Get the Facts on Oklahoma Final Expense Life Insurance
Posted in Insurance By State last updated on October 31, 2023
Oklahoma seniors over the age of 50 have many options when it comes to final expense life insurance. While some may think that purchasing this type of policy is difficult, in reality there are plenty of resources available to help make the process as simple and straightforward as possible.
From understanding burial and funeral laws in Oklahoma to researching sample rates for males and females, we’ll cover everything you need to know about Oklahoma final expense life insurance so you can be sure you’re getting a good deal from one of the best companies out there.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of a Funeral in Oklahoma
- Burial and Funeral Laws in Oklahoma
- Sample Rates for Oklahoma 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 policy designed to help cover the costs associated with end-of-life expenses. It is an important consideration for seniors in Oklahoma, as it can provide peace of mind that their loved ones will not be burdened with these costs after they are gone.
Key Details
Also called burial insurance, the primary purpose of final expense life insurance is to pay for funeral and burial expenses.
This includes any related services such as transportation, flowers, obituaries, and may also include other debts or medical bills left behind by the deceased.
The amount of death benefit provided depends on the policy chosen but typically ranges from $5,000 – $50,000 in coverage.
Final expense policies are almost always permanent in nature, making them an ideal form of life insurance to pay for end-of-life costs. As long as you make your premium payments, you won’t outlive your policy.
Optional Living Benefits
In addition to covering funeral and burial expenses, some policies offer additional benefits such as living benefits which allow you to access a portion of your death benefit while still alive if you become terminally ill.
For example, accelerated death benefits allow you to access part or all of your death benefit before passing away; and accidental death benefits which provide extra coverage in case of an accident leading to death.
Simple Underwriting
Unlike traditional life insurance policies that require lengthy applications and physical exams prior to approval, final expense policies are much easier to obtain since they only require basic information about the applicant’s age and health status.
In fact, many final expense policies are approved same-day.
They also tend to have lower premiums than traditional plans due their limited coverage amounts.
Overall, burial insurance for seniors in Oklahoma provides peace of mind knowing that their loved ones won’t be financially burdened when they pass away.
It offers affordable protection against unexpected end-of-life costs without requiring extensive paperwork or long waiting periods for approval; thus providing a sense of security and assurance.
Key Takeaway: Final expense life insurance provides Oklahoma seniors with peace of mind knowing their loved ones won’t be burdened financially when they pass away.
Cost of a Funeral in Oklahoma
Funerals in Oklahoma can be expensive, but the cost of a funeral depends on several factors. The average cost of a funeral in Oklahoma is between $7,000 and $10,000. This includes:
- Burial costs such as cemetery plot fees.
- Grave markers or monuments.
- Opening and closing fees for the gravesite.
It also includes cremation costs such as urns and other memorial items. Additionally, there are often additional charges for services like embalming or dressing the body prior to burial or cremation.
The type of service chosen will affect the total cost of a funeral in Oklahoma.
Traditional funerals with visitation and viewing followed by a graveside service tend to be more expensive than direct burials where no visitation takes place before interment at the cemetery site.
Cremations are usually less costly than traditional funerals since they do not require embalming or preparation of the body for viewing purposes. However, some families choose to have viewings even when selecting cremation services which can add to their overall expense significantly.
Additional Costs
In addition to these basic expenses associated with either type of service (burial or cremation), there may be additional costs depending on what kind of casket is selected – if choosing burial over cremation.
This could range from an inexpensive wooden box up through metal caskets made from bronze or copper, costing thousands more dollars per unit. These services are offered by funeral homes in Oklahoma City and surrounding areas throughout state.
Your specific memorial service also influences price. The following are common additional items that must be considered when budgeting for a funeral:
- Flowers
- Obituary
- Music
- Slideshow
- Transportation
- Special requests
Funerals in Oklahoma can be expensive, but understanding the laws and costs associated with them is important for making informed decisions. Let’s now look at burial and funeral laws in Oklahoma.
Key Takeaway: Funerals in Oklahoma can range from $7,000 to $10,000 and include costs for cemetery plot fees, grave markers or monuments, urns and other memorial items.
Burial and Funeral Laws in Oklahoma
In Oklahoma, funerals are regulated by the state’s Department of Health. These regulations cover a variety of topics, including burials and cremations.
Cremation
Cremation is an option for those who wish to have their remains handled differently than traditional burial. In Oklahoma, a death certificate must be issued before any cremation can take place.
Additionally, the deceased’s next-of-kin must sign off on the cremation request form. The ashes may then be scattered or kept with family members as desired.
Burial
Traditional burials are also allowed in Oklahoma under certain conditions set forth by law. All burials require a death certificate to be issued prior to interment taking place.
However, if the body is being transported out of state for burial, only an embalming permit will need to be obtained from the county health department where death occurred instead of a full death certificate.
Note – A death certificate is required when filing a life insurance death claim.
Additionally, all gravesites must meet local zoning requirements and obtain approval from both local government officials and cemetery owners before interment takes place.
Embalming
Embalming is not required by law in Oklahoma unless it is necessary due to transportation outside of state lines or if there will be more than 48 hours between time of death and time of burial or cremation.
If embalming does occur it should only happen after proper authorization has been granted either through written consent from next-of-kin or court order when applicable (i.e., if no next-of-kin exists).
Viewings
Viewings may take place at funeral homes or other designated locations such as churches, depending on individual preference.
Services that involve open caskets are subject to additional regulations concerning sanitation standards which must be met prior to viewing taking place; this includes cleaning up any bodily fluids that may have leaked during preparation.
Other Factors
Additionally, religious ceremonies such as wakes may also take place at these locations provided they adhere to all applicable laws regarding public gatherings and assemblies.
Knowing the burial and funeral laws in Oklahoma is important when considering a final expense life insurance policy. With that knowledge, it’s time to look at sample rates for males and females living in Oklahoma.
Key Takeaway: In Oklahoma, burials and cremations require a death certificate, embalming is only necessary in certain circumstances, and viewings may take place at funeral homes or other designated locations as long as sanitation standards are met.
Sample Rates for Oklahoma Males and Females
When it comes to the cost of burial insurance (final expense), premiums can vary greatly depending on a variety of factors.
Gender and Age
In Oklahoma, males and females have different rates when purchasing this type of policy.
For males in Oklahoma, the average rate for a $10,000 policy starts around $25 per month. This rate is based on an individual who is 50 years old with no health issues or other risk factors that could increase their premium costs.
For females in Oklahoma, the average rate for a $10,000 final expense life insurance policy is around $20 per month. This rate also applies to a 50 year old healthy applicant.
Age affects premium rates, as well. For example, burial insurance for elderly individuals costs more than for younger seniors.
For example, consider the following age ranges and how they impact premium rates:
Coverage Amount
In addition to gender and age, the amount of burial insurance coverage you purchase affects cost.
Ideally, you will want a burial policy that will pay for all of your end-of-life expenses while not breaking the bank.
Many seniors opt for the following burial policy amounts:
Other Factors
Additionally, some companies offer discounts if you purchase multiple policies at once so it’s worth shopping around to find the best deal for you. Or, if you are a military veteran, some carriers offer special rates.
It’s important to note that these are just averages and your actual cost may be higher or lower depending on the coverage amount, your age and any additional risks you may have – such as health complications, or if you are a disabled senior.
Knowing the sample rates for Oklahoma males and females is an important step in understanding the cost of a final expense life insurance policy.
Now let’s look at the steps to purchase a policy.
Key Takeaway: The cost of final expense life insurance in Oklahoma varies depending on gender and other factors such as age, health, and smoking. It’s worth shopping around to find the best deal for you.
Steps to Buy a Final Expense Life Insurance Policy
Buying final expense life insurance is almost always a quick and straightforward process. Just be sure to work with an independent life insurance agent who specializes in burial insurance for seniors.
Step 1: Calculate Your Coverage Needs
Before you start shopping for a final expense life insurance policy, it’s important to determine how much coverage you need.
The price of a funeral in Oklahoma can vary greatly depending on the type of service and burial arrangements chosen. To get an accurate estimate, contact local funeral homes and ask for their prices.
Once you have this information, add up all the costs associated with your desired services to determine your total coverage needs.
Step 2: Research Companies
Once you know how much coverage you need, it’s time to research companies that offer final expense life insurance policies in Oklahoma. Your agent will walk you through the comparison process.
Look for companies that specialize in providing burial insurance for elderly people, as they may be able to provide more competitive rates than traditional insurers who don’t focus on this market segment.
Check online reviews from customers and compare quotes from different providers before making a decision about which company is best suited for your needs.
Step 3: Compare Rates
When comparing rates between different companies offering final expense life insurance policies in Oklahoma, make sure that each quote includes all applicable fees such as administrative charges or taxes.
Remember, work with an independent agent who has access to multiple carriers and policies.
That way, there are no surprises later on down the line when it comes time to pay premiums or make claims against the policy benefits upon death occurring within its term period.
It is also wise to look at sample rates offered by various providers so that you can get an idea of what kind of premium payments might be required based on age and gender.
Keep in mind, your health is a major factor in determining what your rate will be. Be sure to be open and honest about any major health complications you have been diagnosed with.
If you have serious medical conditions, a guaranteed issue plan is always an option, which asks no health questions.
Step 4: Buy Policy
Once you’ve found a company whose terms meet your needs both financially and legally speaking, you’re ready to purchase your policy.
Make sure all documents related to the transaction are signed properly by both parties involved including any beneficiaries listed on said agreement should one exist prior to completing payment obligations towards same accordingly.
After doing so, keep copies of everything filed away safely along with other important papers like birth certificates or wills for future reference purposes should the need arise during lifetime use thereof going forward.
Communicate to your beneficiary where your policy is stored so that it is easily accessible when it comes time to file a life insurance death claim.
Taking the time to research and understand the different steps involved in buying a final expense life insurance policy can help ensure that you get the best coverage for your needs.
Now, let’s take a look at some of the best final expense life insurance companies available in Oklahoma.
Key Takeaway: When shopping for a final expense life insurance policy in Oklahoma, it is important to calculate your coverage needs, research companies, compare rates and buy the policy with confidence. Work with an independent agent from start to finish.
Best Final Expense Life Insurance Companies
With so many companies offering different policies and coverage levels, it can be difficult to decide which company is best for you.
To help make your decision easier, we’ve compiled a list of some of the top-rated final expense life insurance companies in Oklahoma and their specific burial policies.
SBLI
The SBLI Living Legacy policy is popular in Oklahoma when it comes to final expense life insurance. They offer competitive rates on their policies as well as whole life policies with death benefits of up to $35,000 if you are age 75 or younger.
SBLI offers free enrollment into their LegacyShield program, which offers online estate planning tools. In addition, SBLI final expense policyholders have free access to the Sequoia Funeral Concierge Plan, a helpful funeral planning service.
American Amicable
The American Amicable Senior Choice plan offers several types of final expense life insurance options that are designed specifically for seniors over the age of 50.
They offer competitive rates and flexible payment options that make their products attractive to many customers. Up to $50,000 in coverage is available and policies include a terminal illness rider.
Guarantee Trust Life
The Guarantee Trust Life Heritage Plan offers final expense coverage that can be customized according to individual needs, including a simplified issue underwriting process which allows for faster approval times than traditional application processes. Only five health questions are asked.
Their Heritage Plan offers up to $25,000 in coverage and includes a temporary accidental death benefit for the first two years of your policy. Guarantee Trust Life now also offers free enrollment into the Sequoia Funeral Concierge Plan.
CICA
CICA Life Superior Choice provides Standard and Guaranteed Issue coverage options. Up to $30,000 in coverage is available. A terminal illness rider is also included, with others available, such as accidental death.
You will not be asked about tobacco use, your height or weight. Underwriting is quick and seamless with level coverage available for many common health conditions such as oxygen use, insulin use or a history of heart attack.
Prosperity
Prosperity PrimeTerm to 100 offers a unique burial insurance option in which coverage remains level for the first 20 policy years and decreases incrementally afterwards until age 100. Coverage is offered to seniors between 50 to 80 years old.
Up to a $30,000 burial policy is available and an accelerated death benefit is included at no additional cost.
Corebridge
Formerly AIG, the Corebridge Guaranteed Issue Whole Life plan is ideal for seniors who have substantial health complications. Up to a $25,000 burial policy is available for seniors up to age 80.
As a guaranteed issue life insurance plan, there are no health questions asked during the application process. Just be sure to verify whether you qualify for traditional burial insurance, first. Guaranteed issue policies are more expensive.
Mutual Of Omaha
The Mutual Of Omaha Living Promise plan is another option. Mutual of Omaha has been providing quality financial services since 1909 and they continue to provide excellent service today with their final expense life insurance plans.
Their plans are affordable and easy to understand, making them an ideal choice for those looking for reliable coverage at an affordable price point. Up to $40,000 in coverage is available and policies include an accelerated death benefit rider.
Key Takeaway: Seniors over the age of 50 have many options when it comes to final expense life insurance in Oklahoma. Companies such as SBLI, American Amicable, Prosperity, Guarantee Trust Life, Corebridge and Mutual of Omaha all offer competitive rates and flexible payment options.
FAQs in Relation to Oklahoma Final Expense Life Insurance
Is final expense life insurance worth it?
Final expense life insurance, or burial insurance is worth it for many seniors over the age of 50. It provides coverage for end-of-life expenses such as funeral costs, medical bills, and other debts that may arise after death.
This type of policy is typically affordable and easy to qualify for, making it an attractive choice for those who are looking to protect their loved ones from financial burden in the event of their passing.
In addition, most policies include a modest cash value component that can be access during minor financial emergencies.
Ultimately, whether or not final expense life insurance is worth it depends on your individual circumstances and needs.
How much does final expense insurance cost per month?
The cost of final expense insurance depends on several factors, such as the age and health of the insured person, their coverage amount, and the type of policy they choose.
Generally speaking, premiums for final expense policies can range from $20 to $100 per month or more depending on these factors.
It is important to note that there are also different types of final expense policies available which may have different costs associated with them.
Remember, it is best to speak with an insurance professional in order to determine what your exact monthly premium will be based on your individual needs and circumstances.
What is the maximum amount of final expense insurance?
The maximum amount of final expense insurance varies depending on the type of policy and the insurer.
Generally, $50,000 in coverage is the maximum amount of coverage you can purchase. However, some insurers cap their coverage amounts at $35,000 in death benefits.
It is important to speak with an experienced insurance agent who can help you determine which policy best meets your needs and budget.
How does final expense life insurance work?
Final expense life insurance, or burial insurance, is a type of policy designed to cover the costs associated with end-of-life expenses such as funeral and burial costs.
It is usually offered in smaller amounts than traditional life insurance policies, making it more affordable for seniors on a fixed income.
The premiums are typically lower than those of other types of policies, but coverage may be limited depending on the insurer’s terms and conditions.
Coverage is almost always permanent, so you do not need to worry about outliving your policy.
Generally speaking, final expense life insurance can provide peace of mind knowing that your loved ones will not have to worry about paying for your funeral or other related expenses when you pass away.
Next Steps
Oklahoma final expense life insurance is an important part of financial planning for seniors over the age of 50. It helps to cover the cost of a funeral and burial expenses in accordance with Oklahoma laws.
Knowing what to expect in terms of costs and understanding how to purchase a policy are key steps in finding the best coverage at an affordable rate.
By researching sample rates, burial and funeral laws, and comparing different companies offering final expense life insurance policies, you can find the right plan that meets your needs while staying within your budget.
Seniors in Oklahoma now have access to iSeniorBenefits, a one-stop shop for all their life insurance needs. Whether you need final expense coverage, Medicare or health plans, we can help find the right solution for your budget and situation.