Are you looking for a way to cover the costs of your funeral in Missouri? Final expense life insurance is an affordable and straightforward option that can provide peace of mind.
With final expense life insurance, families don’t have to worry about shouldering the burden of covering their loved one’s burial or cremation expenses.
In this article, we’ll take a look at Missouri final expense life insurance – what it is, how much it typically costs in Missouri, relevant laws and regulations surrounding funerals in Missouri as well as steps on how to purchase a policy.
We’ll also discuss some top-rated companies offering coverage so you can find the best fit for your needs.
Table of Contents
- What is Final Expense Life Insurance?
- Funeral Costs in Missouri
- Burial and Funeral Laws in Missouri
- Sample Rates for Males and Females in Missouri
- Steps to Buy a Final Expense Policy
- Best Final Expense Life Insurance Companies
- FAQs in Relation to Missouri Final Expense Life Insurance
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.
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 referred to as burial insurance, this type of coverage can be used for any final expenses, including medical bills, estate taxes, or even unpaid debts.
Easy to qualify for, final expense policies do not require a medical exam. Only some health questions are asked.
They are a form of permanent life insurance, making them idea for end-of-life costs. As long as you make your premium payments, you cannot outlive your policy.
Final expense policies usually have low premiums and face amounts ranging from $2,000 to $50,000 in coverage, depending on the insurer and plan chosen.
Final expense life insurance is a valuable resource for seniors in Missouri to help cover the costs of funeral expenses. Now let’s take a look at what funeral costs are like in Missouri.
Key Takeaway: Final expense life insurance is a type of policy designed to cover end-of-life expenses. Coverage is easy to qualify for and you don’t need to take a medical exam.
Funeral Costs in Missouri
The price of a funeral in Missouri can vary greatly depending on the services chosen. Generally, a traditional funeral service will cost between $7,000 and $10,000.
This includes embalming or cremation costs, casket selection, viewing and visitation fees. It also covers transportation of the body to the funeral home or cemetery as well as other related services such as obituary notices and flowers for the family.
Embalming and Cremation
The prices of embalming and cremation are comparable, depending on the packages chosen.
In Missouri, the average price of embalming is between $450 – $800. If the body has been autopsied, the cost increases, usually.
Direct cremation costs are typically around $500 – $900. Bodies that are in excess of 300 pounds will be charged more.
The type of casket selected is one of the most expensive components when planning a funeral in Missouri.
Prices range from basic models made out of unfinished wood to more elaborate designs with hand-crafted details like brass handles or engravings.
The average cost for a mid-range casket is around $2,500-$3,500 but it can be much higher depending on customization options chosen by the family.
Viewing and Visitation Fees
Viewing and visitation fees are another major expense that must be taken into consideration when budgeting for a funeral in Missouri.
These charges cover things like rental space at a church or community center where friends and family can gather to pay their respects before burial takes place.
Costs typically range from $200-$400 per day depending on location and size of facility needed to accommodate all guests attending.
Transportation expenses are also included in most funerals held in Missouri, which include moving remains from the place of death (if not already done so) to either a mortuary or crematorium.
And, later transporting them again once they have been prepared according to wishes specified by the deceased’s loved ones during the prearrangement process beforehand, if applicable. This could involve taking remains back home state if necessary too.
The average price tag associated with these types of services usually falls somewhere between $300-$600 dollars total depending upon distance traveled plus any additional stops along the way (such as gravesite).
Missouri funeral costs can vary depending on the type of service chosen. Knowing the burial and funeral laws in Missouri is important to make sure that all requirements are met for a final expense life insurance policy.
Key Takeaway: Funeral costs in Missouri can vary greatly depending on the services chosen. Expenses include casket selection, viewing and visitation fees, and transportation of the body.
Burial and Funeral Laws in Missouri
Burial and Funeral Laws in Missouri are important to understand when planning a funeral service. In the state of Missouri, there are several laws that must be followed regarding cremation, embalming requirements, cemetery regulations and more.
In Missouri, funeral and burial laws are in place to ensure that the deceased is properly taken care of.
Cremation is allowed in Missouri as long as it is done according to state law. The person responsible for arranging the cremation must obtain written permission from either the next-of-kin or an authorized representative before proceeding with the process.
Embalming is not required by law but may be necessary – if there will be a public viewing of the body prior to burial or cremation. Often, this is dependent on how much time has elapsed since death occurred (e.g. more than 24 hours) and whether the body has been refrigerated.
In addition, all cemeteries in Missouri must register with their local county health department and comply with certain regulations such as maintaining records on burials and providing adequate drainage systems for each grave site.
All cemeteries also need to have an endowment care fund set up so that they can continue to maintain the grounds after burials take place.
When purchasing a burial plot, buyers should make sure they receive a deed showing ownership of the plot along with any other documents related to its purchase such as maps or diagrams outlining where it is located within the cemetery grounds.
It’s also important to note that only two people can be buried per plot unless special arrangements have been made beforehand with cemetery officials.
Key Takeaway: Familiarize yourself with Missouri’s funeral and burial rules and regulations beforehand. That way, your loved ones will be properly prepared when the time comes.
Sample Rates for Males and Females in Missouri
When it comes to final expense life insurance, the cost of premiums can vary depending on a variety of factors.
Age and Gender
Age and gender are taken into consideration when determining rates. Generally speaking, males tend to pay slightly higher premiums than females due to their shorter life expectancy.
In Missouri, sample rates for males aged 50 – 80 years old range, on average, from $20 – $150 per month. Sample rates for females aged 50 – 80 range from approximately $15 – $140 per month for a typical $10,000 policy.
Health Status and Lifestyle
These amounts may change depending on other factors such as health history or lifestyle choices like smoking or drinking alcohol.
While traditional burial insurance for seniors is available to most, sometimes significant health complications prevent one from qualifying for coverage.
If you have been diagnosed with a serious illness, be sure to communicate your circumstances with your agent. Know that a guaranteed issue life insurance plan is always an option and no health questions are asked.
Coverage amount affects premium cost, as well. For example, unsurprisingly, a burial policy for $20,000 will cost significantly more than a modest $5,000 policy.
It is important to note that these are just estimates and actual costs may be higher or lower based on individual circumstances.
The best way to ensure you get the most out of your final expense policy is by working with an independent agent and shopping around and comparing different companies’ offerings.
Seniors in Missouri often purchase the following burial insurance face amounts:
This will help you find the best rate possible. That way, you can provide financial protection for yourself and your loved ones without having to strain your budget each month on insurance payments in Missouri.
Missouri offers competitive rates for final expense life insurance, regardless of gender. Now that you know the sample rates, let’s look at how to buy a policy in the next section.
Key Takeaway: Final expense life insurance premiums in Missouri vary depending on age, gender and health status. Shopping around for the best rate is key to finding the most cost-effective coverage for yourself and your loved ones.
Steps to Buy a Final Expense Policy
Buying a final expense policy is an important decision that should not be taken lightly. It’s important to understand the process and know what you need before beginning your search for coverage.
First and foremost, work with an expert agent who specializes in burial insurance for seniors.
Step One: Determine Coverage Amount
The first step in buying a final expense policy is determining how much coverage you need. This will depend on your estimated end-of-life expenses, such as funeral costs, burial or cremation fees, medical bills, and other related expenses.
You may want to speak with a financial advisor or insurance agent to get an accurate estimate of these costs before deciding on the amount of coverage needed.
Step Two: Compare Quotes
Once you have determined how much coverage you need, it’s time to compare quotes from different companies to find the best rate for your needs.
Make sure to read through each company’s terms and conditions carefully so that there are no surprises down the line when filing a claim or making changes to your policy.
Additionally, consider any additional benefits offered by each insurer such as accelerated death benefit riders which can provide cash advances if needed while still alive due to terminal illness or injury.
Step Three: Apply for Coverage
After comparing rates and selecting the best option for you based on cost and features available it’s time to apply for coverage and pay your first premium payment either online or over the phone with your insurance agent.
Be sure all information provided during this process is accurate. Incorrect information could lead to delay approval of your application or even cause it be denied altogether – even if found out later down the road after purchase has been made already.
Step Four: Keep Track of Policy
Finally, make sure to keep track of all documents related to purchasing this type of life insurance including copies of applications filled out, policies received in the mail, and receipts from payments made.
This way, if ever any questions arise regarding ownership status or details about the plan then having access to them easily will save a lot of headache trying to figure things out at a later date.
Be sure to communicate to your beneficiary where you policy is kept so that it can be easily accessed when it comes time to file a life insurance death claim.
Key Takeaway: When buying a final expense policy, it’s important to determine how much coverage you need and compare quotes from different companies. Make sure to read through each company’s terms and conditions carefully.
Best Final Expense Life Insurance Companies
When it comes to finding the best final expense life insurance companies, there are a few key factors to consider.
One of the most important factors is the financial strength of the company. It’s important to make sure that your chosen insurer has enough money in reserves and assets to pay out any claims you may have in the future.
You should also look for an insurer with competitive rates and flexible payment options so you can find coverage that fits your budget.
We recommend evaluating the following highly-rated final expense carriers:
- SBLI Living Legacy
- American Amicable Senior Choice
- Prosperity PrimeTerm to 100
- Guarantee Trust Life Heritage Plan
- AIG Guaranteed Issue Whole Life
- Mutual of Omaha Living Promise
The financial strength of a life insurance company is one of its most important features when selecting a policy. When researching potential insurers, be sure to check their ratings from independent agencies such as A.M Best or Standard & Poor’s (S&P).
These ratings will give you an indication of how financially secure each company is and whether they are likely able to pay out on any claims made against them in the future.
It is also essential that you compare rates between different providers before making your decision on which one offers the best value for money when it comes to final expense policies.
Some insurers may offer lower premiums but higher deductibles or other fees associated with their policies, while others may provide more comprehensive coverage at slightly higher prices.
So, make sure you shop around and get quotes from several different companies before settling on one provider in particular.
Flexible Payment Options
Finally, look for an insurer who offers flexible payment options so that you can tailor your policy according to your own needs and budget constraints without compromising on quality cover or service levels provided by the provider themselves.
Many insurers now offer monthly payments plans as well as annual lump sum payments depending upon individual circumstances. This allows customers greater control over how much they spend each month whilst still providing adequate protection against unexpected costs later down the line if needed.
Your Needs and Circumstances
In addition to a life insurance company’s features, you need to assess your specific needs and circumstances.
If, for instance, you are looking for burial insurance for veterans, special premium pricing exists.
Your budget, health, age, and required coverage amount will all affect the best carrier to apply with. For example, certain carriers offer better rates for individuals who use tobacco or are disabled.
On the other hand, there are only a couple ideal carriers for burial insurance for elderly individuals, especially if you are over 80 years old.
Key Takeaway: Final expense life insurance companies should be chosen based on their financial strength, competitive rates and flexible payment options.
FAQs in Relation to Missouri Final Expense Life Insurance
How much does final expense insurance cost per month?
The cost of burial insurance (final expense) depends on a variety of factors, such as the age and health of the insured, the amount of coverage desired, and other policy details.
Generally speaking, seniors over 50 can expect to pay between $20 and $200 per month for final expense insurance.
The exact cost will depend on an individual’s specific needs and circumstances. It is important to shop around for different policies in order to find one that fits your budget while still providing adequate coverage.
Is final expense life insurance worth it?
Yes, final expense life insurance can be a valuable tool for seniors over the age of 50. It provides peace of mind that funeral expenses and other end-of-life costs will be taken care of, so loved ones won’t have to worry about it.
Final expense policies are typically smaller in size than traditional life insurance policies and offer more flexible terms and conditions.
They also tend to be easier to qualify for due to their simplified underwriting process. Ultimately, whether or not final expense is worth it depends on your individual circumstances and goals.
What is the difference between burial insurance and final expense insurance?
Burial insurance and final expense insurance are one in the same. Their names are used interchangeably to describe life insurance policies designed to provide financial assistance for end-of-life expenses.
The smaller death benefits make them better suited for covering other end-of-life expenses such as medical bills or unpaid debts.
Burial insurance, or final expense, are permanent policies, which means you cannot outlive your coverage as long as you make your premium payments.
Missouri final expense life insurance is an important part of planning for the future.
With a variety of plans available, it’s important to understand funeral costs in Missouri, burial and funeral laws, sample rates for males and females in Missouri, steps to buy a policy, and the best companies offering final expense life insurance.
Taking the time to research your options can help you make an informed decision that will provide peace of mind knowing you have taken care of your loved ones when you are gone.
Are you a senior in Missouri looking for the best insurance product to cover final expenses and other costs? Look no further than iSeniorBenefits.
Our comprehensive life, health, Medicare, and cancer plans provide coverage for all of your needs. With our competitive rates and excellent customer service team ready to assist you every step of the way – there is no better choice when it comes to protecting yourself from unexpected costs.
Contact us today and see how we can help secure your financial future with affordable protection that fits your budget.