get. The reason is it’s like you’re buying a plan that is very effective and has important guarantees and warranties built into it. The guarantee and the warranty of the premiums never go up. The guarantee and the warranty of the premium of the coverage of a canceling.

A lot of people like this because a lot of life insurances don’t have those guarantees or warranties. So, what may be cheaper ends up costing you a lot more in the long-term because of the warranties and guarantees not being there. I just want to show you some prices.

I’m going to show you a 65 year old female and a 65 year old male, non-smoker, $10,000 plan so you can better understand what your options are. I can go into a lot more details on pricing if you’re older or younger; of course the prices may go higher, maybe lower. If you want specifics on price, call me at the number at the bottom or send me a message. I’ll be happy to help you out with a quote.

Approximate estimate for 65 year old male, non-smoker, $10,000 plan in coverage

Let’s look at a 65 year old male, non-smoker for $10,000 in coverage in whole life insurance. If you qualify, rates never go up, coverage never cancels full coverage. This is just an approximate estimate. We’re looking at maybe the upper forties, most likely the lower fifties to upper fifties for $10,000 in coverage.

In real quick, I’m going to show you a $10,000 non-smoker rates for females.

Approximate estimate for 65 year old female, non-smoker, $10,000 plan in coverage

You’re looking at upper thirties, lower forties to mid forties for $10,000 in coverage.

The top two particular plans are reserved for very healthy people and this is a great company – Sagicor – that offers the no lapse universal life guaranteed program. It means your premiums are fixed as long as you pay it on time and continuously manner.

But you get a lot more coverage because what we’re looking at here is $25,000. If you were to qualify again, you’ve  be very healthy. It’s first day full coverage rates never go up as long as you pay the premium directed as the policy says, and you can ever be canceled due to age or health.  

No-lapse Universal Life Guaranteed Program, $25,000 coverage for a female non-smoker

For female or a male 65 non smoker $25,000, you’re looking at anywhere between $1600, but it’s a lot better than just a stand along whole life plan.

No-lapse Universal Life Guaranteed Program, $25,000 coverage for a male non-smoker

I like to get these plans and I have somebody who is in very good shape. They meet all the requirements that I’m looking for as far as health goes, height, weight, prescription use, and wants a little bit more than just enough to cover for $10,000.     

Now that we’ve looked at permanent life insurance options, let’s take a look at your second option, which is temporary or term life insurance.

The definition of temporary life insurance is that it provides life insurance over a predetermined preset period of time. The big difference here is that you’re buying an insurance plan that is designed to cancel at a future date. You’re looking at periods of plans that will last for 10 years, 15 years, 20 years, and 30 years.

It depends on your age, depends on your health, but you may be asking why would I want to buy plan where I may lose the coverage if I outlive it?

Well, most people buy a term insurance plan because they want to get the most coverage for the least amount of premium dollar and they’re usually use to cover larger obligations that that are going to be more expensive to. The most common one that comes to mind is a mortgage.     

Let’s say you owe a hundred grand or 50 grand on a mortgage, this would be a good reason to buy term insurance plan because ideally you’ll live long enough to pay it down so you buy a temporary plan to cover it temporarily in case you don’t live as long as it takes to pay off the mortgage.

The benefits of a temporary insurance plan, like I said, the main benefit really is I get the most coverage for the least dollar premium. That is the most important factor here. If you have larger bills term plans make a lot of sense.

The drawbacks are that it’s typically tougher to qualify for, compared to simplified issue whole-life insurance. There are a lot of health questions to look into your health a lot more in depth. A lot of people may not qualify as this tends to get up there in age.

Certainly we’re trying to have plenty of people in their sixties qualifying the above for term insurance. But the main thing you got to remember here, and it goes back to your goal setting, you’ll see some good prices here for coverage-a lot more coverage for less premium.

The problem here is the term insurance terminates. What may look good on paper, imagine outliving. It’s not very good if you really intended for that thing to be there at any point and not just within a certain period of time. Hopefully that makes sense.    

Insurance prices for a male at age 65 for 15 year period/$50,000 in coverage

You can see some sample prices. I’m just going to show you a 65 year old male in a 65 year old female non-smoker for $50,000 in term insurance for a 15 year period of time. Again, you can go longer or shorter depending on the age and health. but just the sample rate as to what to expect. 

Insurance prices for a female at age 65 for 15 year period/$50,000 in coverage 

You’re looking at a. the director attention top couple here, these are preferred plus and preferred a non tobacco $50,000 in coverage for a male at age 65 for 15 year period of time. For female for 10 year term, 65 year old, $50,000 plan is going to be approximately between these prices.

There are the 15 year terms with very good rates from Sagicor. I like writing them in most circumstances they have very competitive underwriting and prices.

It only takes 10 minutes or less to get a customized quote. Simply call (888) 626-0439 or send us a request using the box to the left-hand side of the screen.  

A friendly representative will walk you through the application process and answer any questions you might have about your quote. 

Case study examples

Final Expense Coverage for Funeral and Burial

Mr. Shaw, a 65 year old gentleman from Chatanooga, recently got in touch with us looking for final expense coverage. Based on research he’d done, he’d determined he would need about $10,000 to cover his funeral and burial.

Mr. Shaw had recovered from a cancer diagnosis a number of years ago after he underwent surgery, and though he was doing well, he was concerned this would impact his eligibility for life insurance.

We took Mr. Shaw’s information and looked at a number of options until we were able to procure first day coverage at a fair price. Mr. Shaw was very pleased with the result and thanked us for allowing him to get high quality life insurance on the books.

Though we strive to provide coverage to every applicant, we can’t promise all applications will be accepted. Eligibility is determined by a number of factors including age, health and lifestyle.

Mental Health Concern

Ms. Whate, a 45 year old, recently got in touch because she wanted to find out more about how she could utilize a life insurance policy to take care of her loved ones. Specifically, she wanted to leave money to her kids to help them get started in life.

Ms. Whate was in generally good health, but she did suffer from bipolar disorder and depression. She was taking medication, which helped her regulate the issue, but she was concerned this health history would impact her eligibility for life insurance.

I’m happy to say we were able to offer Ms. Whate first day full coverage at a premium price despite her mental health concerns. Though we can’t promise the same outcome for every applicant, we certainly do our best to procure affordable life insurance for all of our clients.

Determine who to work with

By now you have an idea of what kind of plan suits your goals best, you’ve looked at the options and you figured everything out. You don’t have to know exactly for sure because sometimes it takes talking to an agent to figure out and work through some of this mental gymnastics, if you will.

The next step is determine who to work with.  Once you have a good idea of what you want, you need to select the best company to work withI’m going to give you a couple of options and go into depth as to what to expect from these options and give you the pros and cons.     

The first option is buying from the TV ads that are on all the time or from the junk mail. Another option is to go to your local agent or dealing with a specialist in final expense life insurance, but works with one company or an independent insurance agent.    

The first option is buying from the TV or the junk mail ads. If you’re over 50, they mail you junk ads every week. You see similar ads on TV all the time between the game shows and the television shows that you watch. It is never ending it.

In my experience, these are the most expensive and the least value of coverage that are available. You don’t want to go this route unless you literally have no other choice. Meaning you’ve tried everything else. These are like the last choice. Otherwise you don’t want to start here.     

A lot of these plans – you’ll see their commercials and endorsements by people from TV and game shows – are about guaranteed acceptance life insurance. With guaranteed acceptance life insurance is that even though you’re guaranteed to get it, there’s two years of no coverage, no matter if you’re healthy or not healthy.     

You are forced not to have coverage for two years. My first client’s Dad had one of these guaranteed acceptance plans. He bought TV, had a stroke within the first year and the family thought they were getting $10,000, only got like $500 because they just got their money refunded to them.

This is a particular situation where you don’t want to start. Guaranteed acceptance is the trump card. It’s the last option. Don’t make it your first because you want to get fully covered. We don’t know what tomorrow brings us so we want to get protection from the first day. Also, you probably have seen in the companies that do the $1 buys a $20,000 in coverage.

What’s the catch here? Well, that’s a term insurance plan that goes up in price every five years and then cancels at 8 years and so they bait you in obviously with a cheap price. Then they go up every couple of years and a lot of people end up dropping it before they even need it because they can become so expensive on the price increases.

A lot of people who buy this buy it for final expenses and were baited by cheap price. There’s a misalignment between what the policy actually does versus the goals of the client. Do you think you will die before or after eight years? I mean nobody knows. You have to prepare despite the limited knowledge you have in the best way possible. I’ve pretty much thrown out all the bad stuff for you so I wouldn’t recommend that except as a last ditch effort.

You could also buy from the person you buy your auto insurance from. They do sell life insurance, but they’re usually not specialists in life insurance. Let’s reverse roles. I am a specialist in life insurance and represent different companies, but if you come to me to buy car insurance. Frankly, I wouldn’t even know where to start.

Maybe I’ll just call up one of my companies and ask if they have a car insurance which I want to sell. I wouldn’t know anything about the company. I wouldn’t know if the offer and the product is going to best suit your goals and what you want to accomplish. I wouldn’t be able to give you a comprehensive coverage or the coverage that you really want.

Essentially what I’m trying to do is I’m attempting to accomplish to sell you a product without matching what your goals are. That’s because of a lack of knowledge. A lot of these car insurance storefront are very good in that market. They know what they’re talking about, but they don’t sell life insurance as a focus.

They are specialists in one thing, but acting as general as well. What you really want with anything that you buy is the deal with a specialist whose focuses is only on life insurance or burial insurance. But if you approach a generalist for a specific need, you are probably not going to get the best deal.

A lot of these storefront operations have the highest premiums plus the toughest underwriting. I have known companies decline people – not just give them higher price but decline because they’ve got diabetes. It’s hard to work with companies that impose such restrictive covenants over getting coverage.

You may not get the best coverage you can and you may be declined. That will be on your record because you’re dealing with an insurance agent that just frankly doesn’t specialize in that matter. I’m not big on that. It’s an option, but I think there are better options.     

Captive insurance agents

Let’s talk about specialists. They’re not all the same. You may find somebody who sells final expense life insurance and they sound like they know what they’re talking about. They certainly understand the business a little bit more.

You can purchase from them – they are what we call captive insurance agents. They specialize in burial insurance, but they’re married to one company. The biggest problem with that is a lot of the times they push a high price, can’t be overstated.

The prices are way higher than the competitions. The lack of selections from one company means that they’re going to force feed you into one product which may not fit you. One size does not fit all and underwriting. Each company has a standard in which they have underwriting certain conditions and ailments do not fit a particular company while others would gladly accept it.

Each company has a different outlook on health and when you have an agent who works with only one company, you’re being forced into one option, which may not be your best option.

Independent insurance agents

While specialization is good what you want is a specialized agent who understands the market and final expense life insurance; an agent who is not restricted to one carrier as an independent agent. Independent agents provide the best combination of pricing and coverage for the consumer.

For example, an independent agent like myself typically works with multiple final expense life insurance companies. I don’t just offer one to my clients. I offer a multitude and what I try is to figuring out what the person’s goals are, what their health and underwriting as, and then finding the company that best fits all of that, plus accomplish the goals that you have.

When you work with an insurance agent, you have a better chance for better quality of coverage. You’re going to have a better chance to covering more health issues than the agent who only has one company and many times the premium difference is tremendous. You end up getting more offers for your buck, which is especially important if you’re reading this and are on a fixed income.     

Stories from the field

This story demonstrates how important it is to get final expense coverage in place and how someone can potentially overpay for coverage.

I have met with many memorable clients over the years, and Miss Anita was one of those clients. She lived in a little town outside of Chattanooga and her house was one that was hard to miss given a bright pink mailbox on the roadside and a bright pink Cadillac in the drive.

I visited with Miss Anita to talk about her final expense coverage, which weighed heavily on her mind given the ordeal she had recently survived. She explained to me that she had been one of the lucky few to get out of New Orleans during Hurricane Katrina.

Her amazing story included swimming through the French Quarter  hanging on to the back of a floating casket and being flown out of the danger area by non other than Al Gore – true story!

She said after this near death experience she had revaluated her burial insurance plan and felt like she was paying far too much. She explained she had $8,000 in coverage, but was paying in excess of $250 a month.

She was in overall good health, so it was shocking to hear that she was paying so much for her coverage. I assured her we could do better .

While doing some price checks I found that we could get her equivalent coverage for $1,800 less a year in combined monthly payments. She was enthralled and immediately canceled her current plan to switch over to the new coverage.

Many older people get taken advantage of by salespeople who claim to offer high quality coverage. There are justifieable reasons for rates being high, but no one should pay more than they have to. 

We here at Buy Life Insurance for Burial are able to shop among a number of providers to find affordable, high quality coverage. This gives you teh best possible chance at getting affordable coverage in place that will work the way you need it to.

While I can’t guarantee everyone first day full coverage I can say with certainty that dealing with a broker like us at Buy Life Insurance for Burial puts you in a position to potentially get better coverage than what you find through TV insurance or mail order insurance programs.

Determine if your health qualifies

The next goal you got to do is determine if you actually help qualify. You have an idea, you’re working with an insurance agent who’s independent. You know what you want, you know what your goals are.

Let’s say you decide to work with an independent agent and maximize your chances of getting competitively priced final expense life insurance. What are your options in the following circumstances?

What I want to cover here is if you are in great health, OK health, and not so good health. If you are in great health it’s likely that you are going to qualify for either term insurance or whole life insurance. Whatever your goals are it’s likely you will qualify for the best premiums.

So, just make sure you’re working with the right agents. They have the best flexibility and price. If you have OK health – let’s say you’ve got diabetes that’s under control or maybe you’re a little overweight or you’ve got blood pressure problems. It’s still likely you’ll be fine and can qualify for simplified issue, whole life product.

The term insurance may become a standard rating instead of a preferred grading. It may be something a little lower rating, which means your prices are a little bit higher to compensate for some of these health problems. Just because you’ve had some of these ailments does not mean that you will be completely declined. I want to make that clear.

Now if you have not so good health then what you’ll experience is a pretty broad brush. If you have not so good health, you may be in a position of maybe of COPD, maybe you’ve had cancer or heart problems, maybe your insulin dependent on your diabetes. That may preclude you or you may not be able to get term insurance plans.

I will say that for simplified issue whole life, there’s a lot more flexibility. My goal is to get you the most coverage that we can with that kind, but it may be at a higher price and maybe we’ll be called guaranteed issue. I want to prepare you.

It’s hard to sit here and tell you exactly what to expect because there’s so many health ailments and categorize it in one description. It just depends on your health and your circumstances.     

How to qualify for life insurance program to cover burial costs

Let’s talk about how to qualify. Now that you’ve got an idea of what’s going to happen, applying a sample, you’ve got to pick an agent that you like to work with.

Hopefully, I’ve sold myself on you with the information you’ve gathered so far so that you’ll work with me.

Second, if after I listened to your needs, I’ll drop a quote and describe how that matches your goals. Then, once you liked the idea of the next step is we either apply over the phone over telephonic process or do it on the Internet. It’s really easy.

I don’t even need to see you or spy work anywhere in the country. After several days or weeks your coverage is approved, and then you get your policy. That’s it. Usually there are no exams. A lot of people ask that many times at the company that I worked with. There was no exam required and there’s no physical, no blood drawing out or anything like that.

Burial Insurance Rates, Age 40 to 90*

 

Rates For $5,000 In Burial Insurance

 

Rates For $10,000 In Burial Insurance

 

 

Rates For $15,000 In Burial Insurance

 

 

Rates For $20,000 In Burial Insurance

 

 

Rates For $25,000 In Burial Insurance

 

*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.

Top 10 reasons why people buy burial insurance

1.Rates are affordable
Working with a specialized broker like us at Buy Life Insurance for Burial means you have the best possible chance of getting competitively priced burial insurance.We shop among a number of providers to source the best price and overall value for coverage, passing the savings and benefits on to you.

2.You love your family
If you are concerned about covering your funeral, burial, or cremation, final expense coverage can provide peace of mind. TBurial and cremation can be costly, especially if your family doesn’t have any savings to rely on. That’s where life insurance can help, by providing a death claim payout to your beneficiary to cover the expense of your burial or cremation.This saves your family from the financial strain of having to come up with funds or go into debt to cover your final expenses.

3.Peace of mind
Covering final expenses can cause a lot of worry and concern. With a Burial insurance plan you can have peace of mind in knowing your final expenses will be taken care of, no matter when you pass away.

4.Cannot outlive
Unlike other life insurance plans, a burial insurance policy will not cancel due to age. This means you can keep the policy for the duration of your entire life and always have coverage in place.

5.Cash value
For some folks, cash value is an important element of the insurance policy. If you diligently pay on your policy, after a certain amount of time has passed you can borrow cash from the policy for emergency expenses or anything else that you may need funds for.

6.Protect savings
If you have a savings account set aside specifically for leaving money to loved ones, then you probably don’t want your final expenses to come out of that account. Having a burial insurance plan allows you to keep your funds separate so that you can better manage your finances and goals.

7.Escalating final expense costs
Many people purchase a burial insurance plan because they understand that inflation has caused funeral expenses to rise dramatically over the past 20 years. If you are concerned about having enough funds to cover your burial expenses, you can set up a coverage amount that takes into account inflation.

8.No exam
One of the greatest things about a burial insurance plan is that they are designed to not require an examination to get an approval.  Underwriters rely on previous health records so that you can skip the doctor’s visit. Qualification requires that you fill out an application and in some circumstances, we can get a decision the same day the application is submitted.

9.Rates never increase
An important element of a permanent life insurance policy is that the rates never increase. This is especially important to those who are on a fixed income.

10.Custom tailored policy
Everybody is unique and individual, therefore your burial insurance should be specific to you too. A good life insurance broker will tailor your burial insurance plan to specifically fit your budget and your goals.

Whether that’s to just have enough for a simple cremation or to have a significant amount left behind to cover for a nice funeral. Burial insurance plans can be custom tailored to meet your unique goals.

My goofball son and I thank you for reading, and hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!

Final steps

What do you want to do at this point? Hopefully, you liked the idea of getting a plan and got a better idea of what you want to accomplish. You feel better about your goals and you know what kind of plan you think that would best suit your goals. Here’s what you need to do next to things.

Visit the website buylifeinsuranceforburial.com. You can click the contact box at the top of the page or the message box at the below. Send me a message, tell me what you’re looking for.

You can also call me on 888-02-646 to speak with me live. Just want to call it is fine. Leave a message if you don’t get me. I speak a lot of people all the time, I’m always on the phone and I’ll get back to you quickly. I can tell you in 5 – 10 minutes how it’s going to work. If it’s great, perfect. If it’s not, I am not going to give you a hard time.

I hope you have found this article useful in your search for more information. If you have any remaining questions or would like to get a customized quote, feel free to give us a call at 888-02-646 or send us a message. 

Take care!

About BuyLifeInsuranceForBurial.com
About BuyLifeInsuranceForBurial.com

We work with individuals across the nation to secure the best life insurance rates.

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1 Comment

Should I buy a separate final expense policy when I have my a term insurance plan that is valid for the next 6 years?

June 1, 2018 at 12:05 pm
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