Are you a Florida resident considering purchasing a final expense insurance policy? Have you spent days or weeks researching the best policy and the fine print?
Overwhelmed with all the general information and looking for state specific insurance information?
If so, you’re at the right place!
We all know that choosing the right kind of insurance policy can be a hassle. Researching the fine print, coverage limits, and other factors can take weeks.
Unless you are an insurance agent, you are probably not used to the terminology found in policies. And if you miss something, you can end up buying a plan that does not cover you.
The good news is that you can get a good handle on insurance coverage and the right one for you. It takes some time and reading but it is possible. In this article, we are going to show you EXACTLY what to look for to get the best VALUE (and best-priced) burial insurance available!
Also, we’ll help you answer:
- How much coverage should I get?
- What insurance policy cancels automatically?
- How do I buy the RIGHT final expense insurance policy in Florida?
- And much more!
Read on to learn more.
NOTE: For a free burial insurance quote specific to the state of Florida click the Get A Quote Button or call 888 626 0439 and one of our friendly life insurance specialists would be happy to provide you with answers and a free quote in less than five minutes.
Quick Navigation Article Links
- How Does Burial Insurance In Florida Work?
- What Does Burial Insurance Cover?
- Final Expense Insurance Versus Life Insurance
- Average Funeral Cost In Florida
- Funeral Price Inflation In Florida
- If I Live In Florida Is Funeral/Burial Insurance Worth Having
- What Happens If I Do Not Have A Burial Plan In Florida
- Is There An Age Limit For Burial Insurance
- Our Favorite Burial Insurance Providers in Florida
- What Is The Cheapest Burial Insurance Plan In Florida
- How Much Burial Insurance Coverage Should I Get
- How Do I Buy A Burial Insurance Policy
- Terms To Understand When Talking About Insurance
How Does Burial Insurance In Florida Work?
Burial insurance is a type of insurance policy that pays out a benefit upon your death to cover the funeral and end of life expenses. It protects your family and loved ones from a huge amount of death and makes the whole funeral and memorial process less stressful.
Preparing for major life expenses is a wise course of action. People save for college, marriage, and their first house. Those expenses can easily cost thousands. So can your funeral, preparing for your funeral expenses before you pass is recommended for every individual.
Final expense insurance can also be called burial insurance or funeral insurance. All three of those terms will be used in this article to describe an insurance policy that covers burial expenses.
In Florida, burial insurance is usually sold through brokers or insurance agents. Some funeral homes are licensed to sell burial insurance. Also, we at BuyLifeInsuranceForBurial.com can help, of course!
When you purchase a burial insurance plan you must select and name a beneficiary. When you pass the insurance company will pay out the benefits to your chosen beneficiary. The person you select should be young enough to still be alive when you pass, competent, and honest.
What Does Burial Insurance Cover?
Final expense insurance coverage pays for the funeral, memorial, preparation and transport of body, and other end-of-life expenses. In some cases, the benefit can also be used to cover unpaid medical bills or left over debt.
Keep in mind, each insurance plan has different benefit and coverage limits. Generally a burial insurance plan covers between $6000-$15000. You can get coverage north of $20,000 as well.
Final expense insurance plans may cover:
- Cremation Costs
- Burial Costs
- Preparation Of The Body
- Transport Of Body
- Funeral Expenses
- Service Expenses
- Upaid Medical Bills
What’s The Difference Between Final Expense Insurance Versus Life Insurance?
Burial insurance and life insurance are pretty much the same thing. The only difference is the amount of money or benefits you are paid.
Life insurance benefits are much larger because a life insurance plan is meant to cover the lost income of the deceased. Life insurance provides money in your family members’ pockets for daily and life expenses.
Burial insurance pays out a smaller benefit because this kind of policy is only meant to cover your funeral, memorial, and a few other end-of-life expenses.
Some life insurance plans offer a final expense insurance add on option, it may be termed as a death benefit. Ask your agent to confirm whether or not this is an option for you.
Average Funeral Cost In Florida
The national average funeral cost for the service, flowers, burial, and plot is $7,000 to $12,000. The national average for cremation and a simple funeral service is $6,000 to $7,000.
Now compare the average funeral in Florida which is roughly $6,500. In Florida, the average cremation funeral is $5,695.
Keep in mind the casket, urn, headstone, burial plot, flowers, and transportation are separate from the service fees. These other expenses will cause your final price to go even higher.
Reference this chart to find out the specific products and service costs.
|Transporting the body to the funeral home||$350|
|Preparing the body||$255|
|Casket (simple wood casket)||$2,995|
|Urn (simple urn)||$300|
|Burial Plot (basic)||$1000|
|Funeral Facilities For Ceremony||$500|
Other expenses to consider when someone passes are travel expenses for the family and legal expenses if your family needs to hire a lawyer.
Even the simplest of funerals can add up to thousands of dollars. If you go for an all-out funeral with a large service.
Average Funeral And Cremation Service Fees In Florida By County
|Service Choice||Average Cost|
|Direct Cremation Service Fee||$1704|
|Immediate Burial Service Fee||$3819|
|Cremation Memorial Service Fee||$6511|
|Full Burial Service Fee||$7895|
|Service Choice||Average Cost|
|Direct Cremation Service Fee||$1460|
|Immediate Burial Service Fee||$4324|
|Cremation Memorial Service Fee||$6135|
|Full Burial Service Fee||$7714|
|Service Choice||Average Cost|
|Direct Cremation Service Fee||$1855|
|Immediate Burial Service Fee||$3826|
|Cremation Memorial Service Fee||$6024|
|Full Burial Service Fee||$7482|
|Service Choice||Average Cost|
|Direct Cremation Service Fee||$1576|
|Immediate Burial Service Fee||$4041|
|Cremation Memorial Service Fee||$5957|
|Full Burial Service Fee||$7407|
Remember these are the average costs for a funeral, if you add flowers, upgrades, or other special services the cost will be higher. Funeral inflation is also important to consider.
Funeral Price Inflation In Florida
Each year the costs involved in a funeral, burial, and cremation rise. Prices continue to rise because the cost of materials and labor continues to increase each year.
Funeral expenses rise at an average of roughly 3.5% to 6.4% a year. So if a very basic funeral costs $6,500 in 2021, in 2031 it would cost roughly $11,000.
However, since the pandemic, the cost of caskets has increased 20% to 30%. This is because they are usually shipped overseas. It is now more challenging to find the materials and ship a finished casket. The rate of inflation can jump very quickly.
Take a look at this chart which shows the estimated average inflation we expect to see in the next 30 years.
With average yearly inflation of 5%, by 2050, you can expect to pay roughly $27,000 for a funeral!
So the key point here, factor in the estimated funeral inflation we expect to see. A $7000 funeral will not cost the same in 10 years.
If I Live In Florida Is Funeral Insurance Worth Having?
As we have considered, the cost of funerals and cremations in Florida can easily reach $7,000 or more.
Burial insurance allows you to plan for the unexpected, have peace of mind, and rest assured your funeral will go as you wish.
You may already have money saved for your funeral. But keep in mind, as mentioned above, the cost of funerals and burials rises every year. The amount that would have sufficiently covered your funeral now will probably not cover everything in 10-20 years. With unexpected events, funeral costs can increase as much as 30%. Are you prepared for that?
Consider the following factors when deciding if you want burial insurance:
- Your current financial situation
- Any current life insurance plan you may have
- Your family members financial situation
- The services and items you want at your funeral. As mentioned before a very simple funeral will easily reach $6000. A large funeral with many upgrades will easily reach $20,000.
- Money you have already saved/set aside
- Legal and estate costs
- The unknown expenses and fees you are not aware of.
Once you know a ballpark number for your funeral expenses you can consider the financial impact your funeral would have on your family.
If you find after calculating your funeral expense, the expense is more than you are prepared for, purchasing a burial insurance plan is a VERY wise idea!
What Would Happen If I Do Not Have A Burial Insurance Plan In Florida?
If you do not have a burial insurance plan or any kind of life insurance your loved one are responsible for finding the money to cover the expenses.
This would create a very stressful situation for those left behind. They would need to collect a minimum of $6,000 to hold even the most basic funeral and bury you properly.
If your family cannot collect that amount needed to cover your funeral expenses then they may have a few other options available to them.
- They could cremate the remains and the funeral home would dispose of them. They would have to forgo a service and any upgrades.
- If there is any money left in your estate the family could use it to cover the expenses.
- They could go into debt to cover the expenses. They could take out a loan or a funeral loan. A funeral loan has high-interest rates.
- They could find an assistance program in their state that helps cover the cost of your funeral.
The US government provides a one-time death benefit of $255. However this doesn’t even begin to put a dent in the cost of a funeral.
Unfortunately, if the family has no way to pay for the funeral they are forced to abandon the body or sign over burial decisions to the local government. The family will lose control of decisions and the body will be buried in the cheapest way possible.
Burying your loved one the way they would have wanted gives respect and dignity to the deceased. It can help the family to grieve and process the loss in a healthy way. It is best to avoid leaving your family in a challenging situation.
What Is A Pauper’s Grave?
A “paupers” is a poor person. So a pauper’s grave is a grave provided for those who cannot afford a funeral themselves. The local government provides a plywood casket and burial plot.
This is a highly undignified burial and provides no opportunity for a grieving family to visit the body and reminisce. In some cases the body is placed in a shred burial plot. If the local government decides to bury the body in a mass grave, the family would have no place to visit and grieve.
Losing someone you love is hard enough and the pain lasts for years if not for life. But add to this by burying your loved one with other strangers! This is by far the worst way to bury any loved one.
Click this link to read more about a paupers grave. In the state of Florida, you will need to sign a release form at the local coroners office to have the county take care of the burial. This releases your rights to make the final decision on how the body will be cremated or buried.
Is There An Age Limit For Burial Insurance?
Each insurance provider has their own set age limits on who can purchase burial insurance.
The usual age a company will allow you to purchase burial insurance is between 45-85. However, there are providers in Florida that will insure an individual from the age of 0 (the day they are born) to age 90. If you decide to purchase a final expense insurance plan, contact one of our agents who can find the correct plan for you.
Our Favorite Insurance Providers In Florida
Our favorite insurance providers in Florida are:
- AIG/American General,
- Mutual Of Omaha
- Royal Neighbors.
AIG/American General gives coverage benefits between $5000 to $25000. It accepts individuals between 50-80 years old. They are available everywhere except New York and Maine.
They accept bank draft, direct deposits, and debit/credit card payments. They have an e-app or paper application. The e-app is very fast and convenient.
The most important part about AIG: They also offer guaranteed issue coverage for their customers which means you will be accepted no matter what your health is!
This option is best for someone with preexisting health issues who has been or may be rejected for coverage. We at BuyLifeInsuranceForBurial.com work with AIG and can help you attain valuable coverage with this carrier.
Mutual Of Omaha provides benefits of $2,000 to $40,000. They will accept applications from people between 45 to 85 years old. They accept bank drafts only and have a convenient e-app. The application process is quick and straightforward.
There is a two-year look back on any cardiac events. MOA will accept certain cancer medication use and blood thinner use. To determine if you are insurable you will need to answer specific health questions in the application. As long as diabetes was diagnosed after 50, they may accept your application and provide you coverage.
The price for policies is competitive and it is a good option for moderately healthy individuals.
Royal Neighbors provides insurance with a benefit between $7000 to $30,000. The age limit they have is 50-80 and they accept bank draft payment only.
They offer First Day Full Coverage. What does this mean?
This means that if approved, you are covered fully from the first payment date for both natural and accidental types of deaths. So if you buy the insurance June 1st, it is active June 1st. This type of plan is what most people want if they can qualify for it, as it provides total peace of mind and protection.
The application process is convenient and comprehensive. You can complete an e-app with an instant decision. You could also call the company to complete the application.
Royal Neighbors is diabetes-friendly and offers coverage for those using blood thinners. You can also take insulin if you started after age 30. They only have a 2-year look back on cancer or cardiac conditions. You will need to answer specific health related questions when applying.
This option is great for very healthy people who have had no recent condition, hospitalization, or other issues in the last 18 to 24 months. And of course, we have access to this carrier and can help you get qualified if you’re health eligible.
What Is The Cheapest Burial Insurance Plan In Florida?
The cheapest burial insurance plan depends on your age, health, the term you select, and what kind of plan you buy.
Our agents have access to over 15 different insurance providers. This allows us to do the shopping for you to find the best plan for you at the most reasonable price.
Click the Get A Quote Button to find out the cheapest burial insurance available to you or call 888 626 0439 and one of our agents would be happy to provide you with answers and a free quote in less than five minutes.
How Much Burial Insurance Coverage Should I Get?
Make sure you know the kind of funeral products you would like, the service you want, and how you want to be buried. This will help determine the coverage amount you need.
The most effective plan will cover what a funeral costs tomorrow and in 10-30 years. Depending on your age you will need a higher or lower benefit.
With a global pandemic, we have seen prices jump as high as 30% for some products and burial-related expenses.
In Florida, it is a wise decision to have coverage between $7,000 to $20,000, if you are older. If you are younger you need to start with at least $20,000 and increase your coverage periodically. As we saw in the chart, by 2050 it is very likely funerals will cost around $27,000 or more.
A good final expense plan will factor in inflation. Either way, having some form of coverage is a protection for you and your loved ones.
How Do I Buy A Burial Insurance Policy?
All companies in Florida require that you deal directly with an agent. The insurance agent will do the shopping around for you.
We provide insurance assistance and our agents are available to answer any questions you have. Give us a call to get a free quote and learn the options that are available to you.
For a free burial insurance quote specific to the state of Florida click the Get A Quote Button or call 888 626 0439 and one of our friendly life insurance specialists would be happy to provide you with answers and a free quote in less than five minutes.
FAQs About Getting Burial Insurance In Florida
What If I Have Pre Existing Health Issues, Can I Still Be Covered?
100%, there are plans that cover people with specific illnesses or circumstances. It may take some research to find said plans but that is why we are here.
There are also specific types of plans that guarantee your acceptance and coverage. Whoever you are, and whatever your circumstances we are confident we can find the best coverage for you.
Contact one of our agents by clicking the Get A Quote Now button or calling 888 626 0439.
What Questions Will I Be Asked?
When purchasing an insurance, you will be required to fill out an application form. You will provide your basic personal information, payment details, and possibly your health information.
Some applications have as little as two questions while other application forms ask upwards of 10 questions.
What Is Guaranteed Acceptance/Guaranteed Issue?
Guaranteed Acceptance is a type of policy that means anyone will be accepted no questions asked. It is a great kind of policy for someone who does not have good health or would most likely be rejected otherwise.
What Else Should I Prepare In The Case Of My Death In Florida?
Preparing a will, funeral wishes documents, and simplifying your estate can go a long way. Getting your affairs in order can save your family years.
Make sure to visit a local lawyer so your legal documents meet the Florida laws.
The basic things to consider are:
- Will, clearly delegate assets.
- Funeral Expenses, provide savings, burial insurance, or pre-need insurance.
- Estate settlement costs and legal fees
- Assets you currently own and the upkeep involved.
- Collect your passwords and important documents in a safe place that can be located by a trusted family.
Can I Have Multiple Burial Insurance Policies At The Same Time?
As you advance and your circumstances change, so will your insurance needs. Fortunately there are no limits on how many policies you can hold.
You can decide to purchase a higher coverage insurance policy later in life to cover your needs and income..
You can take out a life insurance policy, burial insurance policy, and other policies. Keep in mind, the more policies you have, the more a new insurance provider may vet you when deciding to give you coverage. The provider may become more cautious.
You should also make sure your benefits total amount is not more than your income and assets. If you have an unbalanced total benefits amount you may have trouble with insurance companies in the future.
You may decide to purchase a policy rider instead of a completely separate insurance policy. This can reduce the hassle involved.
Terms To Understand When Talking About Burial And Final Expense Insurance
Death Benefit – a one-time payment from your life insurance provided upon the policy holder’s death. In some cases, this can be considered Final Expense insurance but not always.
Beneficiary – the person you designate the benefits and payouts to go to.
Lapsed – when the policyholder fails to pay the premium.
Term – the period you are covered by your insurance policy. This could be 2 weeks for travel insurance or 45 years for life insurance.
Premium – the amount you are required to regularly pay the insurance provider to keep your coverage.
Policy Rider – extra coverage you can add to an existing policy. If your circumstances change, getting a policy rider will allow you to increase your coverage.
Term Life Policy – this is life insurance that provides insurance coverage at a fixed payment rate for a set period. You lock in the premium you will pay for an agreed-upon amount of time.
Whole Life Insurance – a life insurance policy that will stay in force for the entire life of the policyholder. The premiums are fixed and death benefits are not usually offered with this insurance plan. Sometimes called straight life, ordinary life, permanent life insurance, or whole of life assurance.
Universal Life Insurance – this is a type of insurance policy mainly sold in the United States. This is permanent insurance that stays active as long as the policyholder pays the premiums. This policy offers flexible premiums and death benefits. This insurance also has a cash value factor.
Pre-need Insurance – this is an option where an individual pays a funeral home for their funeral costs before they pass. The individual can choose their service, casket or urn, and other details.
Insurability – this refers to whether or not an individual qualifies to be insured under a policy.