Final expense life insurance is a great way for seniors in Michigan to plan ahead and ensure their loved ones don’t have the burden of paying for funeral expenses.
Here, we’ll explore Michigan final expense life insurance including an overview of what it is, cost of funerals in the state, burial laws that apply here, sample rates from leading companies and steps you can take to buy a policy today.
Knowing all these details will help you make informed decisions about your own final expense coverage so read on.
Table of Contents
- Overview of Final Expense Life Insurance in Michigan
- Cost of a Funeral in Michigan
- Funeral and Burial Laws in Michigan
- Sample Rates for Males and Females in Michigan
- Best Final Expense Companies in Michigan
- Steps to buy final expense life insurance
- Frequently Asked Questions
- Next Steps
Overview of Final Expense Life Insurance in Michigan
Final expense insurance, also called burial insurance, is a specific type of life insurance that is designed to cover the costs associated with end-of-life events. For example, the death benefit proceeds typically pay for:
- Final medical bills.
- The cost of a funeral.
- Transportation expenses.
- Cremation fees.
- Flower arrangements.
- Obituary publications.
It is typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with these expenses after they pass away.
- Face amounts are modest, usually between $2,000 – $50,000 in coverage.
- No medical exam required during underwriting.
- Health questions are asked (except for guaranteed issue plans).
- Policies are almost always a form of whole life insurance.
- As long as you pay your premiums, your coverage will not expire.
- Most plans include a modest cash value to use in minor emergencies.
Final expense life insurance in Michigan is an important tool for seniors to help cover the costs of a funeral and other end-of-life expenses. Now let’s take a look at the cost of funerals in Michigan and how final expense life insurance can help.
Key Takeaway: Final expense life insurance is a type of policy designed to help cover end-of-life expenses, typically purchased by seniors over the age of 50. Michigan residents can compare quotes from multiple providers for competitive rates before selecting one and beginning coverage.
Cost of a Funeral in Michigan
Funerals in Michigan can be expensive. The average cost of a funeral and burial in the state is around $10,000.
This includes all items associated with the price of a funeral service, such as:
- Embalming or cremation.
- Casket selection.
- Visitation fees.
- Cemetery plot.
- Crypt purchase (if applicable).
- Memorial service.
- Other miscellaneous expenses.
It’s important to plan ahead for these costs so that your loved ones are not burdened with this expense when you pass away.
One way to help cover these costs is through final expense life insurance, also known as burial insurance.
Final expense policies are designed specifically to pay for end-of-life expenses like funerals and burials without putting an undue burden on family members who may already be dealing with grief and loss.
These policies typically have low premiums because they only provide coverage up to a certain amount. Typical final expense coverage amounts include:
Remember, you will want to assess the price of your funeral (and any other minor debts you may have) before deciding on a final expense coverage amount. That way, your loved ones are not burdened with bills after you pass away.
In other words, when selecting a policy it’s important to consider how much coverage you need based on the estimated cost of your funeral services in Michigan.
You should also compare different companies offering final expense plans in order to find one that fits your budget while still providing adequate protection for your loved ones after you pass away.
Funerals can be costly, but by researching the cost of a funeral in Michigan and understanding the laws that govern funerals and burials in the state, you can ensure your loved ones are taken care of when you’re gone.
Key Takeaway: Final expense life insurance is a great way to help cover funeral and burial costs in Michigan. When selecting a policy, consider the estimated cost of services, compare different companies for adequate coverage, and read through all terms carefully before making a decision.
Funeral and Burial Laws in Michigan
Michigan has a number of laws that govern funerals and burials. These laws are designed to ensure the safety, health, and dignity of those who have passed away as well as their families.
Here is an overview of some of the key funeral and burial laws in Michigan.
Funeral directors must be licensed by the state before they can legally practice. The license must be renewed every two years with continuing education courses.
In addition, all cemeteries must also be registered with the state’s Department of Licensing & Regulatory Affairs (LARA).
All human remains must be disposed of according to state regulations which include burial or cremation within 48 hours after death unless otherwise specified by law or religious custom.
Embalming is not required but may be requested if desired for viewing purposes prior to disposition.
Cremated remains may only be scattered on private property with permission from the owner or buried in designated cemetery plots purchased from a cemetery that is properly registered with LARA.
Buried remains require a number of things:
- Vault constructed out of concrete or metal lined with plastic foam insulation material approved by LARA.
- An outer container made out of wood, fiberboard, cardboard, pressed wood products, steel reinforced concrete vaults or other materials approved by LARA placed over it for additional protection against water seepage.
- The grave site area must sit below ground level at least 18 inches deep when filled back up, after interment has taken place.
Michigan funeral and burial laws are in place to protect the rights of those who have passed away, as well as their families. Understanding these laws is essential for making informed decisions about final expense life insurance plans.
Now let’s look at sample rates for males and females in Michigan.
Key Takeaway: Michigan requires funeral directors and cemeteries to be licensed, and all human remains must be disposed of within 48 hours. Burial requirements include: a vault constructed out of concrete or metal lined with approved insulation material; an outer container made out of wood, fiberboard, cardboard etc.; buried at least 18 inches deep.
Sample Rates for Males and Females in Michigan
Rates for final expense coverage in Michigan are usually budget-friendly. The type of policy you choose will also affect your rate.
Final expense policies are typically whole life policies that are easy to purchase. You do not need to leave the comfort of your home to secure coverage.
They also have level premiums which means they never increase over time as long as payments are made on time.
Rates vary by company but generally start at around $30 per month for males aged 50 to 59 years old. And, around $30 per month for females aged 50 – 59 years old, depending on their health status and coverage amount desired.
Factors Affecting Rates
The amount you pay for coverage is dependent on a number of important items.
- Age (rates tend to increase with age).
- Gender (males typically pay more than females).
- Health status (smokers usually pay more).
- Coverage amount (larger policy sizes cost more).
It’s important to compare rates from different companies before making a decision since some companies may offer better rates than others based on these factors.
The sample rates for males and females in Michigan can vary significantly, so it is important to compare different final expense life insurance policies before making a decision.
The best way to get a general idea of how much a particular policy would cost you is to fill out our free quoting tool found on each page of our website.
Now let’s take a look at the best final expense companies in Michigan.
Key Takeaway: Rates vary by company based on factors such as age, gender and health status. It’s important to compare rates before making a decision.
Best Final Expense Companies in Michigan
There are many companies offering final expense policies in Michigan, so it’s important to do your research before selecting one.
When evaluating the best final expense companies in Michigan, consider customer reviews, financial ratings from independent agencies such as A.M Best or Standard & Poor’s (S&P), coverage options available, and more.
SBLI offers several types of final expense products i with no medical exam required. Policies are available to applicants between the ages of 50 and 85 years old. They also offer free enrollment into the Sequoia Funeral Concierge Plan.
American Amicable offers competitive rates on their final expense whole life policy with coverage amounts ranging from $2,500 – $50,000 in death benefits, depending on age and health status at time of application approval.
The company also has a fast underwriting process that can provide quick decisions within days rather than weeks like some other providers offer.
Prosperity is a great final expense insurance option. Their policies have a level death benefit for the first 20 years, and some coverage remains intact until age 100. Up to a $30,000 burial policy is available. Only three health questions are asked on the application.
CICA Life offers whole life insurance for applicants between the ages of 0 – 85 years old. Through their Superior Choice product, there are two forms of coverage available: Standard and Guaranteed Issue.
You can secure up to $30,000 in coverage with the following available riders: terminal illness, dismemberment and accidental death.
You will never be asked about your height, weight or tobacco use on the application. Common health condition, such as physician-treated COPD qualify for Standard rates.
Guarantee Trust Life
Guarantee Trust Life provides whole life plans with coverage amounts ranging from $2,500 to $25,000 in coverage. They do not offer guaranteed acceptance type products, but you only need to answer five health questions to be approved.
Guarantee Trust Life now also offers free enrollment into the Sequoia Funeral Concierge Plan.
Corebridge Financial, formerly AIG, is an excellent burial insurance option for seniors with serious health complications. As a form of guaranteed issue life insurance, no health questions are asked on the application.
Up to a $25,000 burial policy is available and an accelerated death benefit rider is included at no additional cost.
Mutual of Omaha
Finally, Mutual of Omaha has been providing quality protection since 1909 and offers policies that range between $2,000 – $40,000 in coverage. Mutual of Omaha’s policies include an accelerated death benefit rider at no additional cost.
Overall, each provider mentioned above should be considered when searching for the best final expense company in Michigan, based on customer reviews, financial ratings from independent agencies such as A.M Best or Standard & Poor’s (S&P), and coverage options available.
Do your research carefully before making a decision so you get the most value out of your purchase while ensuring peace-of-mind knowing you’re covered properly if something unexpected were to ever happen down the road ahead.
Finding the best final expense companies in Michigan can be difficult, but taking the time to research and compare options is essential. Now let’s look at the steps needed to buy final expense life insurance.
Key Takeaway: Work with an independent agent to compare and contrast multiple top-rated carriers to find the best option to fit your needs.
Steps to Buy Final Expense Life Insurance
The process to securing final expense coverage is simple and straightforward. Underwriting is simplified and you do not need to leave your home to secure a policy.
Before you do anything else, be sure to collaborate with an expert agent who specializes in working with seniors and final expense insurance.
Step 1: Research Your Options
Before purchasing final expense life insurance, it is important to research the different types of policies available and compare prices.
Consider factors such as coverage amounts, premium payments, policy terms and conditions, riders (additional benefits), and any exclusions or limitations.
Step 2: Calculate Your Needs
Determine how much coverage you need based on your financial situation.
Typical burial insurance face amounts seniors in Michigan purchase include:
Take into account funeral costs, burial expenses, outstanding debts that may need to be paid off upon death, medical bills not covered by health insurance plans, legal fees associated with estate planning documents like wills or trusts, and other end-of-life expenses that may arise in the future.
Step 3: Get Quotes
Your life insurance agent will contact multiple companies for quotes on final expense life insurance policies so you can compare rates from each provider before making a decision.
Be sure to provide accurate information when requesting quotes so that the companies can accurately assess your needs and offer an appropriate policy at a competitive rate.
Step 4: Review Policies Carefully
Once you have received several quotes from different providers for final expense life insurance policies, make sure to read through all of them carefully before applying for coverage.
Pay close attention to details such as eligibility requirements for certain riders or discounts offered if more than one person applies together under the same policy (i.e., couples).
Also consider any restrictions regarding pre-existing medical conditions which could affect coverage amounts or premiums charged by insurers in Michigan specifically, since state laws vary significantly across jurisdictions in this regard.
With your policy secured, be sure to store it in a safe place and remember to review it annually. Let your beneficiary know where to find your policy so that there are no delays when it comes time to file a life insurance death claim.
Key Takeaway: Key takeaway: Researching your options, calculating your needs, getting quotes, and reviewing policies carefully are essential steps to take when considering final expense life insurance in Michigan.
FAQs in Relation to Michigan Final Expense Life Insurance
Is final expense life insurance worth it?
Final expense life insurance can be a great way to provide financial security for your loved ones in the event of your passing. It is designed to cover cost of a funeral and burial, as well as any outstanding debts or medical bills that you may leave behind.
This type of policy typically has modest premiums and does not require a medical exam, making it an attractive option for seniors looking for burial insurance and may have difficulty obtaining traditional life insurance policies due to age or health concerns.
Ultimately, whether final expense life insurance is worth it depends on your individual needs and circumstances.
However, it can be a valuable asset in providing peace of mind knowing that your family will be taken care of if something were to happen to you.
How much does final expense insurance cost per month?
The cost of final expense insurance depends on a variety of factors, such as the age and health of the policyholder, the amount of coverage desired, and any additional riders that may be added.
Generally speaking, seniors aged 50 and older (sometimes younger) can expect to pay anywhere from $20 to $100 per month for final expense insurance.
However, it is important to note that rates can vary significantly depending on individual circumstances. It is best to speak with an experienced agent who can provide you with more specific information about your particular situation.
At what age should you buy final expense insurance?
The best time to buy final expense life insurance is today. We say that because, in truth, no one is guaranteed tomorrow. You want coverage in place so that you can protect your loved one’s finances.
This type of policy is designed to cover funeral costs, medical bills, and other end-of-life expenses that may arise.
Additionally, if you wait too long, you may not be able to qualify for traditional final expense coverage due to health issues or pre-existing conditions. However, guaranteed issue plans are always an option for those who have serious health complications.
Is is clear that the earlier you purchase your final expense insurance policy the better off you’ll be financially when it comes time for your loved ones to settle your estate.
Does the state of Michigan help with burial expenses?
Yes, the state of Michigan does provide assistance with burial expenses. The Department of Health and Human Services provides financial assistance to eligible individuals who are unable to pay for funeral or burial costs.
This includes a $300 lump sum payment for cremation or burial services, as well as up to $1,000 towards other related expenses such as casket and grave marker costs.
To be eligible for this program, applicants must meet certain income requirements and have no other means of paying for these services.
However, keep in mind, this small about of financial assistance does not come near to covering the average cost of a funeral in Michigan. Loved ones may still be stuck looking for free burial places.
It can provide peace of mind knowing that your loved ones will not be burdened with these expenses when you pass away. With careful research, it is possible to find the best final expense companies in Michigan and get sample rates tailored to your individual needs.
By understanding the cost of a funeral in Michigan, familiarizing yourself with state laws regarding funerals and burials, and following steps to buy a policy, you can make sure that you have the right Michigan final expense life insurance coverage for your situation.
Seniors in Michigan have unique needs when it comes to insurance coverage. iSeniorBenefits offers a range of final expense, Medicare, health and cancer plans that are tailored specifically for the senior market.
With our customized solutions we can help you find the best coverage option at an affordable rate. Don’t wait any longer – let us take care of your life insurance needs today.