Tennessee Final Expense Life Insurance: How to Buy + FAQs
Tennessee final expense life insurance can provide seniors over the age of 50 with an affordable way to cover funeral and burial expenses.
With a little research, you can learn about the cost of funerals in Tennessee, burial and funeral laws that may apply to your situation, as well as sample rates for males and females in Tennessee.
Plus, we’ll give you steps on how to buy a policy along with our picks for best companies offering final expense policies. So if you’re looking into Tennessee final expense life insurance options then read on.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of Funeral in Tennessee
- Burial and Funeral Laws in Tennessee
- Sample Rates for Tennessee Males and Females
- Steps to Buy a Final Expense Life Insurance Policy
- Best Final Expense Life Insurance Companies
- FAQs in Relation to Tennessee Final Expense Life Insurance
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. 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.
Also referred to burial insurance the amount of coverage available for final expense policies can range from $2,000 up to $50,000 in coverage depending on the insurer and individual circumstances.
This type of policy does not require a medical exam.
However, it may be subject to an underwriting process to include basic health and lifestyle questions.
Premiums for final expense policies tend to be lower than other types of life insurance due in part because face amounts are modest.
Additionally, most policies allow some cash value to build over time. Cash values in final expense can be accessed during minor financial emergencies.
Familiarize yourself with the key components of a final expense (burial insurance) policy, to confirm whether or burial insurance for seniors meets your needs.
Common aspects of burial policies include:
- Age requirements exist, typically between 50 – 85 years old.
- Face amounts usually range from $5,000 – $35,000 in coverage (more is available).
- No medical exam is required, but some health questions are asked.
- Coverage is permanent.
- A modest amount of cash value builds.
- Death benefit is paid out in a lump sum to your beneficiary.
- Policies are designed to cover the price of a funeral.
Final Expense Life Insurance is a great way to help provide financial security for your loved ones and peace of mind for yourself. Now let’s take a look at the cost of funeral expenses in Tennessee.
Key Takeaway: Final expense life insurance is a type of policy designed to cover end-of-life expenses such as funeral and burial costs. Be comfortable with the key components of this form of coverage to determine if it is the right type of life insurance for your needs.
Cost of Funeral in Tennessee
Funerals in Tennessee can be expensive, with the average cost ranging from $7,000 to $10,000.
This includes the cost of a casket, embalming or cremations costs, and viewing services – as well as other related funeral services.
The exact price of a funeral will depend on the type of service chosen and any additional costs associated with it.
The most basic funerals typically include a visitation or viewing period prior to burial or cremation. During this time, family members and friends are able to pay their respects to the deceased before they are laid to rest.
This may also include an open-casket ceremony for those who wish to view the body one last time before burial or cremation takes place.
The cost for these services range from $500-$2,000 depending on what is included in the package such as flowers and music at the visitation period.
All these items should be taken into consideration when budgeting for a funeral service in Tennessee, so you don’t end up spending more than expected due to hidden fees or unexpected charges that may arise during this difficult time.
Related – Be sure to secure funds for you funeral (burial insurance) so that ones are not stuck searching for a free burial place.
It is important to plan ahead and research all the costs associated with a funeral in order to ensure that you are not surprised by any additional expenses.
The cost of funerals in Tennessee can vary widely depending on the type of services and burial options you choose. Next, we’ll look at what laws are in place to help you understand your funeral and burial rights in the state.
Key Takeaway: Funerals in Tennessee can be expensive, ranging from $7,000 to $10,000. It is important to plan ahead and research all the costs associated with a funeral in order to avoid unexpected fees.
Burial and Funeral Laws in Tennessee
In Tennessee, there are no laws that require you to purchase a casket or use a funeral home for burial services.
However, if you choose cremation as an option for your final arrangements, the state does have regulations regarding this process.
In order to be legally cremated in Tennessee, you must obtain written permission from either the next of kin or the executor of the deceased’s estate. Additionally, embalming is required by law if any form of public viewing will take place prior to cremation.
When it comes to funerals themselves, there are also certain rules and regulations that must be followed in Tennessee.
For example, all funeral homes must provide price lists upon request so consumers can compare costs before making their decisions about which services they would like to purchase.
Furthermore, all contracts with funeral homes must include detailed information about what goods and services are being provided along with their associated prices.
Tennessee’s burial and funeral laws provide important guidelines for seniors looking to plan ahead, and understanding the sample rates for males and females in Tennessee is an important step when shopping for burial insurance elderly individuals.
Key Takeaway: Tennessee has regulations regarding cremation and funeral services that must be followed. These include obtaining written permission for cremation, providing price lists upon request from the funeral home.
Sample Rates for Tennessee Males and Females
Tennessee males and females can expect to pay different rates for their final expense life insurance. Generally, males tend to pay slightly more than females due to higher mortality rates among men.
Age is a major factor in determining the cost of life insurance. In Tennessee, premiums are typically lower for younger applicants and increase with age. For example, a 60 year old male may pay around $45 per month, while an 80 year old female may pay closer to $105 per month for the same $10,000 burial policy.
As mentioned above, gender also plays a role in how much you will be charged for your policy. Men usually have higher premiums because they statistically live shorter lives than women do on average.
This means that insurers must charge them more money in order to cover potential claims from these policies over time.
For instance, a $15,000 burial policy would cost a healthy 70 year old male around $110 and a female of the same age would only be charged about $80 for the same policy.
Your health history is another important factor when it comes to calculating your premium rate. If you have any pre-existing medical conditions or chronic illnesses such as diabetes or heart disease, this could lead to increased costs depending on the severity of your condition(s).
If you have been diagnosed with serious medical conditions, and traditional final expense coverage is not an option, look to guaranteed issue life insurance plans. Just be sure you don’t qualify for other forms of coverage first, as guaranteed issue should be a last resort.
Additionally, if you smoke cigarettes or use other tobacco products, then this too could result in higher premiums. Smokers are at greater risk of developing certain diseases like cancer, which would require expensive treatments down the line.
Tennessee males and females can find competitive final expense life insurance rates that fit their budget. Now let’s look at the steps to buy a policy.
Key Takeaway: When applying for final expense life insurance in Tennessee, it is important to consider factors such as age, gender, health history and lifestyle habits in order to get the best rate possible.
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. Final expense policies are designed to cover funeral and burial costs, as well as other end-of-life expenses that may arise.
It’s important to understand the process before purchasing a policy so you can make sure you get the coverage you need at an affordable price. Be sure to work with an independent agent who specializes in burial insurance for seniors.
First, it’s important to research your options and compare rates from different companies in Tennessee.
You should also consider factors such as company reputation, customer service ratings, and financial stability when making your choice.
Be sure to ask questions about any fees or restrictions associated with each policy before committing to one provider.
Determine Coverage Amount
The next step is deciding on how much coverage you need based on estimated funeral costs in Tennessee, which range between $7000 – $10,000, depending on services selected.
You will also want to take into consideration any debts you may have, including credit card or final medical bills.
Common burial policy amounts include:
You can, if needed and upon approval, purchase a final expense policy for up to $50,000 in coverage.
Apply for Coverage
Once you have chosen a company and coverage amount, it is time to apply for coverage. Your expert agent will walk you through the application process, from start to finish.
This can be done online or over the phone in just a few minutes by providing basic information about yourself such as your name, address, date of birth, Social Security number.
Also plan to answer some health questions that will help determine eligibility and premium amounts for the coverage levels available through that particular insurer.
Remember, if serious health complications prevent you from buying traditional final expense insurance, guaranteed issue life insurance plans are always an option.
Policy Issuance and Review
Be sure to read over the details of the life insurance contract before providing your signature. Familiarize yourself with the premium payment schedule, confirm the beneficiary information is correct, verify what riders you have (if any), and what the specific benefits entail.
Communicate to your beneficiary where your policy is stored so that there are no delays when it comes time to file a life insurance death claim.
Knowing the steps to buy a final expense life insurance policy is important for seniors in Tennessee. Now, let’s look at which companies offer the best coverage and rates.
Key Takeaway: When purchasing a final expense life insurance policy in Tennessee, it is important to research options, compare rates and consider company reputation before applying.
Best Final Expense Life Insurance Companies
When it comes to final expense life insurance, there are many companies that offer this type of coverage. It is important to do your research and find the best company for you. Here are some of the top-rated final expense life insurance companies in Tennessee:
American Amicable offers a variety of plans with competitive rates and flexible payment options. They also have an easy application process and no medical exam required. Up to $50,000 in coverage is available.
Mutual of Omaha
Mutual of Omaha has been providing quality products since 1909 and offer burial policies with coverage of up to $40,000. No medical exam is needed and Mutual of Omaha includes an accelerated death benefit rider at no extra cost.
SBLI provides affordable premiums with customizable plans that can be tailored to fit any budget or need. They also have an online application process which makes it easy to apply for coverage quickly. Enrollment into the Sequoia Funeral Concierge Plan is free with a burial policy purchase.
Guarantee Trust Life
Guarantee Trust Life offers permanent burial insurance policies with up to $25,000 in coverage available. Applicants only need to answer five health questions to qualify and an accidental death rider is included for the first two policy years, at no additional cost.
Key Takeaway: Tennessee offers a variety of life insurance companies that provide competitive rates and customizable plans. Companies such as American Amicable, Mutual of Omaha, SBLI, and Guarantee Trust Life offer permanent policies with additional benefits like living benefit riders.
FAQs in Relation to Tennessee Final Expense Life Insurance
Is final expense life insurance worth it?
Yes, final expense or burial insurance is worth it for seniors over the age of 50. It provides peace of mind that their loved ones will not have to bear the financial burden of their funeral costs or other expenses in the event of their death.
Final expense policies are typically less expensive than traditional life insurance policies and offer coverage up to $50,000 ,depending on the policy type and insurer.
Additionally, these plans often do not require medical exams, which makes them easier to qualify for compared to other types of life insurance.
How much does final expense insurance cost per month?
The cost of burial insurance (final expense insurance) depends on several factors, such as the age and health of the insured person, the type and amount of coverage desired, and any riders or additional benefits added to the policy.
Generally speaking, premiums for final expense policies are typically lower than other types of life insurance due to their limited death benefit amounts.
On average, burial insurance for seniors costs somewhere around $25 – $250 per month (or more) for a final expense policy depending on these factors.
What is the maximum amount of final expense insurance?
The maximum amount of final expense insurance depends on the insurer and the policy chosen.
Generally, policies range from $2,000 to $35,000 in coverage. Sometimes more is available, up to $50,000.
The exact amount available will depend on factors such as age, health status and other underwriting criteria. It is important to speak with an experienced agent who can provide guidance when selecting a policy that meets your needs.
How does final expense life insurance work?
Final expense life insurance is a type of policy designed to help cover the costs associated with end-of-life expenses such as funeral and burial costs.
It typically pays out a lump sum benefit upon death, which can be used to pay for any final expenses that are not covered by other sources.
Premiums are usually lower than traditional life insurance policies, making them more affordable for seniors on fixed incomes.
The coverage amount is also typically smaller than other types of life insurance policies. For example, a typical burial policy face amount is $20,000 in coverage. This allows seniors to get the protection they need without breaking their budget.
Final expense life insurance is an important product for seniors in Tennessee. It can help cover the cost of a funeral and burial expenses, as well as other end-of-life costs.
Understanding the laws in Tennessee regarding funerals and burials, researching sample rates for males and females in Tennessee, and finding the best companies offering Tennessee final expense life insurance are all key steps to buying a policy that meets your needs.
iSeniorBenefits specializes in helping seniors find the coverage they need to ensure loved ones are not burdened financially with end-of-life and funeral costs. Start today to secure the burial insurance policy you need.