burial and funeral insurance arizona : A Comprehensive Guide for Seniors
As an insurance agent at Blake Insurance Group, I understand the importance of planning for end-of-life expenses. In Arizona, the costs associated with burial and funeral expenses can add up quickly, leaving families with significant financial burdens. This is where burial insurance, or final expense insurance, comes into play. Let’s delve into the critical aspects of burial insurance in Arizona to help you make informed decisions for you and your loved ones.
Final Expense Insurance in Arizona
Final expense insurance is designed to cover the costs of a person’s funeral and other end-of-life expenses. It provides peace of mind during difficult times, ensuring survivors are not burdened with significant debt. By purchasing a burial policy, individuals can protect themselves from potentially devastating costs, allowing their loved ones to focus on healing rather than worrying about financial obligations.
Burial insurance is essential to overall financial planning, as it provides a safety net for families, ensuring survivors are not left with significant debt they may not be able to pay off immediately. This is especially true for those who don’t have sufficient savings or other resources available at their disposal. By proactively securing burial insurance, individuals can contribute to their overall financial planning and provide peace of mind for their loved ones.
what's the difference between final expense insurance and funeral insurance
The main difference between final expense and funeral insurance lies in the terminology that insurance providers use. Both final expense insurance and funeral insurance (also known as burial insurance) are essentially the same type of insurance product designed to cover end-of-life expenses such as funeral costs, burial or cremation services, and medical bills.
These are typically whole-life insurance policies with smaller coverage amounts, ranging from $2,000 to $35,000. The terms “final expense insurance,” “funeral insurance,” and “burial insurance” are often used interchangeably by insurance providers to describe the same product, with the primary purpose being to cover end-of-life expenses.
START FREE ONLINE QUOTE NOW
At Blake Insurance Group, we respect your privacy. Your personal information is used solely for quote purposes and is not shared or sold
Costs and Coverage
The cost of burial insurance in Arizona varies based on factors such as age, gender, and coverage amount. For example, a burial insurance plan for a 55-year-old female in Phoenix may range from $14.97 to $38.90 monthly, depending on the coverage amount. Burial insurance typically covers funeral expenses, medical bills, and other end-of-life costs, providing financial support to the policyholder’s beneficiaries.
In Arizona, the total cost of a funeral can range from $3,235 to $13,830, making burial insurance essential for financial security. The cost of burial insurance increases with age and health status, with individuals suffering from chronic illnesses often paying higher premiums. Mutual of Omaha offers final expense life insurance rates starting at just $53 per month, with coverage amounts ranging from $5,000 to $35,000.
Understanding the significance of awareness of burial and funeral costs is crucial for Arizona residents. While the Lump Sum Death Payment (LSDP) from Social Security can provide some financial assistance, it may not be sufficient to cover the total cost of a funeral and burial, especially in Arizona, where funeral expenses can be higher than in other regions. Therefore, exploring alternative options for end-of-life planning and additional financial assistance is essential to ensure adequate funeral and burial expenses coverage.
Comparison of funeral insurance Plans in Arizona
When considering burial insurance plans, it’s essential to compare coverage and prices to find the best plan for you and your family. Different insurance providers offer varying rates and coverage options, so it’s crucial to explore multiple options to determine the most suitable plan for your needs and budget.
| Company | Plan | Minimum Coverage | Maximum Coverage |
|---|---|---|---|
| Mutual of Omaha | Living Promise | $2,000 | $40,000 |
| Transamerica | Immediate Solution | $1,000 | $50,000 |
| Gerber Life | Guaranteed Life | $5,000 | $25,000 |
| AIG | Guaranteed Issue Whole Life | $5,000 | $25,000 |
| Foresters | PlanRight | $2,000 | $35,000 |
| Americo | Ultra Protector Series | $2,000 | $30,000 |
| Royal Neighbors of America | Simplified Issue Whole Life | $5,000 | $30,000 |
| American Amicable | Golden Solution | $2,000 | $30,000 |
| Lincoln Heritage | Funeral Advantage | $5,000 | $20,000 |
| State Farm | Final Expense | $10,000 | $50,000 |
Importance of Planning
The importance of planning for end-of-life expenses cannot be overstated, especially in Arizona, where funeral expenses can be higher than in other regions. Planning for these costs is a crucial aspect of financial security that often gets overlooked. While the Lump Sum Death Payment (LSDP) from Social Security can provide some financial assistance, it may not be sufficient to cover the total cost of a funeral and burial, leaving families with a significant financial burden.
Given the potential insufficiency of the LSDP, Arizona residents should consider additional strategies to ensure adequate coverage for funeral and burial expenses. Burial insurance is vital, providing peace of mind during challenging times. By understanding the limitations of the LSDP and exploring alternative options for end-of-life planning, individuals can ensure adequate coverage for funeral and burial costs
final expense insurance companies in AZ
Mutual of Omaha Final Expense Insurance Arizona: Mutual of Omaha offers a final expense insurance product known as the Living Promise, which is designed to cover end-of-life expenses and help avoid debt and financial stress for your family. This insurance product is designed to provide a death benefit payout that matches the needs of growing funeral costs.
The Living Promise Whole Life Insurance offers simplified underwriting and level and graded benefit plans for seniors. Once you get a Burial Insurance policy, it will remain in force as long as you live and make premium payments.
To estimate the cost of a funeral and determine the amount of coverage you might need, you can use Mutual of Omaha’s Final Expense Estimator Calculator.
Please note that while Mutual of Omaha is a trusted provider with a strong reputation, it’s important to consider your personal situation and needs when choosing a final expense insurance provider.
Transamerica Final Expense Insurance Arizona
Transamerica offers a Final Expense Solutions Portfolio, which provides level premium whole life insurance policies with face amounts ranging from $1,000 to $50,000 and a guaranteed death benefit. These policies cover final expenses, such as burial costs, and help protect families from unexpected financial burdens.
Transamerica’s Immediate Solution policy is one of its burial insurance products, offering coverage from $25,000 to $50,000, depending on the insured’s age. This policy has no waiting period, and in most cases, applicants receive a decision within 24 hours. The claims department also expedites payout on the first $25,000 death benefit, ensuring loved ones don’t have to wait to make final arrangements.
Gerber Life Final Expense Insurance Arizona
Gerber Life offers a final expense insurance product known as Guaranteed Life Insurance. This policy provides valuable whole-life insurance protection to help cover final expenses, such as medical bills and burial costs.
The Gerber Life Guaranteed Life Insurance offers coverage options ranging from $5,000 to $25,000 in $1,000 increments. This policy is a great way to protect your family and build cash value, with no health questions or medical exams required.
Please note that while Gerber Life is a trusted provider with a strong reputation, it’s essential to consider your situation and needs when choosing a final expense insurance provider. Gerber Life’s Guaranteed Life Insurance has a 4.0 out of 5-star overall rating, indicating that it has helped many families secure protection against costly final expenses.
AIG Final Expense Insurance Arizona
AIG offers a final expense insurance product called Guaranteed Issue Whole Life Insurance, which is designed for senior adults aged 50 to 80. This policy provides coverage ranging from $5,000 to $25,000 at a fixed rate, with premiums starting at $21 per month for a $5,000 coverage policy (premiums will vary based on issue age, gender, and coverage amount). Rates and premiums are guaranteed not to increase.
In Arizona, you can get more information about AIG’s final expense insurance by contacting AIG Direct licensed life insurance agents. You can also start the quote process online, but you must speak with an agent to complete the process.
Please note that while AIG is a reputable provider, it’s essential to consider your situation and needs when choosing a final expense insurance provider.
Foresters Final Expense Insurance Arizona
Foresters Financial offers a final expense insurance product called PlanRight Whole Life Insurance, designed to provide coverage for end-of-life expenses such as funeral services, burial or cremation costs, and related fees. This policy is available for individuals aged 50 to 85 and offers coverage up to $35,000.
PlanRight Whole Life Insurance features guaranteed level premiums, a guaranteed death benefit, and no medical exam requirement. The application process is simplified, and coverage is available in every state. In Arizona, you can contact a Foresters agent or use their online resources to learn more about their final expense insurance offerings.
Americo Final Expense Insurance Arizona
Details: Americo offers a final expense insurance product called the Eagle Premier Series, designed to help cover funeral and other end-of-life expenses. This whole life insurance policy provides coverage up to $30,000, with the maximum amount determined based on the applicant’s age. Premiums never increase once the policy is locked in, and the death benefit remains the same.
In Arizona, you can get a quote online or speak directly with an Americo agent. The application process for the Eagle Premier Series does not require a medical exam. Americo is a financially strong company with over 100 years of history and an A rating from A.M. Best.
Royal Neighbors of America Final Expense Insurance Arizona: Royal Neighbors of America offers an excellent final expense insurance plan with immediate underwriting decisions at the point of sale. The plan is available to seniors between the ages of 50 and 80, with a minimum coverage amount of $7,000 and a maximum face amount of $30,000.
Life insurance through Royal Neighbors is available in all states except for a few exceptions. The company is rated A- by A.M. Best and has a strong history of charitable contributions and empowering women.
Christian Fidelity Final Expense Insurance Arizona:
Christian Fidelity offers Assurance, an affordable final expense life insurance product designed to cover medical bills and funeral expenses. The policy provides coverage that never decreases and requires no medical exam, only a health questionnaire. The issuance of the policy depends on the answers to these health questions.
The company offers monthly premiums 15-20% less than other carriers, making final expense insurance more affordable. The policy develops cash value and cannot be canceled as long as premiums are paid. Coverage from $5,000 to $30,000 is available, subject to passing a health questionnaire. Christian Fidelity Life Insurance Company is licensed to issue individual life insurance in Arizona, among other states.
American Amicable Final Expense Insurance Arizona:
American Amicable, a company with over a century of experience in the life insurance industry, offers final expense insurance plans designed to cover end-of-life expenses such as funeral services, burial or cremation costs, and related expenses.
The company offers three final expense life insurance options for seniors, and eligibility is determined by the answers to health questions on the application. American Amicable’s final expense plans often do not require a medical exam for approval, making it easier for individuals, including those with pre-existing health conditions, to obtain coverage. The company has a longstanding reputation in the life insurance industry, but reviews suggest better options may be available.