Illinois Final Expense Life Insurance: Best Companies + FAQs
Posted in Insurance By State last updated on February 21, 2023
Are you a senior over the age of 50 living in Illinois? If so, then you may be considering purchasing final expense life insurance.
Final expense life insurance is an affordable way to cover funeral and burial costs while protecting your loved ones from financial burden when they are grieving.
In this blog post, we will discuss what final expense life insurance is, cost of funerals in Illinois, burial laws in Illinois, sample rates for male and female seniors over the age of 50 looking for Illinois final expense life insurance policies, as well as some tips on finding the best companies offering such plans.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of a Funeral in Illinois
- Burial Laws in Illinois
- Sample Rates for Male and Female in Illinois
- Best Companies for Final Expense Life Insurance in Illinois
- FAQs in Relation to Illinois Final Expense Life Insurance
- Next Steps
What is Final Expense Life Insurance?
Final expense life 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.
Also referred to as burial insurance, it is often 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.
Final expense policies are almost always a form of permanent insurance. You do not need to worry about outliving your policy. As long as you make your premium payments, your policy will not expire.
Permanent insurance is an ideal form of coverage for final expense protection, since its primary goal is to pay for costs associated with one’s death.
Finally, it is important to know that final expense life insurance does not require you take a medical exam. Only simple health questions are typically asked. You can buy coverage from the comfort of your home.
Paid out in a lump sum, burial (final expense) policies are designed to pay for:
- Final medical bills.
- Cremation costs (if applicable).
- Funeral arrangements.
- Transportation fees.
- Special memorial wishes.
Final expense life insurance is a great way to ensure that your loved ones are not left with the burden of covering the price of a funeral. Knowing the cost of a funeral in Illinois can help you decide how much coverage you need.
Key Takeaway: Final expense life insurance is an important consideration for seniors in Illinois, as funeral and burial costs can be expensive. Policies take the financial burden away from loved ones.
Cost of a Funeral in Illinois
The cost of a funeral in Illinois can vary greatly depending on the type of service chosen and other factors such as location.
The average cost for a traditional funeral with burial is around $7,000. This includes the casket, burial plot, and other related services.
The cost of funerals in Illinois can vary greatly depending on factors such as location, type of service, and other services requested.
A traditional funeral in Illinois can range from $7,000-$10,000 or more. This includes things like embalming fees, casket rental or purchase, viewing and visitation fees, and transportation for family members to attend the service.
For those who choose cremation instead of a traditional burial, costs are generally lower but still depend on several factors.
A basic direct cremation without any additional services or merchandise typically ranges from $1,500 to $2,500 in Illinois. If you add viewing or visitation prior to the cremation it will increase your total cost by about $600-$800 per day that it’s held.
If you opt for an elaborate memorial service, with many extras like flowers and catering, costs can easily exceed $10,000 or more depending on what’s included in the package.
Additional fees may also be charged if you want to have your loved one’s remains transported out-of-state for burial or scattering at sea. It’s important to consider these potential expenses when budgeting for final arrangements ahead of time.
Funerals can be expensive, but understanding the costs associated with a funeral in Illinois is essential to making informed decisions. Now let’s take a look at burial laws in Illinois and how they may affect your final expense life insurance plan.
Key Takeaway: When planning a funeral in Illinois, it is important to consider costs, state laws regarding burials and dispositions of remains, and gender differences when shopping around for life insurance. Costs can range from $1,500-$10,000 or more, depending on the services chosen.
Burial Laws in Illinois
When it comes to burials in Illinois, there are certain laws that must be followed when burying someone within state lines.
Related – In 2010, the state of Illinois passed the Cemetery Oversight Act, which affects all cemeteries located in Illinois, although religious cemeteries do have partial exemption.
Burial laws in Illinois are set by the state government to ensure that burials and cremations are conducted with respect for the deceased.
For example, all bodies must be buried at least three feet below ground level unless otherwise specified by law or local ordinance. No body may be buried closer than 10 feet from any property line.
In addition, all gravesites must have markers indicating who is buried there along with dates of birth and death, if known.
It is important to understand these laws before planning a funeral or memorial service, as they can affect the type of burial or cremation you choose.
Death Certificate
In order to bury someone in Illinois, you must first obtain a death certificate from either the county coroner or medical examiner. This document serves as proof of death and is required for all funerals and burials in Illinois.
Note – you will also use the death certificate to file a life insurance death claim.
Once this has been obtained, you must then obtain a permit from your local health department for interment or cremation.
Interestingly, if no one claims responsibility for the body within 48 hours after death, an affidavit must be filed with the county clerk’s office.
Funeral Planning
When planning a funeral in Illinois there are certain laws that must be followed regarding burials and dispositions of remains which should also be taken into consideration when making decisions about final arrangements for yourself or someone else close to you.
For example, state law requires all bodies intended for interment within Illinois borders to first undergo embalming unless they are being buried within 24 hours after death.
Additionally, no body may be disposed of through incineration unless special permission has been granted by local authorities.
Cemeteries
When it comes to cemeteries in Illinois, there are several rules that must be followed when purchasing plots and gravesites.
All cemetery owners must provide customers with information about their rights regarding buying cemetery lots and grave markers prior to purchase; failure to do so could result in legal action against them.
Additionally, any contracts related to cemetery purchases should include details such as how long gravesites will remain available after purchase and who will maintain them over time.
Related – Avoid having your loved ones look for free burial places by securing final expense coverage.
Finally, it is important to note that there may be additional restrictions on burials depending on where they take place. Some cities have specific regulations regarding burying bodies within city limits due to public health concerns.
Therefore, it is essential to check with your local municipality before making any decisions about where you would like your loved one’s remains buried or cremated in order to comply with all applicable laws and regulations while honoring their memory properly at the same time.
Finally, it is important to note that most states require written permission before exhumation can occur. Families should discuss these matters ahead of time in order to avoid potential legal issues down the road if they wish to relocate remains at some point in future years following interment.
Final Thoughts
Burial laws in Illinois help ensure that individuals and their families are prepared for the costs associated with end-of-life expenses.
Understanding these laws can help seniors make informed decisions when selecting final expense life insurance plans. That way, your loved ones are not hit with any surprised during an already difficult time.
Key Takeaway: It is important to understand Illinois burial laws before planning a funeral or memorial service, including obtaining a death certificate, permit from the local health department and affidavit if necessary.
Sample Rates for Male and Female in Illinois
The cost of final expense life insurance varies depending on age, gender, health status, and other factors.
Generally speaking, males tend to pay higher premiums than females due to their shorter life expectancy.
It is important, however, not only to look at gender when shopping around as age plays an even bigger role when determining rates. So, make sure you compare quotes from multiple providers before making any decisions about coverage amounts or policy types.
The best way to find the best rates is to work with an expert agent who specializes in final expense life insurance.
In Illinois specifically, sample rates for Illinois males aged 50 to 60 years old range from $25 – $50 per month for a $10,000 policy.
In contrast, sample rates for Illinois females aged 50 – 60 range from $15 – $40 per month for the same policy size.
With the right plan, you can find affordable final expense life insurance rates in Illinois for both male and female seniors. Now let’s look at the best companies offering these plans in Illinois.
Key Takeaway: Final expense life insurance in Illinois is generally cheaper for women than men and costs can range from $2K -$10K depending on services chosen. Burial laws dictate that all burials must take place at least 3 feet below ground level and written permission is required before exhumation.
Best Companies for Final Expense Life Insurance in Illinois
When looking for final expense life insurance policies in Illinois, it’s important to compare rates between different companies.
For example, American Amicable offers coverage individuals aged 50 to 80 years old. They offer helpful living benefits, such as an included terminal illness rider. Up to $50,000 worth of coverage is available. Tobacco users find favorable rates with American Amicable.
SBLI is also a popular choice among seniors seeking final expense life insurance policies in Illinois, due to their competitive rates and customer service ratings. SBLI offers up to $20,000 in coverage if you are over 76 years old. If you are younger, more coverage is available.
Note – SBLI offers free enrollment into the Sequoia Funeral Concierge Plan with the purchase of a final expense policy.
Mutual of Omaha is a highly-rated carrier with excellent customer reviews. They offer plans of up to $40,000 worth of coverage. You must be between the ages of 45 – 85 years old to buy a policy.
Finally, Guarantee Trust Life provides plans for individuals between the ages of 40 – 90 years old. Up to $25,000 worth of coverage is available. Only five simple health questions are asked during the application process.
Overall, there are many options available when searching for final expense life insurance policies in Illinois. Some companies stand out above others due to their competitive rates and customer service ratings, such as American Amicable, SBLI, Mutual of Omaha, and Guarantee Trust Life.
Individuals look for burial insurance for seniors need to consider their own unique needs when choosing which company best suits their needs. An expert agent will help with the assessment process.
Key Takeaway: Seniors over 50 should consider the rates and customer service ratings of multiple top-rated companies when searching for a final expense life insurance policy in Illinois.
FAQs in Relation to Illinois Final Expense Life Insurance
How much does final expense insurance cost per month?
The cost of burial insurance varies depending on the type of policy you choose, your age, and other factors.
Generally speaking, premiums for final expense policies can range from $20 to $100 per month. It is important to shop around and compare different policies in order to find the best coverage at a price that fits your budget.
Additionally, some companies may offer special rates for burial insurance for elderly individuals.
Is final expense life insurance worth it?
Final expense (burial) life insurance can be a valuable asset for seniors over the age of 50.
It provides peace of mind knowing that their loved ones will not have to bear the financial burden of funeral costs and other expenses in the event of their passing.
Additionally, it can help cover medical bills or provide supplemental income if needed.
Ultimately, burial insurance is worth it as it helps protect families from unexpected costs and gives them greater financial security during difficult times.
At what age should you buy final expense insurance?
The best age to buy final expense insurance is typically between age 50 and 85.
This type of insurance provides coverage for end-of-life expenses such as funeral costs, medical bills, and other debts that may be left behind after death.
It can help protect your loved ones from financial burden in a time of grief.
Premiums are usually lower when purchased at an earlier age, so it’s important to consider purchasing this type of policy sooner rather than later if you want to save money on premiums over time.
Does Illinois help with funeral expenses?
Yes, Illinois does provide assistance with funeral expenses. The state offers a program called the Funeral and Burial Expense Assistance Program (FBEAP).
This program provides financial assistance to low-income families who are unable to pay for all or part of their loved one’s funeral and burial costs. The program is a better option than searching for free burial places on your own.
Eligible applicants can receive up to $1,000 in reimbursement for eligible expenses such as casket, vault or grave liner, urns or niche space fees, cremation fees and other related services.
To apply for this program you must contact your local Department of Human Services office.
Next Steps
In conclusion, Illinois final expense life insurance is an important financial decision for seniors over the age of 50.
It can help cover the cost of a funeral and burial in Illinois while providing peace of mind to families during a difficult time.
Knowing the laws, costs, and sample rates associated with this type of policy can help you make an informed decision when selecting the best company for your needs.
With so many options available, it’s important to do your research before making any decisions about purchasing final expense life insurance in Illinois.
If you are a senior in Illinois looking for life insurance solutions, look no further than iSeniorBenefits. We offer final expense, Medicare, health and cancer plans that provide peace of mind to those approaching retirement age.
Our experienced team will help guide you through the process so you can make informed decisions about your future financial security. Don’t wait any longer – take advantage of our services today.