Benefits of North Dakota Final Expense Life Insurance in 2024
Posted in Insurance By State last updated on December 4, 2023
As a senior in North Dakota, you may be considering purchasing final expense life insurance. Final expense life insurance is designed to help cover funeral and burial costs when the policyholder passes away.
It can provide your family with peace of mind knowing that they won’t have to worry about coming up with the money for these expenses during their time of grief.
In this blog post, we’ll take an overview look at North Dakota final expense life insurance policies including cost of a funeral in North Dakota, burial and funeral laws in North Dakota, sample rates for males and females from North Dakota.
You will also learn the steps to buy a North Dakota final expense life insurance policy and which companies offer the best coverage options.
Table of Contents
- Overview of Final Expense Life Insurance in North Dakota
- Cost of a Funeral in North Dakota
- Burial and Funeral Laws in North Dakota
- Sample Rates for North Dakota Males and Females
- Steps to Buy a Final Expense Life Insurance Policy
- Best Final Expense Life Insurance Companies
- Frequently Asked Questions
- Next Steps
Overview of Final Expense Life Insurance in North Dakota
Final expense life insurance is a type of policy designed to cover the costs associated with end-of-life expenses, such as funeral and burial costs.
Also referred to as burial insurance, it is typically purchased by seniors over the age of 50 who are looking for an affordable way to provide financial security for their families in the event of their death.
Final expense policies are usually whole life policies, meaning they remain in effect until death and do not expire after a certain period of time.
This form of coverage is designed to cover costs associated with one’s end-of-life. For example, most beneficiaries of a final expense policy use the death benefit to pay for:
- Price of a funeral.
- Obituary notices.
- Transportation fees.
- Cremation costs.
- Flower arrangements.
- Final medial bills.
The policy is almost always paid in a lump sum, and while beneficiaries may use the proceeds as they best see fit, they are typically used for final expenses.
Final expense life insurance is a great way to provide financial security for seniors in North Dakota. Now let’s take a look at the cost of funerals in the state.
Key Takeaway: Final expense life insurance is a type of permanent life insurance designed to cover end-of-life expenses. Policies are modest in size.
Cost of a Funeral in North Dakota
Funerals in North Dakota can be expensive, and it is important to plan ahead for these costs.
The average price of a funeral in the state is around $7,000-$8,000. The estimate includes:
- The cost of embalming or cremation services.
- Burial plot fees.
- Casket purchase or rental fees.
- Transportation costs for family members attending the service.
- Other miscellaneous expenses such as flowers and obituaries.
Burial Plot
The most significant expense associated with funerals is typically the cost of a burial plot. In North Dakota this can range from $1,500 to over $4,000 depending on location and type of cemetery chosen.
Casket
Caskets are also costly items; prices vary widely but generally start at around $2,500 for basic models up to several thousand dollars for more elaborate designs.
Embalming
Embalming services usually run between $400-$600 while cremation services may be slightly less expensive at around $300-$400 depending on where you live in North Dakota.
Transportation
Transportation costs should also be taken into consideration when planning a funeral budget; many families choose to fly out-of-state relatives in order to attend the service which can add up quickly if multiple people need tickets purchased.
Other Expenses
Other miscellaneous expenses such as flowers, an obituary, and any additional memorial items (urns/vases etc.) will all factor into your overall budget as well so make sure you account for those too -when making your plans ahead of time.
Key Takeaway: Funeral expenses in North Dakota can range from $7,000-$8,000 and include burial plot fees, casket purchase (or rental) costs, embalming services, transportation for out-of-state relatives and other miscellaneous items.
Burial and Funeral Laws in North Dakota
Burial and funeral laws in North Dakota are governed by the state’s Department of Health.
Time Requirements
The law requires that all deaths be reported to the county coroner or medical examiner within 24 hours, who will then issue a death certificate.
Related – a death certificate is required in order file a life insurance death claim.
Embalming and Cremation
In North Dakota, there is no legal requirement for embalming prior to burial or cremation.
However, some cemeteries may require it if the body is not buried immediately after death.
Funeral Director
Funeral directors must also register with the state before they can legally perform any funerals.
It is also important to note that only licensed funeral directors are allowed to transport bodies from one place to another in North Dakota.
Burial Types
When it comes to burials, there are certain requirements that must be met depending on where you choose to bury your loved one’s remains.
If you choose a cemetery, they will typically provide guidelines regarding grave size and other regulations such as how many people can attend services at once and whether flowers or decorations are allowed around gravesites.
Additionally, some cemeteries may have restrictions on what type of headstone or marker can be used for memorialization purposes.
Related – Be sure to plan ahead so loved ones are not looking for free burial places at the time of your passing.
Alternatives
If you decide against burying your loved one in a cemetery and instead opt for an alternative location like their home property or private land owned by family members, special permission must first be obtained from local authorities before proceeding with arrangements.
Furthermore, if opting for a home burial site rather than a traditional cemetery plot then additional permits may need to be acquired from both city and county governments prior to interment taking place due solely based upon zoning ordinances within those jurisdictions respectively.
Burial and funeral laws in North Dakota provide a framework for families to plan the final arrangements of their loved ones.
Knowing the regulations and guidelines can help you make informed decisions when selecting a final expense life insurance policy, so let’s take a look at sample rates for North Dakota males and females.
Sample Rates for North Dakota Males and Females
When it comes to purchasing final expense life insurance in North Dakota, the rates for burial insurance for seniors will vary in cost depending on age, gender, health, and coverage amount.
Age and Gender
For healthy 60 year old males, the average monthly premium for a $10,000 policy is around $45 per month.
Healthy females who are 60 years old can expect to pay an average of $35 per month for the same coverage amount.
Almost always, rates are lower for females than for males when all other factors are the same (age, coverage amount, health, selected carrier). This is because females have lower mortality rates than males, statistically speaking.
For those aged 70, male premiums increase slightly to an average of $75 per month while females see a decrease down to an average of $55 per month for the same coverage amount ($10,000).
For seniors over 80 years old looking for final expense life insurance in North Dakota, males can expect to pay around $280 per month with females paying slightly less at an average rate of about $210 each month for a larger policy size of $15,000.
Health and Lifestyle
It is important to note that these are just averages and actual rates may vary based on individual factors such as health history or lifestyle choices like smoking or drinking alcohol regularly.
These activities or conditions could result in higher premiums than what is listed here – due to increased risk associated with them from the insurer’s perspective.
Note – if you have very serious health complications that would prevent you from qualifying for a traditional final expense policy, look to a guaranteed issue life insurance plan – as this form of coverage asks no health questions.
Coverage Amount
Unsurprisingly, the amount of coverage you purchase directly affects the cost of burial insurance.
To get a general idea of rates, consider the policy policy amounts:
North Dakota males and females can benefit from the variety of sample rates available to them, so be sure to compare rates before making a final decision. Now let’s take a look at the steps needed to purchase a final expense life insurance policy.
Steps to Buy a Final Expense Life Insurance Policy
Expect a simple and straightforward process to buy your final expense coverage.
Before you do anything else, be sure to enlist the help of an independent life insurance agent who specializes in burial insurance for elderly individuals.
That way, you can feel confident knowing you have access to multiple policies from top-rated carriers to compare and contrast.
Step 1: Determine Your Coverage Needs
Before you begin shopping for a final expense life insurance policy, it’s important to determine how much coverage you need.
Consider your current financial situation and any outstanding debts or funeral expenses that may need to be covered in the event of your death.
You should also consider whether you want the policy to cover any additional costs such as burial plot, casket, flowers or other special memorial service requests.
Once you have determined the amount of coverage needed, it is time to start looking at policies from different companies.
Step 2: Compare Policies & Prices
Once you know how much coverage you need, it’s time to compare policies and prices from different companies.
Make sure that each company offers similar benefits and features so that you can make an informed decision about which one is best for your needs.
Again, work with an expert agent who as access to multiple top-rated burial insurance carriers.
It’s also important to check out customer reviews online before making a purchase decision so that you can get an idea of what other customers think about their experience with the company.
Additionally, look into any discounts, such as having veteran status, offered by each company as this could help lower your overall cost significantly over time.
Step 3: Choose a Policy & Company
After comparing policies and prices from different companies, choose one that meets all of your needs while still being affordable for your budget.
Finally, read through all terms and conditions carefully before signing on the dotted line so that there are no surprises down the road when filing claims or trying to cash out on investments made within certain types of policies like universal life insurance plans.
Let your beneficiary know where you store you policy so that the process of filing a life insurance death claim is straightforward when the time comes.
Knowing the steps to buy a final expense life insurance policy is important, but it’s also important to know which companies offer the best policies.
Key Takeaway: When shopping for final expense life insurance in North Dakota, it’s important to compare policies and prices from different companies, determine your coverage needs, read through all terms and conditions carefully.
Best Final Expense Life Insurance Companies
When it comes down to selecting the best final expense life insurance companies, there are a few key points worth considering before making any decisions:
- Reputation – How long has the company been providing this type of coverage?
- Financial Strength – What rating does A.M. Best give them?
- Claims Process – Is it easy to file claims?
- Customer Service – Are representatives friendly and helpful?
These are just a few things to look into when researching potential providers. Ultimately, you should choose one that you feel comfortable doing business with and provides the right amount of coverage you need – at a price you can afford.
When it comes to finding the best final expense life insurance companies in North Dakota, there are a few key factors to consider.
The most important factor is the cost of burial insurance – you want to make sure that you’re getting the best coverage for your money.
Here are some of the top final expense life insurance companies in North Dakota:
SBLI
SBLI has been providing quality insurance services since 1907. Known as the “No Nonsense Life Insurance Company”, offers a popular final expense policy that includes free enrollment in LegacyShield, an estate-planning service, and Sequoia Funeral Concierge Plan, a funeral planning service.
American Amicable
American Amicable offers competitive rates on their final expense policies and provides excellent customer service. They have been providing financial security since 1910 and offer a variety of products including final expense policies of up to $50,000 in coverage.
Prosperity
Prosperity is a provider of high-quality burial policies with only three health questions asked during the application process. Up to $30,000 in coverage is available and the death benefit remains level for 20 years. After the first 20 policy years, some coverage lasts until age 100.
CICA
CICA Life Superior Choice offers up to $30,000 in coverage with Standard and Guaranteed Issue rates. Available riders include terminal illness, dismemberment and accidental death.
Underwriting is simple and quick. You will never take a medical exam and will not be asked about your height, weight or tobacco use.
Guarantee Trust Life
Guarantee Trust Life has almost 90 years experience in providing customers with financial security through its burial insurance products. Applicants only need to answer five health questions in order to qualify for up to $25,000 in coverage.
Guarantee Trust Life now also offers enrollment into the Sequoia Funeral Concierge Plan with the purchase of their burial policy, the Heritage Plan.
Corebridge Financial
Corebridge, formerly called AIG, offers burial insurance for seniors who cannot qualify for traditional burial policies due to serious health complications. Up to $25,000 in coverage is available.
As a guaranteed issue life insurance plan, there are no health questions asked during the application process.
Mutual of Omaha
Mutual of Omaha has been offering quality financial services since 1909 with a focus on helping people protect their finances from burial costs. They offer final expense policies of up to $40,000 in coverage, with an accelerated death benefit rider at no additional cost.
Key Takeaway: When choosing a final expense life insurance policy in North Dakota, consider cost, customer service ratings and reviews. Top companies include American Amicable, SBLI, Mutual of Omaha, and Guarantee Trust Life.
Frequently Asked Questions
What is the average cost of final expense insurance?
The average cost of burial insurance varies greatly depending on the policyholder’s age, health, and other factors.
Generally speaking, premiums for a final expense policy can range from $25 to $250 per month. The exact cost will depend on the amount of coverage purchased and any additional riders that may be added to the policy.
It is important to compare quotes from multiple providers in order to find the best rate available for your particular situation.
Is final expense life insurance worth it?
Final expense life insurance can be a valuable tool for seniors over the age of 50. It provides peace of mind that their final expenses will be taken care of, even if they pass away unexpectedly.
The coverage is typically low cost and easy to obtain, making it an attractive option for those on a budget.
Additionally, some policies offer additional benefits such as covering funeral costs or providing cash value which can help supplement retirement income. Ultimately, whether or not burial insurance is worth it (final expense) depends on individual circumstances and needs.
How does final expense life insurance work?
Final expense life insurance is a type of policy designed to cover the costs associated with end-of-life expenses such as funeral and burial costs.
It typically provides coverage for smaller amounts, usually between $2,000 and $50,000 in coverage. The premiums are generally lower than those of other types of life insurance policies due to the limited amount of coverage offered.
Premiums may also be based on age or health condition at time of purchase. This type of policy can provide peace of mind knowing that your loved ones will not have to bear the financial burden after you pass away.
What is the best final expense insurance company?
The best final expense insurance company depends on the individual’s needs and budget.
Work with an independent agent to conduct a needs analysis before determining which policy best fits your needs:
- Anticipated final medical bills.
- Price of a funeral.
- Cost of cremation.
- Modest remaining debts.
- Other financial goals.
Ultimately, it is important to compare different companies in order to find the right policy for your specific situation.
Next Steps
Final expense life insurance is an important and necessary product for seniors in North Dakota. It provides peace of mind knowing that your loved ones will not be burdened with the cost of a funeral or other expenses after you pass away.
With the right information and research, you can find the best policy to fit your needs at an affordable rate. When shopping for North Dakota final expense life insurance.
It’s important to understand burial and funeral laws in North Dakota as well as sample rates for males and females so that you can make an informed decision about which company offers the best coverage for your situation.
Seniors, now is the time to make sure you have all your bases covered. Investing in North Dakota final expense life insurance can provide financial protection and peace of mind for both you and your loved ones.
With a range of products available such as Medicare, health, cancer plans and more – there’s something that suits everyone’s needs. Don’t wait until it’s too late – take control of your future today by finding the right policy for you with iSeniorBenefits.