If you’re a senior in New Jersey looking to provide financial security for your family after you pass away, final expense life insurance is an excellent option.
It’s designed specifically to cover the costs associated with funerals and other end-of-life expenses so that your loved ones won’t be burdened by these bills when they are grieving.
In this article, we’ll discuss New jJersey final expense life insurance overviews, cost of a funeral in New Jersey, burial and funeral laws in the state, sample rates for males and females living there – as well as steps on how to buy such a policy from one of the best companies offering it.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of a Funeral in New Jersey
- Burial and Funeral Laws in New Jersey
- Sample Rates for New Jersey Males and Females
- Steps to Buy a Final Expense Life Insurance 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 life insurance designed to cover the costs associated with end-of-life expenses.
Also referred to as burial insurance, it provides coverage for burial and funeral costs, medical bills, and other debts that may be left behind after death.
Modest Death Benefit
Final expense policies are typically smaller than traditional life insurance policies, ranging from $2,000 to $50,000 in coverage.
Stacking burial insurance policies is potentially an option if you need more coverage than a single policy provides.
Policies are almost always a form of whole life insurance. As long as you make your premium payments, your policy will not expire.
Whole life, or permanent, coverage is ideal for end-of-life expenses because you do not need to worry about outliving your life insurance contract.
Peace of Mind
For seniors living in New Jersey, final expense life insurance (burial insurance) can provide peace of mind knowing their loved ones won’t have to worry about covering the cost of their funeral or any outstanding debts they leave behind.
Final expense life insurance plans are generally more affordable than other types of life insurance because they are designed specifically with seniors in mind.
Premiums remain level throughout the policy term regardless of age or health status with no medical exam required.
Additionally, many companies offer flexible payment options so you can choose how much you want to pay each month based on your budget needs. This makes it easier for those who may be living on a fixed income to afford coverage.
Burial insurance for seniors can provide financial security for your family and help cover funeral costs. It is important to understand the cost of a funeral in New Jersey before making any decisions about purchasing a policy.
Key Takeaway: Final expense life insurance in New Jersey provides permanent coverage for end-of-life expenses such as burial and funeral costs, medical bills, and other debts.
Cost of a Funeral in New Jersey
Funerals can be expensive, and the cost of a funeral in New Jersey is no exception.
The average price of a funeral in New Jersey is around $7,000 to $10,000 depending on the services chosen.
Funeral Cost Details
There are a number of specific items that influence the price of a funeral.
- Embalming or cremation costs (sometimes both).
- Burial plot or urn.
- Cemetery fees.
- Visitation and service fees.
- Funeral home pricing.
- Transportation costs.
- Flowers and music expenses.
- Obituary notices.
The exact price of your funeral depends on the specific service you would like. Be sure to price out a number of options so that you can feel confident in how money is spent.
How Burial Insurance Can Help
For those looking to plan ahead for their own funerals or those of loved ones, burial insurance (final expense)provides an affordable way to cover these expenses without breaking the bank.
Final expense policies are typically smaller than traditional life insurance policies but still offer coverage that will pay out upon death so that your loved ones don’t have to worry about covering these costs themselves.
Planning ahead for funeral expenses is essential in New Jersey, as the cost of a funeral can be expensive.
Key Takeaway: Final expense life insurance is an affordable way to cover funeral expenses in New Jersey.
Burial and Funeral Laws in New Jersey
It is important to understand the laws surrounding funerals and burials in New Jersey before purchasing a policy so you know what kind of coverage you need for yourself or your loved one.
Burial and funeral laws in New Jersey are set by the state government to ensure that individuals have a dignified and respectful way of saying goodbye to their loved ones.
Let’s be sure to understand some of the specific laws that may affect your own burial and funeral.
In New Jersey, it is required that all deaths must be reported within 24 hours unless an autopsy has been ordered by the state Medical Examiner’s Office or local coroner’s office.
The most important law is that all burials must be conducted within 48 hours of death, unless otherwise specified by the deceased’s family or religious beliefs. Or, if embalming or cremation occurs.
In addition, most burials must take place on consecrated ground such as a cemetery or churchyard.
The only place that burial can take place in New Jersey is on land that is dedicated for cemetery purposes.New Jersey Cemetery Board
It is possible to establish a family cemetery on personal property, however. Check with your local town or county clerk for specific steps and rules.
When it comes to funerals, there are several regulations that need to be followed in order for them to be considered legal in New Jersey.
For example, any memorial service held before or after a burial needs to adhere strictly to local zoning ordinances.
In terms of cremation services, these are allowed under certain circumstances but require prior approval from either the county medical examiner or coroner depending on where you live in New Jersey.
Additionally, if an individual wishes for their ashes to be scattered somewhere other than a cemetery then they will need written permission from either the property owner or municipality before doing so legally.
National Funeral Directors Association
For seniors living in New Jersey who may not have made arrangements ahead of time for their final resting place, there are some options available through various organizations like The National Funeral Directors Association (NFDA).
This organization offers special discounts on funeral services specifically tailored towards senior citizens who may not have had access to these types of resources previously due to financial constraints or lack thereof information about them altogether.
Burial and funeral laws in New Jersey provide important guidance for those planning ahead. Knowing the regulations can help you make informed decisions when purchasing burial insurance to cover costs associated with end-of-life arrangements.
Next, we’ll look at sample rates for males and females in New Jersey.
Sample Rates for New Jersey Males and Females
New Jersey males and females looking to purchase final expense life insurance can find a variety of sample rates available.
The cost of burial policies will vary depending on:
- Coverage amount
Age and Gender
Sample rates for males aged 50 – 85 years old range from approximately $20 – hundreds of dollars per month depending on age and coverage amount.
In comparison, females aged 50 – 85 years old range from approximately $15 – hundreds of dollars per month depending on age and coverage amount.
However, these numbers may vary depending on factors such as health history and lifestyle choice. It is best to speak with an agent who can help find the right policy for you based on your needs and budget constraints.
A 65 year old female in the same situation may pay around $45 per month for the same coverage amount.
Health and Lifestyle
Rates increase with age but also depend on individual circumstances such as any pre-existing medical conditions, such as a diabetic senior, can affect an insurer’s decision about offering coverage at all.
Lifestyle also influences burial insurance rates. For example, tobacco users are typically charged more than non smokers.
Unsurprisingly, the more coverage amount you purchase, the more it costs in premiums.
In an ideal world, you will want to buy a large enough policy to cover your end-of-life expenses, without breaking the bank.
Typical coverage amounts seniors in New Jersey buy include:
The last thing you want is to have loved ones searching for free places for burial because you do not have funds in place to cover your funeral.
By comparing the sample rates for New Jersey males and females, you can determine which policy is best suited to your needs. Now let’s look at the steps needed to buy a final expense life insurance policy.
Key Takeaway: Final expense life insurance policies in New Jersey vary depending on age, gender, health history, lifestyle factors and coverage amount.
Steps to Buy a Final Expense Life Insurance Policy
When buying a final expense policy there are several simple steps involved. You do not need to leave the comfort of your home to buy coverage.
The most important thing to do first is select an agent who specializes in burial insurance for seniors.
Step 1: Research Final Expense Life Insurance Companies
Before purchasing a final expense life insurance policy, it is important to research the different companies available in New Jersey.
Your independent agent will guide you through the comparison process.
Make sure you compare rates and coverage options to find the best company for your needs. Look at customer reviews and ratings as well as any additional services offered by each company.
Step 2: Calculate Your Coverage Needs
Determine how much coverage you need based on your current financial situation and future goals.
Consider factors such as funeral costs, medical bills, outstanding debts, or other expenses that may be incurred after death before deciding on an amount of coverage needed for your policy.
Step 3: Compare Rates and Policies
Once you have determined how much coverage you need, start comparing policies with your agent to find the best rate and terms for your needs.
Be sure to read through all of the fine print carefully so that there are no surprises when it comes time to pay premiums or file a claim later down the road.
Step 4: Apply For The Policy and Pay Premium
After selecting a policy from one of the final expense life insurance companies in New Jersey, fill out an application form with accurate information about yourself including age, health history, Social Security number, address and beneficiary information.
Submit it along with payment for first month’s premium (if applicable). You will then receive confirmation once approved by insurer, which often happens right away, depending on underwriting process involved in approving applications for this type of product.
Step 5: Review Policy Regularly
It is important to review your policy regularly over time so that you can make changes if necessary due to changing circumstances such as marriage status or job change.
Ensure that all information remains up-to-date and accurate at all times. 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.
Taking the steps to buy a final expense life insurance policy can provide seniors with peace of mind and financial security. Now let’s take a look at some of the best companies offering these policies.
Key Takeaway: It is important to research different final expense life insurance companies in New Jersey, calculate your coverage needs, compare rates and policies with an agent, and apply for the policy before paying premiums. Review your policy regularly to ensure accuracy.
Best Final Expense Life Insurance Companies
When it comes to final expense life insurance, seniors over the age of 50 need to make sure they are getting the best coverage for their needs. Even elderly seniors can find a highly rated final expense carrier.
The right policy can help cover funeral and burial costs, as well as other expenses associated with end-of-life planning.
The best final expense life insurance companies offer competitive rates, flexible policies, and a wide range of options. It’s important to compare several providers before making a decision on which one is right for you.
Here are some of the top rated companies offering final expense life insurance:
SBLI has been providing quality financial products since 1904 and offers simple issue whole life policies with no medical exam required for up to a $35,000 burial policy at reasonable rates. Policyholders also have free access to the Sequoia Funeral Concierge Plan.
American Amicable offers whole life policies that provide up to $50,000 in coverage at competitive rates. They also have a terminal rider that allows you access your benefits if you become terminally ill prior to death.
Prosperity is a great option for burial coverage. Your policy lasts until age 100, and for the first 20 policy years, the death benefit is level. You only need to answer three health questions to qualify for up to a $30,000 burial policy.
Guarantee Trust Life
Guarantee Trust Life has been around since 1936 offering comprehensive plans with no medical exam required for those between ages 40 – 90 years old. You only need to answer five health questions for up to a $25,000 burial policy.
Guarantee Trust Life now also offers free enrollment in the Sequoia Funeral Concierge Plan.
For seniors with significant medical complications, Corebridge (formerly AIG) is a great option. Their burial policy is a guaranteed issue life insurance plan, meaning that zero health questions are asked.
Up to a $25,000 burial policy is available through Corebridge Financial.
Mutual of Omaha
Mutual of Omaha provides permanent plans with up to $40,000 in coverage at affordable prices. Their policies come with living benefits such as accelerated death benefit and nursing home confinement riders – so you can be covered even if something unexpected happens while still alive.
Newer to the industry, CICA Life offers an easy-to-qualify for final expense life insurance product. With up to $30,000 in coverage available, you will not be asked about your height, weight or tobacco use.
CICA Life’s Superior Choice product is available in two health classes: Standard and Guaranteed Issue. Their Standard policy does not have a waiting period, while their Guaranteed Issue policy requires two years after policy issuance for the full death benefit to be paid.
Key Takeaway: Seniors over the age of 50 should compare several providers before choosing a final expense life insurance policy.
Frequently Asked Questions
Is final expense life insurance worth it?
Final expense life insurance (burial insurance) is be a great way to ensure that your loved ones are taken care of financially in the event of your passing.
It is designed to cover funeral and burial costs, as well as any outstanding debts or medical bills you may have incurred.
The premiums for final expense policies are typically lower than those associated with other types of life insurance, making them an attractive option for seniors who want to provide financial security without breaking the bank.
Ultimately, whether or not coverage is worth it depends on individual circumstances. However, most people find that having this type of coverage provides peace of mind knowing their family will be taken care of if something were to happen.
How much does final expense insurance cost per month?
The cost of burial insurance (final expense) varies depending on a variety of factors, such as age, health status, and the amount of coverage desired.
Generally speaking, monthly premiums for final expense insurance range from $20 to hundreds of dollars per month.
The best way to determine an exact premium is to speak with an experienced agent who can help you find the right policy for your needs at the most affordable rate.
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 and burial costs.
It is important to purchase this type of insurance at an age when you are still in good health and can qualify for a lower premium rate.
Generally speaking, it is recommended that individuals over the age of 50 begin looking into final expense insurance policies.
In other words, the sooner you buy burial insurance, the better. Rates increase with age and health complications that may arise.
Consider the difference in rates for the following age categories:
- 60 year old burial insurance rates
- 70 year old burial insurance rates
- 80 year old burial insurance rates
This ensures that they will be able to get coverage while they are still healthy enough to qualify for a lower premium rate.
Additionally, purchasing earlier allows seniors more time to save money on premiums before their rates increase due to age or health conditions.
In conclusion, final expense life insurance is an important and necessary product for seniors over the age of 50 in New Jersey. It can help cover funeral costs and other expenses associated with death.
Knowing the cost of a funeral in New Jersey, burial and funeral laws, sample rates for males and females, steps to buy a policy, as well as researching the best companies are all essential when considering purchasing new jersey final expense life insurance.
Seniors in New Jersey need access to reliable and affordable life insurance. iSeniorBenefits offers a wide range of final expense, Medicare, health and cancer plans tailored specifically for the senior market.
Our solutions provide seniors with peace of mind knowing that their loved ones will be taken care of when they are gone. Don’t wait any longer – take advantage today of our secure coverage options and get the protection you deserve.