Planning for the end of life can be an uncomfortable and overwhelming process. However, Montana final expense life insurance is a great way to ensure that your family will not have to bear the financial burden associated with funeral costs.
Final expense policies are designed specifically for seniors over 50 who want financial coverage for costs associated with a funeral and final bills.
In this blog post, we’ll discuss what final expense life insurance is, provide information about funeral costs in Montana, explain burial and funeral laws within the state as well as sample rates for males and females looking into purchasing a policy here.
Finally, we’ll outline steps you need to take when buying Montana final expense life insurance before discussing some of the best companies offering such products on today’s market.
Table of Contents
- What is Final Expense Life Insurance?
- Funeral Costs in Montana
- Burial and Funeral Laws in Montana
- Sample Rates for Final Expense Life Insurance in Montana
- Steps to Buy a Final Expense Policy
- Best Final Expense Life Insurance Companies
- Frequently Asked Questions
- Next Steps
What is Final Expense Life Insurance?
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.
Also referred to as burial insurance, it is an important form of protection for seniors in Montana who want to ensure that their loved ones are not burdened with these expenses after they pass away.
The amount of coverage provided by final expense policies varies from company to company, but typically ranges from $2,000 – $50,000 in coverage.
The cost of the policy depends on factors such as age and health history. Most companies do not require medical exams or lengthy applications; instead they offer simplified underwriting processes which make it easier for seniors to obtain coverage quickly and easily.
In addition to covering funeral costs, final expense life insurance can also be used to pay off debts or provide financial support for family members after the insured passes away.
This makes it an ideal choice for those who wish to leave behind a legacy without putting too much strain on their families’ finances.
It is important for seniors in Montana considering purchasing a final expense policy to research different companies and compare rates before making any decisions.
Doing so will help them find the best plan at the most affordable price point possible, ensuring that their loved ones are taken care of when they are gone without breaking the bank in the process.
Final expense life insurance provides financial protection for your loved ones in the event of your passing, and is an important consideration when planning for funeral costs in Montana.
Funeral Costs in Montana
Funeral costs in Montana can vary greatly depending on the type of service and burial arrangements you choose. The average price of a funeral in Montana is around $7,000 to $10,000.
This includes the cost of embalming and other preparation services, transportation fees, casket or urn selection, memorial service expenses such as flowers and music, cemetery plot purchase or rental fees for cremation services.
When planning a funeral it’s important to consider all potential costs that may be incurred during this time. It’s recommended that families plan ahead by purchasing final expense life insurance policies which are designed specifically to cover these types of expenses.
Average coverage amounts for final expense policies:
It is recommended seniors purchase enough coverage to pay for all costs associated with their funeral and related end-of-life costs.
Funeral costs in Montana can vary depending on the services selected, but it is important to be aware of local laws and regulations when planning a funeral. Moving on, let’s take a look at burial and funeral laws in Montana.
Key Takeaway: The average cost of a funeral in Montana is approximately $7,000 – $10,000. Be sure buy enough final expense coverage to pay for all costs associated with end-of-life expenses.
Burial and Funeral Laws in Montana
In addition to funeral costs, there are also state laws governing burials in Montana which must be taken into consideration when making plans for a loved one’s passing.
Montana has a few laws that apply to funerals and burials. It is important for seniors to be aware of these laws, as they may affect their funeral planning.
Reporting of Death
The state requires that all deaths must be reported within 24 hours of death. This includes filing a death certificate with the county health department or local registrar’s office.
Note – the death certificate is required when a beneficiary is preparing to file a life insurance death claim.
The deceased person’s next-of-kin is responsible for making this report.
There are certain restrictions on how long after death a body can be buried or cremated in Montana.
Generally speaking, burial or cremation must take place within 48 hours of death unless special permission is granted by the county coroner or medical examiner’s office due to extenuating circumstances such as religious beliefs or distance from an appropriate facility.
If embalming is required prior to burial (which it usually isn’t), it must be done by a licensed embalmer who holds an active license issued by the Board of Funeral Service Examiners in Montana.
This must be performed according to accepted standards set forth by law in order for the body to remain intact until final disposition takes place.
Furthermore, the embalming fluid used must meet certain requirements established under state law regarding its composition and safety measures related to disposal after use.
The Montana Board of Funeral Service creates and oversees the rules for cremations in Montana. Often, family members will store cremated remains in a special urn or columbarium in a cemetery, both of which are allowable by law.
Or, Montana does give permission for ashes to be scattered under certain circumstances. You must receive special permission from the land owner, whether private or public, first.
- Private land owner
- Church-owned land
- City property
- County property
- State property
- Tribal property
Additionally, proper paperwork documenting dispersal coordinates should always accompany ashes upon return back onto land so that family members have records verifying the exact location where their loved one was laid to rest.
For example; if someone wishes to be buried outside an established cemetery they must first obtain permission from their local county health department before proceeding with any arrangements.
In addition, certain counties require additional permits for cremations as well as special forms for those who wish to donate their body organs or tissue after death has occurred.
Finally, cemetery regulations vary depending on which cemetery you choose.
Generally speaking, most require some type of permanent marker placed above the grave site, along with a purchase agreement outlining terms and conditions associated with plot ownership and maintenance fees over time.
Burial and funeral laws in Montana help protect the rights of those who have passed away, ensuring that their final wishes are respected. Now let’s take a look at sample rates for Final Expense Life Insurance in Montana.
Key Takeaway: Montana has laws regarding death reporting, burial and cremation times, embalming requirements, scattering ashes and cemetery regulations that must be followed.
Sample Rates for Final Expense Life Insurance in Montana
It provides peace of mind that your loved ones will be taken care of after you’re gone, and it can help cover funeral costs and other expenses associated with death.
When shopping for final expense life insurance, it’s important to compare rates from different companies to make sure you get the best deal.
Here are some quotes for healthy males and females in Montana who are looking to purchase a $10,000 final expense policy.
Note – rates will increase if the applicant has health complications or wants a larger coverage amount. Further, rates do vary by carrier.
Sample Rates Males $10,000 Policy
Sample Rates Females $10,000 Policy
It is also important to note that these rates may vary depending on the type of policy you choose, as well as any additional riders or benefits you add onto your plan.
Therefore, it is recommended to shop around and compare quotes from multiple providers before making a decision in order to get the best deal.
Work with an expert independent agent to secure the best final expense rates.
Sample rates can range anywhere from just under $20 per month up to over $100 per month, depending on factors such as age, gender, tobacco use, and medical history.
Knowing the sample rates for final expense life Insurance in Montana is an important step in making an informed decision about your life insurance needs. Now, let’s look at how to purchase a policy.
Steps to Buy a Final Expense Policy
Designed to help seniors in Montana cover the cost of their burial or cremation, as well as any medical bills they may have incurred before passing away, final expense policies are easy to purchase.
Plan to take the following simple steps to secure coverage. Just be sure to partner up with an independent agent who specializes in insurance coverage for seniors. That way, you can feel confident knowing you have an expert working on your behalf.
Step One: Determine Coverage Needs
First, determine how much coverage you need by calculating what your final expenses might be including funeral costs and medical bills.
Assess your finances to be sure your policy can cover any outstanding minor debts you may have accrued.
It’s also a good idea to know what type of funeral service you would like so that you have a general idea of the costs. Many seniors receive quotes from multiple funeral homes to compare and contrast.
Step Two: Shop Around
You agent will shop around to compare multiple quotes side by side, so you can find the best rate possible based on your individual needs.
Independent agents have access to top-rated carriers so you can find the best coverage to meet your unique needs.
Step Three: Apply
Once you’ve found one that works for you fill out all necessary forms online (most companies now offer this option).
Be prepared with important information such as your name, address, date of birth, Social Security number, and beneficiary information.
Also plan to communicate basic health information, such as any major medical diagnoses (e.g. diabetes) you have.
Step Four: Approval
If approved, pay any required initial premium payment. Finally, receive policy documents via mail once everything has been processed correctly.
Sometimes, an applicant’s health or lifestyle prevents them from buying traditional final expense policies. If you were not approved for coverage, do not worry, you still have options.
Look to guaranteed issue final expense plans if your health precludes you from other forms of life insurance.
The next step is researching the best final expense life insurance companies for your needs.
Key Takeaway: Work with an independent agent, first and foremost. Steps for buying a policy include: determining coverage needs, shopping around for the best rate, filling out forms, paying first premium payment and submitting proof of identity.
Best Final Expense Life Insurance Companies
When it comes to final expense life insurance, seniors in Montana have a number of options. Finding the best company for your needs is essential for getting the coverage you need at an affordable rate.
Here are some of the top companies offering final expense life insurance in Montana:
They also include a LegacyShield rider, which offers free estate-planning tools such as a will and power of attorney.
SBLI has partnered with Sequoia Funeral Concierge Plans and each final expense policyholder gains free access to the helpful funeral planning service.
American Amicable offers competitive rates and customizable policies that make them one of the most popular choices for seniors looking for final expense life insurance in Montana.
They also offer additional benefits such as accidental death coverage and living benefits riders which can provide cash advances if needed during a terminal illness. Up to $50,000 in coverage is available.
Included at no additional cost is an accelerated death benefit rider and seniors only need to answer three health questions to qualify for coverage.
Applicants can be between the ages of 0 – 85 years old. CICA offers both Standard policies with level coverage and Guaranteed Issue policies with graded benefits.
You will not be asked about your height, weight or tobacco use. Further, many common health conditions still qualify for Standard coverage, including heart attack, oxygen use and COPD (if being treated by a physician).
Guarantee Trust Life
Guarantee Trust Life (GTL) offers final expense coverage of up to $25,000 in death benefits. They offer a temporary accidental death benefit for the first two years of the policy. Underwriting is simple with only five health questions asked.
Guarantee Trust Life is an ideal carrier for burial insurance for elderly individuals. They provide coverage for seniors up to 90 years old. Most final expense carriers cap age restrictions at 85 years.
GTL is now offering free enrollment into the Sequoia Funeral Concierge Plan.
Corebridge Guaranteed Issue
Formerly called AIG, Corebridge Guaranteed Issue Whole Life is another great option when it comes to finding quality final expense life insurance in Montana. They specialize in guaranteed issue plans designed specifically for seniors who have been diagnosed with serious health conditions.
With guaranteed issue life insurance, there are no medical exams or health questions asked. As long as you are between the ages of 50 to 80 years old, you can buy a Corebridge policy.
Key Takeaway: Seniors in Montana have multiple options for final expense life insurance, including SBLI, American Amicable, Prosperity, Guarantee Trust Life, and Corebridge. All offer competitive rates and customizable policies with additional benefits.
FAQs in Relation to Montana Final Expense Life Insurance
Is final expense life insurance worth it?
Final expense life insurance can be a valuable tool for seniors over the age of 50. It provides financial protection in the event of death, helping to cover funeral costs and other end-of-life expenses.
Additionally, it may provide peace of mind knowing that your loved ones will not have to bear the burden of covering these costs.
Final expense life insurance is worth considering as part of an overall financial plan for seniors who are looking for additional coverage and security.
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 the price of a funeral.
It typically provides coverage in amounts ranging from $2,000 to $50,000 in coverage and can be purchased by individuals over the age of 50.
Premiums are generally fixed for the life of the policy and are based on factors such as age, gender, health status, and lifestyle.
The death benefit is paid out upon the insured’s passing. This type of policy can provide peace of mind to seniors and their families, knowing that the financial burden associated with end-of-life expenses will be taken care of.
When should I buy final expense insurance?
In truth, the best time to buy burial insurance for seniors was yesterday. The second best time to buy coverage is today.
Why? Tomorrow is guaranteed to no one and your loved ones want peace of mind know that finances are in place to cover the costs associated with your end-of-life expenses.
Specifically, seniors over the age of 50 who may not have enough money saved up to cover these costs should buy coverage.
Buying final expense insurance now ensures that your loved ones will not be burdened with the financial responsibility after you pass away.
Additionally, premiums are typically lower when purchased earlier in life, so buying now could save you money in the long run.
Montana seniors should consider final expense life insurance to help cover the costs of a funeral. It is important to understand the burial and funeral laws in Montana as well as compare sample rates for males and females when shopping for a policy.
There are steps that need to be taken in order to purchase a final expense policy, so it is best to research different companies before making any decisions.
Ultimately, Montana final expense life insurance can provide peace of mind knowing that your loved ones will not have financial burden after you pass away.
With iSeniorBenefits’ wide range of products tailored to meet your individual needs, you will be able to find a plan that fits both your budget and lifestyle so you can feel secure knowing that you have reliable coverage now as well as into the future.