New Hampshire Final Expense Life Insurance: How to Buy in 2024
Posted in Insurance By State last updated on December 4, 2023
Final expense life insurance is a type of policy specifically designed to cover the cost of burial and funeral expenses for seniors over 50.
New Hampshire residents should consider investing in final expense life insurance as it can provide them with peace-of-mind knowing that their loved ones won’t be burdened by unexpected costs when they pass away.
In this article, we will explore the overview of final expense life insurance, the cost of funerals in New Hampshire, laws regarding burials and funerals, sample rates based on gender and age groupings, as well as steps to buy a final expense life insurance policy.
It’s important for those living in New Hampshire who are interested in final expense life insurance to have all relevant information before making an informed decision about their coverage options.
Table of Contents
- Overview of Final Expense Life Insurance
- Cost of a Funeral in New Hampshire
- Burial and Funeral Laws in New Hampshire
- Sample Rates for New Hampshire Males and Females
- Steps to Buy a Final Expense Life Insurance Policy
- Frequently Asked Questions
- Next Steps
Overview of Final Expense Life Insurance
Final expense life insurance is a type of permanent life insurance that provides coverage for end-of-life expenses.
The death benefit pays out upon the insured’s passing and helps cover any final expenses such as funeral costs, medical bills, and minor debts owed.
These policies are typically smaller than traditional life insurance policies and offer more flexibility when it comes to premiums payments – due to their low face value amounts.
Benefits of Final Expense Life Insurance
The primary benefit of final expense life insurance, also known as burial insurance, is that it can help ease the financial burden on your family after you pass away by providing funds to cover expenses such as funeral services or cremation costs.
Additionally, these policies often come with accelerated death benefits which allow you access to some of your policy’s cash value while you are still alive if needed due to a terminal illness.
This money can be used towards medical bills or other living expenses during this time without having to surrender the policy itself.
Who Should Consider Final Expense Life Insurance?
Seniors 50 years old and older should consider purchasing a final expense policy if they want peace of mind knowing their loved ones won’t be left with large out-of pocket costs after they pass away.
Those who don’t have enough saved up in retirement accounts may also find these plans beneficial since they offer guaranteed payout regardless of how long one lives.
There is typically a cash-value component to final expense policies that can be accessed during a minor financial emergency.
Final expense life insurance can be a great way to provide financial protection for your loved ones after you pass away. Knowing the costs associated with funerals in New Hampshire can help you decide how much coverage is right for you.
Key Takeaway: Final expense life insurance is a type of permanent policy designed to cover end-of-life expenses such as funeral costs, medical bills, and debts. Benefits include: lifelong coverage; access to cash value while alive; and guaranteed payout regardless of how long one lives.
Cost of a Funeral in New Hampshire
The average price of a funeral in New Hampshire is between $7,000 – $10,000.
Many details factor into the total cost and affect the price greatly:
- Location of funeral (city tends to be more expensive).
- Details of funeral service.
- Embalming or cremation.
- Transportation fees.
- Obituary notices.
- Memorial special features (such as a slideshow).
- Flower arrangements.
- Funeral director fees.
- Casket viewing (if applicable).
- Burial plot and cemetery fees.
- Headstone marker (if desired).
Clearly, there are numerous decisions to make for one’s funeral that directly affect cost.
When it comes to reducing the cost of a funeral in New Hampshire there are several options available. One option is pre-planning your own funeral with an experienced professional who can help you create an affordable plan that meets your needs while staying within budget.
Another option is purchasing prepaid burial plans which allow you to pay for certain aspects of your final arrangements ahead of time so they don’t have to be paid for out-of-pocket later on.
Finally, many families choose cremation instead of traditional burials due to its lower cost associated with it compared to traditional funerals
Planning ahead and researching the costs of a funeral in New Hampshire can help seniors to make informed decisions about their final expenses. Moving on, it is also important to understand burial and funeral laws in New Hampshire before making any decisions.
Burial and Funeral Laws in New Hampshire
To be prepared, seniors should familiarize themselves with specific rules and regulations surrounding burials and funerals in New Hampshire.
That way, loved ones are not left with any surprises.
Pre-Need Planning Requirements in New Hampshire:
Pre-need planning is an important part of preparing for a funeral or memorial service.
In New Hampshire, pre-need plans must be filed with the Department of Health and Human Services. The plan must include information about the deceased’s wishes regarding their burial or cremation, as well as any other arrangements that need to be made.
It should also specify who will pay for the services and how those funds will be used.
Disposition of Remains Requirements in New Hampshire
In New Hampshire, all funerals and burials must follow certain regulations set forth by state law. These laws dictate where remains can be buried, what type of casket may be used, and whether embalming is required prior to burial or cremation.
Additionally, these laws require that all gravesites are properly marked with a permanent marker such as a headstone or grave marker.
It is important to understand the burial and funeral laws in New Hampshire when considering final expense life insurance.
Knowing these regulations can help you make an informed decision when selecting a policy that meets your needs. Next, we will discuss sample rates for males and females in New Hampshire.
Key Takeaway: New Hampshire requires pre-need plans to be filed with the Department of Health and Human Services in order to ensure that a funeral or memorial service is conducted according to state law.
Sample Rates for New Hampshire Males and Females
When it comes to purchasing final expense life insurance, the cost of coverage is an important factor for seniors in New Hampshire. The average rates for males and females vary depending on age, health status, and other factors that affect rates for seniors.
Average Rates for Males in New Hampshire
Generally speaking, male seniors over the age of 50 can expect to pay higher premiums than female seniors due to their greater risk of death.
For example, a 65 year old male with no major health issues may pay around $60 per month for a $10,000 burial policy.
Average Rates for Females in New Hampshire
Female seniors tend to have lower premiums than males due to their longer life expectancy.
A 65-year-old female with no major health issues could expect to pay around $42 per month for a $10,000 burial policy.
Health and Lifestyle
In addition to gender and age, there are several other factors that can influence your rate when shopping for final expense life insurance such as your overall health condition and lifestyle habits like smoking or drinking alcohol.
It is also important to consider any pre-existing medical conditions you may have as these can increase your premium significantly if not properly disclosed during the application process.
Further, if you have a special circumstance, such as living as a disabled senior, be sure to let your agent know, as it may affect your application.
Comparing rates from different companies is an important step in choosing the right final expense life insurance policy for you.
Now that we’ve discussed sample rates, let’s look at the steps to buy a final expense life insurance policy.
Steps to Buy a Final Expense Life Insurance Policy
Buying a final expense life insurance policy is an important decision for seniors over the age of 50.
It’s important to understand all the steps involved in purchasing a policy so you can make an informed decision and get the coverage that best meets your needs.
Before you start, enlist the help of an expert independent agent who specializes in burial insurance for seniors.
Gather Information about Your Health and Financial Situation
Before applying for a final expense life insurance policy, it’s important to gather information about your health and financial situation.
This includes understanding any pre-existing medical conditions or medications you take, as well as any assets or debts you have.
While most seniors qualify for traditional burial insurance, if you have been diagnosed with significant health complications, you may need to evaluate a guaranteed issue life insurance plan.
Knowing this information will help determine which type of policy is right for you and what kind of coverage you need.
Compare Different Companies and Policies
Once you know your health status and financial situation, it’s time to compare different companies and policies available in New Hampshire.
The top-rated final expense companies to evaluate with your independent agent are:
Look at factors such as cost, coverage amounts, waiting periods before benefits are paid out, riders (additional features) and customer service ratings when making your comparison.
Choose the Right Policy for You:
After comparing different companies and policies available in New Hampshire, choose one that best fits your needs based on the cost of burial insurance, as well as other factors like face amount or additional features offered by certain insurers.
Make sure to read through all terms and conditions carefully before signing up with any insurer so there are no surprises down the line if something unexpected happens.
Apply for Coverage
Once you decide on a company and policy combination that works best for you, it’s time to apply.
Most applications can be done online, depending on where and what type of product being applied for – just follow instructions provided by each individual insurer accordingly.
The last step is completing the application process, which usually involves providing proof of identity (driver’s license) along with other documents such as medical records if applicable.
These requirements vary from company to product, so make sure everything needed has been submitted correctly before submitting anything else.
Store Policy in a Safe Place
After you have made your first premium payment, your policy is active. Your policy will be sent to you either electronically or by mail.
Be sure to store your life insurance contract in a safe place. Review your coverage annually to verify coverage details still meets your needs.
Communicate to your beneficiary where your policy is stored so that it can be easily accessed when it comes time to file a life insurance death claim.
Key Takeaway: When purchasing a final expense life insurance policy in New Hampshire, it’s important to compare different companies and policies available based on cost, coverage amounts, waiting periods before benefits are paid out and other factors.
Frequently Asked Questions
Is final expense life insurance worth it?
Often, burial insurance is worth it. As an investment for seniors over the age of 50, this form of life insurance protects the financial livelihood of those close to you so they are not burdened with your end of life costs.
It provides financial protection in the event of an unexpected death and helps to cover funeral costs and other expenses that may arise after passing away.
Final expense life insurance is typically less expensive than traditional life insurance policies, making it more affordable for those on a fixed income.
Additionally, some plans provide coverage regardless of pre-existing health conditions or medical history, such as guaranteed issue life insurance plans, making them accessible to many seniors who may not qualify for other types of policies.
What is the average cost of final expense insurance?
The average cost of burial coverage (final expense) varies depending on the policy and the individual’s age, health, and lifestyle.
Generally speaking, policies for seniors over 50 range from $25 to hundreds of dollars per month. The amount of coverage can also vary greatly; some policies may cover as little as a few thousand dollars while others may provide up to $35,000 or more in death benefits.
It is important to compare different plans carefully before making a decision so that you can find one that meets your needs at an affordable price.
At what age should you buy final expense insurance?
Final expense insurance is designed to cover the costs associated with end-of-life expenses, such as funeral costs.
It is typically recommended that individuals over the age of 50 purchase final expense insurance in order to ensure their loved ones are not burdened with these expenses after they pass away.
Final expense policies are generally more affordable than other types of life insurance, making them an attractive option for seniors who may have limited financial resources.
Related – secure coverage today so that loved ones are not searching for free burial places.
Additionally, most insurers do not require a medical exam when applying for coverage.
Next Steps
Final expense life insurance for seniors in New Hampshire provides financial security and peace of mind during a difficult time.
With the right information about cost, burial and funeral laws, sample rates, and steps to buy a policy, you can make an informed decision on the best New Hampshire final expense life insurance plan for your needs.
Doing research ahead of time will ensure that you get the coverage you need at a price that fits your budget.
Seniors should not be burdened with the financial pressure of end-of-life expenses. With iSeniorBenefits, you can find affordable New Hampshire Final Expense Life Insurance plans and give your loved ones the financial security they need.