When it comes to planning for the future, life insurance is an important part of financial security. For seniors over 50 in Maryland, final expense life insurance can provide peace of mind and help ease the burden on their loved ones after they are gone.
Final expense policies are designed specifically with senior citizens in mind – providing coverage that pays out upon death to cover funeral costs and other expenses related to passing away.
In this blog post, we will explore what final expense life insurance is, how much a funeral might cost you in Maryland, burial and funeral laws within the state, sample rates available for males and females, as well as some tips on finding the best companies offering these types of policies.
Finally, we’ll look at all steps involved when buying Maryland final expense life insurance so you know exactly what’s required before signing up.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of Funeral in Maryland
- Burial and Funeral Laws in Maryland
- Sample Rates for Maryland Males & Females
- Best Final Expense Companies
- Steps to buy final expense life insurance
- FAQs in Relation to Maryland Final Expense Life Insurance
- Next Steps
What is Final Expense Life Insurance?
Final expense life insurance, also called 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 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.
The death benefit is usually paid in a lump sum once the life insurance death claim is filed. While a beneficiary may use the proceeds as he or she sees fit, they are designed to cover end-of-life expenses, such as:
- Final medical bills.
- Cost of cremation.
- Transportation fees.
- Price of a funeral.
- Flower arrangements.
- Obituary and related publications.
You should know that final expense policies are almost always permanent. As a form of whole life insurance, you do not need worry about outliving your policy as long as you pay your premiums.
Final Expense Life Insurance is an important financial tool for seniors in Maryland, providing a way to cover the costs of end-of-life expenses.
Key Takeaway: Final expense life insurance is a type of policy designed to cover end-of-life expenses and should be considered by seniors over 50. Factors such as gender, age and health history affect rates.
Cost of Funeral in Maryland
The cost of funerals in Maryland can vary greatly depending on the services chosen, but typically range from $7,000 – $10,000 or more.
This includes things like:
- Casket and burial plot fees.
- Embalming and other preparation fees.
- Transportation fees for family members attending the service.
- Flowers and memorial cards for guests at the service.
- Special request by loved one.
Caskets are typically one of the most expensive items associated with funerals. Prices range from several hundred dollars to thousands of dollars depending on the material used and design features.
In addition to selecting a casket, families may also choose an urn or burial vault as part of their service package. Urns start at around $50 while burial vaults can range from several hundred dollars to over $1,000, depending on size and material used.
Embalming is another expense that must be taken into consideration when planning a funeral in Maryland, if applicable.
Embalming costs generally range between $400-$800 but can be higher if additional preparation is needed due to trauma or other factors related to death circumstances.
Some seniors opt for cremation, instead, which is generally more affordable.
Transportation and Other Costs
Other fees associated with funerals include:
- Transportation costs (hearse rental).
- Flowers/floral arrangements.
- Obituary notices/newspaper announcements.
- Cemetery plot purchase/opening fee (if applicable).
- Memorial cards or bookmarks.
These could add up quickly if not planned for properly ahead of time.
The cost of a funeral in Maryland can vary greatly, depending on the services chosen. To ensure you are aware of all available options and costs associated with funerals in Maryland, it is important to understand the burial and funeral laws in the state.
Key Takeaway: Funerals in Maryland can cost up to $7,000 or more, and include casket or urn, vault, embalming fees, transportation costs, floral arrangements and other items. Planning ahead for these expenses is important to ensure a smooth funeral service.
Burial and Funeral Laws in Maryland
When it comes to burial laws in Maryland, there are certain regulations that must be followed when planning a funeral and/or cremation.
Burial and funeral laws in Maryland are designed to ensure that funerals are conducted with respect and dignity.
Time and Location
For example, all burials must take place within 48 hours of death unless otherwise authorized by local health officials. Bodies may only be buried in designated cemetery plots.
The deceased’s body may not be buried on private property unless the land is part of an approved cemetery.
Finally, embalming or refrigeration is required if a body will not be buried within 24 hours.
Cremation, if applicable, must be done by a licensed funeral director or crematory operator, and all burials must take place in an approved cemetery or mausoleum.
The state also requires that any person arranging a funeral provide certain information to the family of the deceased, including details about available burial options, costs associated with each option, payment arrangements for services rendered, and other relevant information.
In addition, funeral directors must obtain written authorization from the next-of-kin before embalming can take place.
Maryland law prohibits any form of desecration or mutilation of human remains prior to interment.
This includes tattoos, piercings, autopsies (unless required by law), organ donation (without consent), removal of organs for medical research purposes (without consent) or other such activities deemed disrespectful towards the dead.
Further, it is illegal to sell human remains without proper authorization from either a court order or written permission from next-of-kin.
Maryland has specific regulations regarding burial and funeral laws, which are important to consider when selecting a final expense life insurance policy. Next, we will explore sample rates for Maryland males and females.
Key Takeaway: Maryland law requires funeral directors to provide families of the deceased with burial options, costs and payment arrangements. Burial must take place in an approved cemetery or mausoleum.
Sample Rates for Maryland Males & Females
Sample rates for final expense life insurance policies vary based on factors such as gender (males tend to pay higher premiums than females), age (premiums increase with age) and health history (smokers pay higher premiums).
Generally speaking however males aged 50 to over 80 years old can expect to pay between $20 and many hundreds per month for a typical $10,000 policy.
On the other hand, females aged 50-80 can expect to pay between $15 to hundreds of dollars per month for the same coverage amount of $10,000.
When it comes to final expense life insurance, sample rates for Maryland males and females vary based on a variety of factors.
Age Affects Rates
Age is one of the most important considerations when determining premiums, as younger individuals typically pay lower rates than older ones.
Males Pay More Than Females
Gender also plays a role in pricing. Generally speaking, males tend to pay slightly higher premiums than females due to their longer life expectancy.
Health is a Consideration
Health status is another factor that can affect premium costs. Those with pre-existing conditions may be charged more than those who are healthy.
Further, special circumstances, such as living with a disability may affect premium cost.
Discounts are Available
It is also worth noting that some companies offer discounts if multiple family members purchase coverage from them at once.
Or, if you opt into automatic payments rather than paying annually or semi-annually by check or credit card.
Sometimes membership in certain organizations, like being a military veteran, will afford you lower premium rates.
Be sure to inquire about any available discounts before making your decision so you do not miss out on potential savings.
Sample rates for Maryland males and females vary by age, gender, and health history. For more information on the best final expense companies in Maryland, please see the next heading.
Best Final Expense Companies
When selecting a final expense company it is important to consider factors such as:
- Financial stability ratings from A.M Best Company.
- Customer satisfaction ratings from the Better Business Bureau
- Product offerings and flexibility.
- Underwriting process and turnaround time.
- Ease of filing claims.
When it comes to finding the best final expense life insurance companies in Maryland, there are several top-rated options available.
SBLI also provides a range of final expense policies that can be tailored to meet individual needs. In addition, SBLI offers free enrollment into the Sequoia Funeral Concierge Plan. Up to a $35,000 burial policy is available.
Guarantee Trust Life
Guarantee Trust Life is another great option for burial insurance for elderly individuals, as they offer coverage for up to age 90. Only five health questions are asked. Up to a $25,000 burial policy is available.
Guarantee Trust Life now also offers free enrollment into the Sequoia Funeral Concierge Plan.
AIG is an excellent option for seniors who have significant health complications. Their burial coverage is a guaranteed issue life insurance plan, in which no health questions are asked. Up to a $25,000 burial policy is available.
Mutual of Omaha
No matter which company you choose, make sure to work with an independent agent to compare quotes from multiple providers before making your decision in order to get the best rate possible on your policy.
It is also important to read through all terms and conditions carefully before signing any contracts or agreements, so that you are aware of what kind of coverage you are getting and what costs may be associated with it down the line.
By doing research ahead of time, you can ensure that the right policy is in place when it comes time to use it, giving yourself peace of mind knowing that your loved ones will be taken care of after your passing.
Comparing the best final expense companies can help you find the right plan for your needs. Now, let’s take a look at the steps to buy final expense life insurance.
Steps to Buy Final Expense Life Insurance
The process to buy final expense (burial insurance) coverage is quick and straightforward. Almost always, you do not need to leave the comfort of your home.
Step 1: Research Your Options
Before you buy final expense life insurance, it’s important to research the different types of policies available and determine which one is best for your needs.
Important – work with an independent agent who specializes in final expense life insurance. This is a necessary step to verify you have access to multiple carriers and policies.
You should also compare rates from multiple companies in order to get the best deal.
Step 2: Calculate Your Needs
Final expense life insurance is designed to cover funeral costs and other expenses associated with death.
It’s important to calculate how much coverage you need based on these costs as well as any debts or other obligations that will need to be paid after your passing.
Step 3: Get Quotes
Once you have determined how much coverage you need, your agent will contact several companies and get quotes for their final expense policies.
Common coverage amounts for Maryland burial insurance for seniors include:
Ask about any discounts they may offer such as a multi-policy discount if you are already insured with them for another type of policy.
Step 4: Compare Policies and Rates
Carefully review each policy’s terms and conditions, including exclusions, waiting periods, premiums, riders (optional benefits) before making a decision on which company offers the best value for your money.
Also consider customer service ratings when selecting an insurer since this can affect claims processing times and satisfaction levels in the event of a claim being filed against your policy in future years.
Step 5: Policy Selection
After comparing all of the options available, select the policy that meets your needs at an affordable rate and purchase it through your agent (who specializes in final expense life insurance products specifically tailored towards seniors over 50 years old, like yourself).
Important – be sure to let your beneficiary know where your policy is stored so that it is easily accessed when it comes time to file a life insurance death claim.
Key Takeaway: When buying final expense life insurance, research different policies and compare rates from multiple companies to get the best deal. Carefully review each policy’s terms and conditions before selecting a policy that meets your needs at an affordable rate.
FAQs in Relation to Maryland Final Expense Life Insurance
How much does final expense insurance cost per month?
The cost of burial insurance (final expense) depends on several factors, such as the age and health of the insured, type of policy purchased, and amount of coverage.
Generally speaking, a typical policy for seniors over 50 can range from $25 to hundreds of dollars per month. However, this cost may be higher or lower depending on individual circumstances.
It is important to compare policies from different insurers in order to find the best value for your money. Additionally, it is recommended that you speak with an insurance agent who specializes in senior products in order to get personalized advice tailored to your needs.
Is final expense life insurance worth it?
Final expense or burial life insurance is worth it in most cases. It is a valuable tool for seniors over the age of 50. It is designed to provide financial protection in the event of an unexpected death, covering funeral costs and other final expenses.
It also offers peace of mind knowing that your loved ones will not have to bear the burden of these costs. The premiums are typically lower than traditional life insurance policies, making it more affordable for those on a fixed income.
Ultimately, whether or not final expense life insurance is worth it 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 is typically offered in smaller amounts, ranging from $2,000 to $50,000 in coverage. The premiums are generally lower than other types of life insurance policies because coverage amounts are modest – due to limited underwriting.
Premiums can be paid monthly, quarterly or annually depending on the policyholder’s preference. Upon death of the insured person, a life insurance death claim is filed, and the beneficiary will receive the full amount of coverage minus any outstanding loan balance, if applicable.
Final expense life insurance can provide peace of mind to seniors and their families by helping cover the costs associated with end-of-life expenses.
At what age should you buy final expense insurance?
Generally, it is recommended that individuals begin considering final expense insurance when they reach their 50s or early 60s.
This allows them to purchase a policy at an age where premiums are still relatively low and before any health issues may arise that could increase rates or make it difficult to qualify for coverage.
It also ensures that they have adequate time to plan ahead and ensure their family will not be burdened by these expenses after they pass away.
Final expense life insurance provides peace of mind and financial security to help cover the costs associated with end-of-life expenses.
By understanding what final expense life insurance is, researching the cost of funerals in Maryland, familiarizing yourself with burial and funeral laws, comparing sample rates, finding the best companies, and taking steps to buy a policy, you can make sure that you are properly prepared for any eventuality.
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With our experienced team of agents ready to answer any questions or concerns you may have about these policies, we can provide the best solutions for your specific situation. Contact us today and get started on securing the future with iSeniorBenefits.