North Carolina Final Expense Life Insurance: 2024 Update

iSeniorBenefitsPosted in Insurance By State last updated on December 4, 2023

North Carolina final expense life insurance

Are you a senior over the age of 50 in North Carolina considering life insurance?

Final expense life insurance is an important type of coverage to consider, especially when it comes to covering funeral and burial costs.

In this blog post, we will be discussing North Carolina final expense life insurance – from understanding what it is and its associated costs in North Carolina, all the way through to buying a policy and finding out which companies offer the best policies for seniors.

Read on for more information about North Carolina final expense life insurance.

What is Final Expense Life Insurance?
Funeral Costs in North Carolina
Burial and Funeral Laws in North Carolina
Sample Rates for North Carolina 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 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 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.

Coverage Amount and Premiums

The death benefit from final expense policies can range anywhere from $2,000 to $50,000 in coverage, depending on the insurer and coverage chosen.

The premiums for these policies tend to be relatively low compared to other types of life insurance because they have modest face amounts and are generally issued without medical exams.

These policies also come with fixed premiums so you know exactly what your payments will be each month and don’t have to worry about them increasing over time.

Most policies will provide enough money to cover the price of a funeral, but not much more. Beneficiaries usually receive the death benefit in a lump sum and may opt to use the funds as they see best.

When purchasing a final expense policy, it is important for seniors to understand what will be covered by their policy in order to make sure that all necessary expenses are taken care of upon their passing.

Who Buys Final Expense?

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.

This type of coverage can also provide financial protection for those who may have limited resources or limited access to other types of life insurance policies due to health issues or pre-existing conditions.

Underwriting Requirements

Most final expense policies do not require medical exams or extensive paperwork in order for you to qualify for coverage – making them an ideal choice for seniors who may not otherwise qualify for traditional life insurance products due to age or health concerns.

In fact, burial insurance for seniors can be purchased from the comfort of your home with a simple phone call or online application.

Just plan to answer basic health questions. Or, if you have serious medical complications, you can evaluate guaranteed issue life insurance plans for your final expense needs. No health questions are asked with this form of coverage.

To recap, final expense life insurance is an important way to protect your loved ones from the financial burden of funeral costs. Now, let’s look at the specific funeral costs in North Carolina.

Key Takeaway: Final expense life insurance is a type of policy designed to cover end-of-life expenses, typically purchased by seniors over 50.

Funeral Costs in North Carolina

Funeral costs in North Carolina can vary greatly depending on the services chosen.

The average cost of a funeral in North Carolina is around $7,000 and includes basic services such as embalming, viewing, and transportation of the body. Additional services may include flowers, obituaries or other items to personalize the service for your loved one.

Open Casket

For example, if you choose to have an open casket visitation prior to the funeral service this will add additional fees for preparation of the deceased as well as rental fees for use of a chapel or other facility.

Graveside Service

Further, if you would like a graveside service there are typically additional charges associated with that option which may include tent rentals and chairs for attendees.

Obituary and Flowers

The cost of an obituary also varies based on where it is placed but typically ranges from $50-$200 per publication.

If you wish to purchase flowers or other memorial items these costs should be taken into consideration when planning a funeral budget in North Carolina.

Burial Plot

Finally, burial plots can range anywhere from several hundred dollars up to thousands depending on location and cemetery rules regarding grave liners or vaults which are often required by law in some states including North Carolina.

It is important to research all options available before making any decisions so that you understand what type of expenses will be incurred during this difficult time.

Key Takeaway: The p r i c e of a funeral in North Carolina can vary greatly depending on the type of service and burial desired.

Burial and Funeral Laws in North Carolina

Burial and Funeral Laws in North Carolina are designed to ensure that the deceased is treated with respect, dignity, and care.

Permits

The state requires a permit for any burial or cremation of a body within its borders. This permit must be obtained from the county register of deeds office where the death occurred.

In addition, burials can only take place on private property if it has been approved by local zoning laws and regulations.

Cremation

Cremations require special paperwork as well. This includes an authorization form signed by either next-of-kin or executor of the estate before being sent to the funeral home for processing.

Time Requirements

Additionally, remains must be kept for at least 48 hours before being cremated unless otherwise authorized by law enforcement officials or medical examiners in certain cases such as those involving contagious diseases or violent deaths.

Embalming and Caskets

North Carolina also has specific rules regarding embalming and casket selection when preparing a body for burial or cremation services.

Embalming is not required but may be necessary depending on how long after death services will occur. Caskets must meet certain standards set forth by state law including size requirements and materials used in construction.

Knowing the burial and funeral laws in North Carolina is essential for seniors when selecting a final expense life insurance policy. Now, let’s take a look at sample rates for males and females in North Carolina.

Key Takeaway: In North Carolina, burial and cremation require permits from the county register of deeds office and special paperwork for cremations. Embalming is not required but may be necessary depending on how long after death services will occur.

Sample Rates for North Carolina Males and Females

Rates for final expense policies vary depending on factors such as age, gender, health history, lifestyle habits, and more.

For example, in North Carolina, sample rates for males aged 50 – 59 years old range from $20 – $200 per month while sample rates for females aged 50 – 59 range from $15-$150 per month.

The cost of a burial policy will also depend on the amount of coverage desired; higher amounts of coverage typically result in higher premiums. For example, a $40,000 burial policy unsurprisingly costs significantly more than a $10,000 burial policy.

It’s important to note that these are just examples and actual rates may differ based on individual circumstances. Factors like smoking status or pre-existing medical conditions can affect the cost of a policy significantly.

Rates Vary by Carrier

It’s always best to compare quotes from multiple providers before making any decisions about purchasing a final expense life insurance policy in North Carolina.

The good news is that many companies offer competitively priced policies tailored specifically for seniors over the age of 50 who are looking to purchase final expense life insurance coverage in North Carolina.

Some companies even offer discounts if you are a military veteran or pay annually instead of monthly installments.

In addition, if you have a special circumstance, be sure to let your agent know. For example, burial insurance for disabled individuals includes unique options you need to be aware of.

Key Takeaway: Final expense life insurance in North Carolina can vary greatly in cost depending on factors such as age, gender, health history and lifestyle habits. It’s important to compare quotes from multiple providers and consider customer service ratings and financial stability when making a decision.

Steps to Buy a Final Expense Life Insurance Policy

Buying a final expense life insurance policy is relatively simple and straightforward. Before you do anything else, enlist the help of an expert independent agent who specializes in burial insurance for seniors.

Step One: Needs Assessment

In order to financially safeguard your loved ones against your end-of-life expenses, you will need to have an understanding of your monetary needs.

Grab a pen and paper and evaluate the following with the help of your agent:

Desired type of funeral and associated costs.
Anticipated final medical bills.
Special memorial service requests.
Flower arrangements.
Transportation fees for loved ones traveling out of state.

That way, you will have a general idea of how much coverage you need to purchase. As an example, many seniors opt to purchase $15,000 in coverage.

Coverage amounts typically range from $2,000 – $35,000 (sometimes more) depending on the company offering the policy.

Step Two: Decide on a Carrier

Carefully compare and contrast top-rated carriers to determine the best option to fit your needs. Again, your agent will walk you through the process.

Plan to evaluate final expense companies’ premium rates, customer service ratings, their financial health as determined by A.M. Best, and what living benefits (riders) are offered.

It’s important to remember that premiums can vary based on age and other factors so be sure to shop around for competitive rates before making a decision.

Step Three: Complete the Application

When applying for final expense life insurance policies there are several documents that may be required including:

Proof of identity (driver’s license or passport).
Social Security number.
Place of residence.
Basic health information (if applicable).
Income verification if needed by the insurer issuing the policy.
Beneficiary information.

Note – be prepared to answer basic questions about your health history and lifestyle habits such as smoking status (unless you buy a guaranteed issue life insurance plan, which asks no underwriting questions).

Step Four: Policy Issuance

Once all documents have been submitted and approved by the insurer, they will issue a policy number -which allows you to begin paying premiums towards your new life insurance plan.

It is recommended that customers review their policies annually in order to ensure they still meet their current needs. Take into account any changes in circumstances over time such as marriage, divorce, or having children.

Additionally, customers should always make sure they are aware of any additional riders available through their provider which could provide further protection against unforeseen events like a terminal illness diagnosis.

Be sure to communicate to your beneficiary where your life insurance policy is stored. That way, the contract is easily accessible when it comes time to file a life insurance death claim.

Buying a final expense life insurance policy can be an important step in providing financial security for yourself and your family. Now, let’s take a look at the best companies offering these policies.

Key Takeaway: When buying final expense life insurance in North Carolina, customers should consider coverage amount, premiums, documents required and any additional riders available to ensure they are getting the best policy for their needs.

Best Final Expense Life Insurance Companies

When it comes to finding the best final expense life insurance companies, seniors over 50 should look for policies from reputable insurers that offer competitive rates and features such as no medical exams.

Additionally, seniors should consider companies that have been in business for many years and have a good track record when it comes to customer service.

It is highly recommended to work with an agent who specializes in burial insurance for elderly individuals.

Some popular options include:

Additionally, many insurers offer additional riders which can provide more comprehensive coverage – this could include an accidental death benefit, which would increase the payout amount should a qualifying accident result in death.

Policy Details

Seniors should make sure they understand all aspects of any final expense policy from a particular before signing up. That way, they know exactly what kind of coverage they are getting and how much it will cost them each month or year depending on their plan choice.

Your expert agent can help provide more information about different types of policies available, allowing you to make an informed decision about which carrier is right for your needs and budget.

It is also important for seniors considering a burial policy to consider how long it takes before benefits become available after filing a death claim – some insurers take longer than others, while some carriers may offer same-day payouts if certain criteria are met.

Key Takeaway: Seniors over 50 should research reputable final expense life insurance companies to find competitive rates and features such as no medical exams or health questions required. Work with an independent agent to evaluate all of your options.

Frequently Asked Questions

Is final expense life insurance worth it?

Often, final expense or burial insurance is worth it.

It is a valuable asset for seniors over the age of 50. The form of life insurance provides peace of mind knowing that loved ones will not have to bear the financial burden in the event of death.

Final expense policies are typically more affordable than traditional life insurance and provide coverage for end-of-life expenses such as funeral costs, medical bills, and other debts.

They also offer flexibility in terms of payment options and policy amounts, making them an attractive option for those on a fixed income or with limited funds available.

What is the average cost of final expense insurance?

The average cost of burial insurance (final expense) depends on a variety of factors, such as the age and health of the insured person, their lifestyle habits, and the type and amount of coverage they choose.

Generally speaking, premiums for final expense policies are typically lower than other types of life insurance due to their limited death benefit amounts.

The exact cost will vary depending on these factors but is usually between $25 – $250 per month. It’s important to shop around for quotes from different insurers in order to find the best rate available.

At what age should you buy final expense insurance?

The age at which you should buy final expense insurance depends on your individual needs and financial situation. Generally, it is recommended that seniors over the age of 50 purchase final expense insurance to cover funeral costs and other end-of-life expenses.

Additionally, premiums tend to be lower when purchased at an earlier age, so buying sooner rather than later may help save money in the long run. Consider the following examples:

This type of policy can provide peace of mind for both the insured and their family members by ensuring that these costs are taken care of in advance.

Ultimately, it is important to assess your own needs and budget before making a decision about purchasing final expense insurance.

How does final expense life insurance work?

Final expense is a type of whole life insurance policy designed to cover the costs associated with end-of-life expenses.

It provides a lump sum payment upon death that can be used to pay for funeral and burial costs, medical bills, outstanding debts, or other final expenses.

Premiums are typically lower than traditional life insurance policies because they don’t require an exam or health questions.

Face amounts range from $2,000 – $50,000 in coverage – depending on the insurer and your age at time of purchase.

Burial insurance for seniors is generally issued quickly with same-day approval offered by many carriers.

Next Steps

In conclusion, final expense life insurance is an important product for seniors in North Carolina to consider. With a little research, you can find the best rates and coverage for your needs.

When shopping around for North Carolina final expense life insurance policies, make sure to compare companies carefully and understand all of the terms before signing any contracts. Work with an expert independent agent.

Seniors in North Carolina deserve the best protection and peace of mind when it comes to their financial security.

iSeniorBenefits offers comprehensive final expense, Medicare, health and cancer plans tailored specifically for seniors living in the state.

Our experienced team is here to help you find a plan that fits your needs and budget so you can live with confidence knowing that your loved ones are taken care of if something happens to you.