Uncovering the Basics of Ohio Final Expense Life Insurance

iSeniorBenefitsPosted in Insurance By State last updated on October 31, 2023

For many seniors in Ohio, final expense life insurance can be a crucial part of their financial planning.

Final expense policies provide coverage for burial and funeral costs and are especially important if money has not been set aside specifically for end-of-life expenses.

In this blog post, we will explore the basics of Ohio final expense life insurance and look at the cost associated with funerals in Ohio, as well as local laws governing burials and funerals.

We’ll also discuss sample rates for males and females along with steps to buy a policy, plus some suggestions on which companies offer the best Ohio final expense life insurance plans.

What is Final Expense Life Insurance?
Cost of a Funeral in Ohio
Burial and Funeral Laws in Ohio
Sample Rates for Ohio Males and Females
Steps to Buy a Final Expense Life Insurance Policy
Best Final Expense Life Insurance Companies
Frequently Asked Questions
Next Steps

What is Final Expense Life Insurance?

Final expense life insurance, also known as burial insurance, is a type of life insurance policy designed to cover the costs associated with end-of-life expenses such as funeral and burial costs.

It is typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with these costs after they pass away.

Also known as burial insurance, the amount of coverage provided by final expense policies varies, but it can range from $2,000 up to $50,000 burial policy, depending on the insurer and the individual’s needs.

No Medical Exam

These policies are usually issued without a medical exam requirement which makes them easier for seniors to obtain compared other types of life insurance policies.

Typically, on a small number of health questions are asked during the application process, making the process of buying burial insurance for seniors simple.

Payment Options

Burial insurance plans also offer flexibility in terms of payment options. Some insurers allow you to pay premiums monthly or quarterly, while others may offer discounts if you choose to pay your premiums annually.

Permanent Coverage

Almost all final expense life insurance is permanent. As long as you make your premium payments, you policy will not expire.

Permanent coverage is ideal for securing financial protection for end-of-life expenses.

Important Details

Almost always, burial insurance is worth it because it provides peace of mind knowing that loved ones won’t have a financial burden in addition to grief when dealing with a death in the family. Your end-of-life expenses are covered and you have one less thing to worry about.

This allows families time and resources needed during a difficult time without having additional stressors like funeral expenses added into the mix.

Key Takeaway: Final expense life insurance is an ideal option for seniors who may be unable to get traditional life insurance due to their age or medical history.

Cost of a Funeral in Ohio

The cost of a funeral in Ohio can vary depending on the services requested. The average price of a funeral is around $7,000 and includes the casket, embalming, viewing and other services.

This does not include cemetery fees or any additional services that may be requested.

Caskets

Caskets are typically one of the most expensive items associated with funerals and can range from hundreds to thousands of dollars depending on the material used for construction.

For example, a simple wood casket may start at around $1,000 while an elaborate metal casket could reach up to $10,000 or more.

Embalming

Embalming is another common service provided by many funeral homes in Ohio and it involves preserving the body for public viewings prior to burial or cremation services.

This process usually costs between $400 – $800 depending on where you live in Ohio. Other factors such as how long ago death occurred before preparation begins also affects cost.

Viewing and Visitation

Viewing and visitation hours are also part of many funerals held in Ohio, which allows family members and friends to pay their respects prior to burial or cremation taking place.

These hours typically last two days but can be extended if needed with an additional fee ranging from $200 – $500 per day added onto your total bill.

Key Takeaway: The cost of a funeral in Ohio can vary greatly depending on the services requested. Caskets, embalming and viewing (visitation) hours are common services which range from hundreds to thousands of dollars.

Burial and Funeral Laws in Ohio

Burial and Funeral Laws in Ohio are regulated by the state government. All burials must be done according to local regulations, including obtaining permission from local authorities if a burial is to take place on private property.

In order to ensure that all funerals are conducted properly and respectfully, there are certain laws in place regarding what types of services can be provided during a funeral.

Casket Viewings

For example, it is illegal to have an open casket viewing at a public event such as a church service or memorial gathering unless prior approval has been granted by the appropriate authority.

Additionally, no alcohol or drugs may be present at any funeral ceremony held within the state of Ohio.

Disposing Options

When it comes to disposing of remains after death occurs in Ohio, there are three main options available:

Burial in an approved cemetery plot.
Cremation followed by scattering ashes over land owned by either family members or friends.
Direct interment (burial without embalming) on private property with permission from local authorities.

It is important to note that while some states allow for home burials without permission from local authorities, this practice is prohibited under current law in Ohio, due to health concerns associated with improper disposal methods.

Funeral Homes

Finally, when making arrangements for final disposition of remains it is important for families to understand their rights under state law when dealing with funeral homes and other providers involved in the process.

This will help them avoid becoming victims of price gouging or unfair practices related to end-of-life expenses incurred during these difficult times.

Related – Be sure to have appropriate final expense coverage in place so that loved ones are not left searching for free p l a c e s f o r burial at the time of your passing.

Be sure to understand the burial and funeral laws in Ohio before selecting a final expense life insurance policy. Now, let’s look at some sample rates for Ohio males and females.

Key Takeaway: When making funeral arrangements in Ohio, it is important to understand burial and cremation laws as well as rights when dealing with providers.

Sample Rates for Ohio Males and Females

When it comes to final expense life insurance, Ohio males and females have different rates.

Gender

Generally speaking, males tend to pay higher premiums than females due to higher mortality rates among men.

For example, a male buying a $10,00 burial policy will usually pay more than a female buying the same policy.

Age

Age is also a factor when determining the cost of a policy. The older you are, the more expensive your premium will be. Burial insurance for elderly individuals will generally cost more than for younger seniors.

Consider the following burial insurance rates for different age groups:

Health and Lifestyle

Health status can also affect your rate. If you’re in good health with no major medical conditions or illnesses, then you may qualify for lower premiums than someone who has pre-existing medical issues such as diabetes or heart disease.

Keep in mind, if you have been diagnosed with a serious medical condition, such as advanced cancer, there are always guaranteed issue life insurance plans, which everyone qualifies for (if you are between the ages of 40 – 85).

Additionally, lifestyle choices like smoking can increase your rate significantly since smokers are considered high risk by most insurers.

Sample Rates

Let’s consider a few sample rates for Ohio residents. Keep in mind, sample rates are just that – examples of what burial insurance cost looks like. Your specific rate may vary.

First, let’s evaluate the price of a $10,000 policy. Rates are based on healthy individuals living in Ohio.

50 year old male: $30/month, female: $25/month.
60 year old male: $45/month, female: $35/month.
70 year old male: $75/month, female: $55/month.

The amount of coverage purchased is another factor that affects sample rates for Ohio males and females. The more coverage you buy, the higher your premium will be since larger policies come with greater financial risks for insurers.

For example, a $30,000 burial policy will cost more than a policy for $15,000 in coverage.

Additional Considerations

Finally, some companies offer discounts based on certain criteria, such as having military veteran status, which could help reduce costs even further when purchasing a final expense life insurance policy in Ohio, regardless of gender or age.

It is important to shop around and compare quotes from multiple providers before making any decisions on burial insurance for elderly people – so that you get the best possible deal available for yourself or loved one(s).

To ensure you get the best coverage for your needs, it’s important to understand the steps involved in purchasing a final expense life insurance policy.

Key Takeaway: Final expense life insurance premiums in Ohio vary depending on gender, age, health status, coverage amount and additional discounts. It is important to shop around for the best deal available.

Steps to Buy a Final Expense Life Insurance Policy

Expect a straightforward process to purchase a final expense policy. Typically, policies are issued same-day or shortly thereafter.

Before applying, be sure to enlist the help of an independent life insurance agent who specializes in burial insurance for seniors. You want someone sitting on the same side of the table as you, so-to-speak.

Step 1: Gather Your Information

Before you can purchase a final expense life insurance policy, it is important to gather all the necessary information.

This includes your full name, address, date of birth and medical history. You will also need to provide proof of identity such as a driver’s license or passport.

Step 2: Choose an Insurance Provider

Once you have gathered all the necessary information, it is time to choose an insurance provider that offers final expense life insurance policies.

Make sure to research each company thoroughly before making your decision so that you can be sure they are reputable and reliable.

It is also important to compare rates from different providers in order to get the best deal possible on your policy.

Step 3: Fill Out Application Form

After selecting an insurance provider, you will need to fill out an application form with all of the personal information required by the insurer including any medical conditions or health issues that may affect coverage eligibility or premium costs.

Be sure to answer all questions honestly and accurately in order for your application process go smoothly and quickly.

Step 4: Select Payment Option

Next, select a payment option for paying premiums on your policy such as monthly payments or annual lump sum payments depending on what works best for you financially.

Most insurers offer several payment options so make sure you read through them carefully before making a decision about which one is right for you.

Step 5: Sign Policy Documents & Pay Premiums Due at Time of Purchase

The last step in purchasing a final expense life insurance policy is signing the documents provided by the insurer and paying any premiums due at time of purchase according to their terms and conditions outlined in those documents.

Once this has been done successfully, then congratulations. You now have purchased yourself peace-of-mind knowing that if something were ever to happen unexpectedly, there would be financial protection available for loved ones left behind.

Be sure to communicate to your beneficiaries where your policy is stored. That way, there are no delays when it comes time to file a life insurance death claim.

With the right research and preparation, buying a final expense life insurance policy can be an easy process. Now let’s take a look at some of the best companies to consider for your policy.

Key Takeaway: Purchasing a final expense life insurance policy requires gathering necessary information, selecting an insurer, filling out an application form, choosing a payment option and signing documents.

Best Final Expense Life Insurance Companies

It is important for them to research and compare companies in order to find the best coverage at an affordable rate.

The following are some of the top-rated final expense life insurance companies and their burial insurance policies:

SBLI

SBLI Living Legacy provides comprehensive coverage that includes level premiums and guaranteed cash values. With the purchase of a policy, you are enrolled in the Sequoia Funeral Concierge Plan for free.

Up to a $35,000 burial policy is available and seniors also have access to LegacyShield, an estate planning service.

American Amicable

American Amicable Senior Choice offers competitive rates and flexible payment plans. They also provide discounts for healthy lifestyles such as non-smoking or maintaining a healthy weight.

Up to $50,000 in coverage is available and a terminal illness rider is included at no additional cost.

Prosperity

Prosperity PrimeTerm to 100 provides a unique burial insurance policy that provides coverage to age 100. Coverage remains level for the first 20 policy years.

Up to a $30,000 burial policy is available only applicants only need to answer three health questions.

Guarantee Trust Life

The Guarantee Trust Life Heritage Plan specializes in offering competitively priced final expense life insurance policies that can be tailored to meet individual needs.

Applicants only need to answer five health questions in order to qualify for up to $25,000 in coverage. Guarantee Trust Life also offers the Sequoia Funeral Concierge at no extra cost.

Corebridge Financial

Formerly called AIG, the Corebridge Guaranteed Issue Whole Life plan is geared towards seniors who have significant health complications with up to a $25,000 burial policy available.

As a guaranteed issue life insurance plan, there are no health questions asked to qualify. Policies are more expensive so be sure to verify that you don’t qualify for traditional burial insurance, first.

Mutual of Omaha

The Mutual of Omaha Living Promise policy offers high quality burial insurance at competitive rates, and offers tobacco and non-tobacco policies.

They also provide additional benefits such as accidental death coverage, living benefit riders, and accelerated death benefits for those who qualify. Up to $40,000 in coverage is available.

Key Takeaway: Seniors over 50 can find quality final expense life insurance from companies such as SBLI, American Amicable, Prosperity, Guarantee Trust Life, Corebridge and Mutual of Omaha.

FAQs in Relation to Ohio Final Expense Life Insurance

Is final expense life insurance worth it?

Usually, final expense or burial insurance is worth it for seniors over the age of 50. It provides peace of mind knowing that their final expenses will be taken care of, and it can help protect loved ones from financial burden in the event of death.

The coverage is typically affordable and customizable to fit individual needs, so seniors have flexibility when selecting a policy.

Ultimately, whether or not final expense life insurance is worth it depends on an individual’s unique circumstances and goals.

How much does final expense insurance cost per month?

The cost of burial insurance (final expense) varies depending on the individual’s age, health, and coverage amount.

Generally speaking, monthly premiums for a policy with a death benefit of $10,000 can range from as low as $25 to over $100 per month.

The best way to determine the exact cost is to get quotes from multiple providers and compare them side-by-side. It’s also important to consider any additional riders or benefits that may be included in the policy before making your decision.

At what age should you buy final expense insurance?

The best age to buy final expense insurance is typically between the ages of 50 and 80 years old.

It is important to purchase this type of policy while you are still in good health, as it can be difficult or impossible to obtain coverage if you have a pre-existing medical condition.

Additionally, premiums tend to increase with age, so buying earlier rather than later can help save money over time.

Ultimately, the decision should be based on your individual needs and financial situation; however, purchasing a policy at an early age is generally recommended for those who want comprehensive coverage at an affordable rate.

How does final expense life insurance work?

Final expense life insurance is a type of life insurance policy that provides coverage for end-of-life expenses such as funeral costs, medical bills, and other debts.

It is typically offered to seniors over the age of 50 who may not qualify for traditional life insurance policies due to their age or health status.

Premiums are usually lower than those associated with traditional policies due to modest death benefit amounts.

Final expense policies are designed to provide financial security in the event of an untimely death so that loved ones don’t have to worry about covering these costs out of pocket.

Next Steps

Ohio final expense life insurance is an important product for seniors over the age of 50. It can help cover funeral costs and other expenses associated with death.

Understanding the cost of a funeral in Ohio, burial and funeral laws in Ohio, sample rates for males and females, steps to buy a policy, and best companies are all essential pieces of information when considering purchasing this type of coverage.

With this knowledge in hand you will be better prepared to make an informed decision about which company is right for you.

Seniors deserve the peace of mind that comes with having a secure financial future. At iSeniorBenefits, we provide Ohio seniors with final expense life insurance plans to ensure their families are taken care of in case something unexpected happens.

Our policies are tailored to meet your specific needs and our knowledgeable agents will help you find the best plan for your situation.

Don’t wait any longer – contact us today and let us help you get the coverage needed to protect yourself and loved ones from financial hardship.

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