Texas Final Expense Life Insurance: Your Complete 2024 Guide
Posted in Insurance By State last updated on December 4, 2023
Texas final expense life insurance is a critical part of financial planning for seniors in the state. With rising funeral costs, it’s important to understand burial and funeral laws as well as sample rates that are available.
Knowing how much you can expect to pay when buying a policy will help you make an informed decision on which company best meets your needs.
In this blog post, we’ll discuss what final expense life insurance is, provide insight into cost of funerals in Texas, review applicable burial and funeral laws within the state boundaries and compare sample rates from various companies so you can find one that works for your budget.
We’ll also cover steps needed to buy a policy before wrapping up with our top picks for Texas’s best final expense life insurance companies.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of Funeral in Texas
- Burial and Funeral Laws in Texas
- Sample Rates for Texas 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 cover the costs associated with funeral and burial expenses.
Also referred to as burial insurance, it can help pay for medical bills, estate taxes, and other end-of-life expenses that may arise after death. The primary purpose of this type of insurance is to provide financial security for loved ones who are left behind.
This type of coverage is especially important for seniors age 50 and older, who may not have enough money saved up to cover these costs or who want to make sure their family members are taken care of financially in the event of their passing.
Key Features
Final expense, or burial insurance for seniors, includes some key characteristics to be aware of:
- Coverage amounts are modest ($10,000 burial policy is common).
- No medical exam is required.
- Health questions are usually asked (except for a guaranteed issue plan).
- Policies are permanent and do not expire.
- Small amount of cash value accumulates.
- Death benefit is paid out in a lump sum to the beneficiary.
Final expense policies are typically more affordable than traditional life insurance policies because they offer smaller amounts of coverage (typically $5,000 – $35,000 in coverage). Sometimes larger face values are available (up to $50,000 in coverage).
Cost
The cost of burial insurance – and amount covered – will vary depending on factors such as your budget, carrier selected, age, health history, and lifestyle habits.
Premiums can be paid monthly, quarterly or annually depending on what works best for you. Additionally, many companies offer discounts if you choose to pay your premiums in full yearly, rather than making payments monthly.
Underwriting
It’s important to note that burial insurance for seniors does not require a medical exam before being approved; however most insurers ask questions about your health during the application process.
This makes it easier for seniors with pre-existing conditions or those who don’t meet certain criteria due to age restrictions to still get coverage without having to worry about being denied based on their health status alone.
Important Details
To recap, final expense life insurance is a type of policy designed to cover the costs associated with final bills and end-of-life expenses.
It can help families pay for medical bills, estate taxes, and other costs that may arise after the death of a loved one.
Final expense life insurance in Texas can help cover funeral and burial costs, but it’s important to compare rates among different companies and read through all terms carefully before signing.
Cost of Funeral in Texas
The price of a funeral in Texas can vary greatly depending on the services chosen. The average cost for a traditional funeral service is between $7,000 and $10,000.
This includes:
- Casket
- Cremation
- Embalming
- Viewing and visitation
- Transportation
- Burial plot
- Grave marker
Caskets are one of the most expensive items when it comes to funerals in Texas. Prices range from several hundred dollars up to thousands of dollars depending on the type and material used.
Cremation costs or embalming fees typically run around $500-$700 but can be higher if additional preparation is needed due to age or condition of the body.
Viewing and visitation fees usually start at around $200 per hour, with an extra fee for any special requests such as flowers or music during this time period.
Transportation costs depend on distance traveled. Travel considerations include possible airfare, car rental and gasoline costs.
Finally, burial plots can range from free (in some cases) up to several thousand dollars depending on location and cemetery regulations in your area.
When planning a funeral in Texas it is important to consider all these factors so you do not end up spending more than necessary – or getting stuck with unexpected charges later down the line due to lack of research beforehand.
It is also important to keep in mind that there are other options available such as cremation which could potentially save you money while still providing your loved one with a dignified send off they deserve.
The cost of a funeral in Texas can vary widely, but understanding the laws and regulations surrounding burial and funeral planning is an important part of ensuring that you or your loved one’s final wishes are respected. Let’s take a look at the burial and funeral laws in Texas.
Burial and Funeral Laws in Texas
Burial and funeral laws in Texas are designed to protect the rights of individuals when it comes to their final arrangements.
Funeral Provider
In Texas, there is no law that requires you to purchase a funeral or burial service from a specific provider or location. You have the right to choose any provider you wish for your final arrangements.
When making these decisions, it’s important to understand what services are available and how much they cost.
You will want to consider any religious beliefs or customs that may be involved with the deceased’s funeral service and burial plans.
Documentation
In addition, many states require certain documents such as death certificates, permits for cremation, disposition forms and other paperwork related to funerals before services can begin.
In Texas, these documents must be obtained through the county registrar where the death occurred within 10 days of death.
Embalming
The state also requires embalming if an individual will not be buried within 24 hours after their passing if cremation is not planned.
That is unless otherwise specified by a doctor due to medical reasons or religious beliefs that prohibit embalming practices.
Cemetery Regulations
Texas does not impose any restrictions on who can serve as pallbearers at funerals either; however some cemeteries may require pallbearers meet certain age requirements depending on cemetery regulations.
Finally, burials in Texas must take place in licensed cemeteries. This ensures proper maintenance is done on each cemetery property and provides families with peace of mind knowing their loved ones are being laid to rest properly according to the guidelines set forth by state laws.
Knowing the burial and funeral laws in Texas is essential for seniors to make informed decisions about their final expense life insurance plans. Next, let’s look at sample rates for males and females in Texas.
Key Takeaway: In Texas, individuals have the right to choose any funeral provider and cemetery for their final arrangements. It is important to understand services available and paperwork needed.
Sample Rates for Texas Males and Females
When it comes to the cost of burial insurance, or final expense, is largely determined by coverage amount, age and health status.
Coverage Amount
The dollar amount of final expense (burial insurance) you choose to buy greatly influences premium cost. Unsurprisingly, the more coverage you select, the higher the premium rates.
When selecting how much burial insurance for seniors to buy, consider your end-of-life costs, including funeral and medical bills. Common coverage amounts include:
Age
Age is the second significant factor influencing final expense life insurance rates in Texas.
Because your mortality risk increases with age, life insurance carriers charge more in premiums accordingly.
If you secure coverage at a younger age, which is recommended, you will lock in a lower premium rate than if you wait to buy burial insurance as an elderly person.
To evaluate the difference in final expense rates for various age ranges, look to the following examples:
- 50 year old burial insurance
- 60 year old burial insurance
- 70 year old burial insurance
- 80 year old burial insurance
Let’s consider a specific example In Texas, a common $15,000 burial policy for a healthy male aged 60 will cost approximately $65 per month.
For females of the same age, sample rates are about $50 per month for the same $15,000 policy.
It’s important to note that these are just estimates; your actual rate may be higher or lower based on factors such as lifestyle choices, family medical history, and more.
Additionally, there may be additional fees associated with purchasing a policy such as administrative costs or application fees.
When shopping for a final expense life insurance policy in Texas it’s important to compare quotes from multiple providers so you can find the best rate available for your specific situation.
It’s also wise to work with an experienced agent who understands all of the nuances of final expense policies. An expert agent will help you select a plan that meets both your needs and budget constraints.
Finally, keep in mind that some companies offer discounts if you purchase multiple policies or if you are a military veteran. Be sure to ask about any potential discounts when getting quotes so you can maximize your savings.
Texas final expense life insurance rates are highly competitive, so it is important to compare different plans before making a purchase.
Now, let’s look at how to buy a policy.
Steps to Buy a Final Expense Life Insurance Policy
Buying a final expense life insurance policy is an important decision that can provide peace of mind for you and your loved ones. It’s essential to understand the steps involved in purchasing this type of coverage so that you can make an informed decision.
Before starting, enlist the help of an expert agent who specializes in burial insurance for seniors.
Step 1: Choose an Insurance Company
The first step in buying a final expense life insurance policy is to choose the right company.
There are many highly-rated companies offering this type of coverage, so it’s important to compare rates and policies before making a decision.
Be sure to research each company thoroughly, including customer reviews and ratings, before selecting one.
Step 2: Gather Your Personal Information
Before applying for any kind of life insurance policy, it’s important to have all your personal information ready and organized.
This includes:
- Your full name.
- Physical address.
- Date of birth.
- Social Security number.
- Medical history (including any medications or treatments currently being taken).
- Beneficiary information.
Step 3: Submit an Application
Once you have chosen a company and gathered all necessary information about yourself, it’s time to submit an application with the insurer.
You will need to answer questions about yourself honestly as well as provide proof of identity such as driver’s license or passport photo ID card when submitting the application form.
Applications can be completed online or through a phone call, depending on how you prefer doing business with them .
Step 4: Receive Your Policy
After submitting your application along with required documents, you should receive confirmation from the insurer regarding acceptance right away.
The underwriting process for most final expense carriers is quick usually is finished same-day. At this point, you will be issued out an official copy containing details like amount insured and premium payment plan.
If your application is not approved right away, do not worry. For some seniors who have serious health complications, a guaranteed issue life insurance plan may be a better option.
Step 5: Make Premium Payments
Most final expense life insurance policies require monthly payments but there are also options available where annual or quarterly premiums can be paid upfront instead.
It is advisable for customers who opt for monthly payments set up automatic deductions through bank accounts, so they don’t miss out on paying premiums due. Otherwise, their policies may lapse resulting in loss benefits associated with them
Step 7: Periodic Policy Review
Enjoy peace of mind knowing that your loved ones will be taken care of after you’re gone. With a burial policy for elderly individuals in place, your family members won’t have to worry.
Expenses related to funeral arrangements and other bills incurred during the last moments will be taken care of, since those costs would be covered by the death benefit received from the insurer upon passing away.
Be sure to store your policy in a safe place. Let your beneficiary know where to find the important contract so there are no delays when it comes time to file a life insurance death claim.
Taking the time to understand and compare the different steps involved in buying a final expense life insurance policy will ensure that you get the best coverage for your needs. Now, let’s look at some of the top companies offering these policies.
Key Takeaway: Buying a final expense life insurance policy is an important decision that requires research, gathering personal information, and submitting an application.
Best Final Expense Life Insurance Companies
When it comes to finding the best final expense life insurance companies, seniors over 50 have a lot of options.
The key is to do your research and find a company that offers competitive rates, excellent customer service, and reliable coverage. Be sure to work with an expert independent agent.
To start, evaluate the following highly-rated final expense life insurance carriers’ burial policies when evaluating burial insurance for seniors.
- SBLI Living Legacy
- American Amicable Senior Choice
- Prosperity PrimeTerm to 100
- CICA Life Superior Choice
- Guarantee Trust Life Heritage Plan
- Corebridge Guaranteed Issue Whole Life
- Mutual of Omaha Living Promise
Cost
One of the most important factors when selecting an insurer is the cost of burial insurance. Different insurers offer different rates for their policies so it’s important to compare prices before making a decision.
Many companies also offer discounts for senior citizens or those who purchase multiple policies from them.
On the other hand, if you have a unique circumstance, such as having a confirmed disability, be sure to communicate your situation to your agent as it may affect pricing.
It’s always wise to shop around and get quotes from several different providers in order to make sure you are getting the best deal possible.
Customer Service
Customer service should also be taken into consideration when choosing an insurer. Look for companies with friendly staff members who are willing to answer any questions you may have about their products or services.
Additionally, check out online reviews from other customers in order to gauge how satisfied they were with their experience with the company overall as well as any claims they filed with them in the past.
Key Takeaway: Seniors over 50 should compare prices, customer service reviews, and coverage when selecting a final expense life insurance provider. Make sure to shop around for the best deal and understand what is covered by each plan before committing.
Frequently Asked Questions
Is final expense life insurance worth it?
Often, final expense or burial insurance is worth it. This form of life insurance can be a valuable tool for seniors over the age of 50.
It is designed to provide financial protection in the event of death and help cover end-of-life expenses such as the price of a funeral, medical bills, and unpaid debts.
Final expense policies are typically more affordable than traditional life insurance policies due to their smaller coverage amounts and simplified underwriting process.
Some carriers offer guaranteed acceptance without requiring a medical exam or health questionnaire.
Ultimately, final expense life insurance can be an important part of your retirement planning strategy if you want to ensure that your loved ones are taken care of after you pass away.
How much does final expense insurance cost per month?
The cost of burial insurance or final expense insurance varies depending on the type of policy you choose, your age, and other factors.
Generally speaking, monthly premiums for a final expense policy range from $20 to $200 per month (sometimes more).
It is important to compare different policies and providers in order to find the best coverage at an affordable price.
Additionally, some companies may offer discounts or special rates for seniors over 50 years old. Shopping around can help you find the right plan that fits within your budget.
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 circumstances.
It is recommended that seniors over the age of 50 consider purchasing a policy to cover end-of-life expenses such as funeral costs.
Your policy will be significantly more affordable if you buy coverage at a younger age. For example, final expense premium rates are cost less at age 55 than for a senior who is of an advanced age of 80.
Final expense insurance can provide financial security for families who may not have the means to pay for these costs out of pocket.
It also helps ensure that loved ones are not burdened with additional debt in an already difficult time. Ultimately, it is important to consult with a qualified expert agent when making decisions about life insurance coverage.
What is final expense in Texas?
Final expense insurance in Texas is a type of life insurance policy designed to cover burial and funeral costs.
It can also be used to pay for any outstanding debts or medical bills that may remain after the insured passes away.
This type of policy typically has low premiums, no medical exam requirements, and coverage amounts ranging from $2,000 – $50,000 in coverage.
Final expense policies are an important part of estate planning for seniors in Texas as they provide financial protection for their families during a difficult time.
Next Steps
In conclusion, Texas final expense life insurance is an important product for seniors over the age of 50 to consider. It can help cover the cost of a funeral and burial in Texas, as well as provide financial security for your loved ones.
Understanding the laws surrounding funerals and burials in Texas, researching sample rates for males and females, and finding the best companies offering final expense life insurance are all key steps to take when considering this type of policy.
iSeniorBenefits specializes in helping seniors find the right final expense coverage. With careful consideration and research into these areas, we will help you make sure that you have chosen the right plan for your needs.