As we age, the need for financial security increases. For seniors in Virginia, final expense life insurance is an important consideration to ensure that loved ones are taken care of after death.
But what exactly is Virginia final expense life insurance? How much does a funeral cost in this state? What laws govern burial and funerals here? Who offers the best rates on policies for Virginians?
This blog post will provide all of these answers, as well as steps to buy a policy from some of the best companies offering Virginia final expense life insurance coverage.
Read on for more information about how you can protect your family’s future with a comprehensive plan tailored to meet your needs.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of a Funeral in Virginia
- Burial and Funeral Laws in Virginia
- Sample Rates for Virginia Males and Females
- Steps to Buy a Final Expense Life Insurance Policy
- Best Final Expense Life Insurance Companies
- FAQs in Relation to Virginia 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.
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.
Key Final Expense Details
Final expense or burial insurance for seniors is one of the most common forms of life insurance purchased by individuals 50 years old and up.
You will want to be familiar with the key characteristics of this form of coverage.
- Applicants are usually between the ages of 50 – 85 years old.
- Policies are permanent, lasting your whole life.
- Face amounts are modest, and typically cap at $50,000 in coverage.
- A small amount of cash value grows.
- Living benefits may be added to your policy.
- The death benefit is usually paid in a lump sum.
- Policies are intended to cover the price of a funeral.
Final expense life insurance is an affordable way to ensure your loved ones are not burdened with funeral costs after you pass. With the cost of funerals in Virginia being higher than other states, it’s important to consider how this type of coverage can help protect your family from financial hardship.
Let’s take a closer look at what these expenses entail and how they may affect your budget.
Key Takeaway: Final expense life insurance is an important policy for seniors to consider in order to cover end-of-life expenses.
Cost of a Funeral in Virginia
Funerals are an expensive affair, and the cost of a funeral in Virginia can range from $7,000 to $10,000.
This includes the costs associated with a casket, embalming services, the cremation fees, viewing or visitation services, transportation fees for the deceased’s remains and other related services.
Even within the stae of Virginia, the cost of funerals can vary greatly depending on where you live, what kind of service you choose, and other factors.
The average cost of a casket in Virginia is around $2,500 to $3,500 depending on its material and design.
Embalming fees usually start at around $400 to $600 but may increase depending on additional requests such as special makeup or hairstyling for open-casket viewings.
Viewing or visitation services typically range from about $250 to over $1,000 if there is an extended period of time between death and burial.
Transportation fees vary based on distance traveled but generally run anywhere from several hundred dollars up into the thousands for long distances.
Other related expenses include obituaries ($100-$200), flowers ($50-$300) and cemetery plot opening and closing costs (upwards of several thousand dollars).
Related – Secure burial insurance so that loved ones are not searching for free places for a burial.
The cost of a funeral in Virginia can vary greatly, depending on the services and arrangements chosen. It’s important to be aware of the burial and funeral laws in Virginia before making any decisions about final expenses.
Burial and Funeral Laws in Virginia
In addition to understanding how much it will cost to give your loved one a proper send off when they pass away, it’s important to understand any laws related to burials and funerals in Virginia.
For instance, state law requires that all bodies must be buried within 24 hours after death unless otherwise specified by medical personnel due to health concerns or religious beliefs.
There are also regulations regarding who can authorize a burial permit and whether embalming is required before interment takes place (it isn’t).
Burial and funeral laws in Virginia are governed by the state’s Department of Health.
All funeral homes must be licensed by the department and abide by certain regulations when conducting funerals.
Funerals may not be conducted until a death certificate has been issued, which is usually done within 24 hours of death.
Related – A death certificate is required in order to file a life insurance death claim.
The body must also be embalmed or refrigerated if it is to remain unburied for more than 48 hours after death. Or, cremation services can be explored.
The funeral home must provide an itemized list of services offered and their associated costs before any arrangements can be made with them. This includes items such as:
- Casket selection
- Transportation fees
- Cemetery charges
- Other miscellaneous expenses
Virginia law requires that all bodies buried in the state must have a burial container or vault placed around them prior to interment; this helps protect against collapse due to soil erosion over time.
Vaults come in various sizes and materials including concrete, steel-reinforced plastic and fiberglass reinforced plastic (FRP).
Additionally, there are laws regarding how close gravesites can be located near each other depending on whether they are public or private plots; these vary from county to county so it’s important to check local regulations before making final arrangements for burial locations.
It is also important to note that pre-paid funeral contracts do not guarantee prices will stay fixed at current rates since inflation could cause prices to rise; however some companies offer price protection plans, like the Neptune Society where you can lock in today’s rate for future use if needed down the road.
Just be aware, however, that pre-paid funeral planning organizations do not provide comprehensive coverage like burial insurance does. Burial insurance policies pay a lump sum of money for the beneficiary to use as they see fit. Pre-paid funeral plans are limited to paying for a specific funeral.
Lastly, Virginia does not require individuals who plan their own funerals ahead of time to submit copies of their plans with any government agency.
But, it is always best practice to keep records on file with family members just in case something happens unexpectedly while they are still alive.
Virginia’s burial and funeral laws are designed to ensure that the deceased is laid to rest with respect and dignity, while providing families with peace of mind.
Key Takeaway: In Virginia, funerals must be conducted with a death certificate and burial containers are required. It is important to check local regulations before making arrangements and keep records of plans in case something unexpected happens.
Sample Rates for Virginia Males and Females
When shopping around for final expense life insurance policies in Virginia, it is important to compare sample rates between males and females since there can often be significant differences based on age groupings alone.
When it comes to final expense life insurance policies in Virginia, the cost of burial insurance varies based on age, gender, health history and lifestyle choices.
Generally speaking males tend to pay slightly more than females for similar coverage amounts due to higher mortality rates among men.
It’s important that seniors shop around when looking into final expense life insurance policies as different companies offer different rates and terms so it pays off doing some research before committing yourself into any one policy or company right away.
Be sure to work with in independent agent who specializes in burial insurance for elderly individuals to find the best rates.
Now that you’ve seen a couple sample rates for Virginia males and females, let’s look at the steps to purchase a final expense life insurance policy in order to ensure your loved ones are taken care of.
Key Takeaway: Final expense life insurance is an affordable way for seniors to provide peace of mind that their end-of-life expenses will be taken care of. Rates vary based on age, gender, health history and lifestyle choices so it pays off doing research before committing to any one policy.
Steps to Buy a Final Expense Life Insurance Policy
The process to buy final expense life insurance is relatively simple. No medical exam is required and you will not need to leave the comfort of your home.
Before starting, enlist the help of an expert agent. You will want to work with someone who is experienced and knowledgable of burial insurance, specifically.
1. Determine Coverage Amount
To begin, decide how much coverage you need – this should correspond with an estimate of the money needed for funeral and burial expenses.
Your agent will help you conduct a needs assessment. Be sure to evaluate:
- Estimated price of funeral arrangements.
- Final medical bills.
- Unpaid minor debts.
- Monetary needs of beneficiary.
For many seniors, a $15,000 burial policy meets their needs. However, everyone’s circumstances are unique and you will want to go through the process of understanding your financial needs before settling on a particular face amount.
2. Carrier Selection and Application
Your agent will compare and contrast the best final expense life insurance companies to determine which carrier best meets your needs.
Researching different companies is an important step to buying a final expense life insurance policy. Start by looking at various insurers and comparing their offerings. Make sure to read reviews from other customers and check ratings with organizations like A.M Best or Standard & Poor’s.
Look for policies that offer coverage amounts that fit your budget as well as features such as accelerated death benefits or return of premium options if available.
Once you have settled on a policy amount and burial insurance company, be prepared to complete your application, typically accomplished online or over the phone.
Be ready to communicate basic information, including:
- Full name.
- Physcial address.
- Date of birth.
- Social Security number.
- Medical and prescription history.
- Lifestyle details.
- Beneficiary information.
Expect the application process to only take a matter of minutes. Most often, seniors are approved for a traditional burial insurance policy.
However, if you have been diagnosed with serious medical conditions, it’s possible you will be declined. Not to worry. There are guaranteed issue life insurance plans that do not ask health questions.
3. Policy Issuance
Once approved, be sure to read through each provider’s terms and conditions carefully before signing anything.
If everything looks good, sign for your policy and make your first premium payment. Premiums can be paid monthly, quarterly, or annually, depending on your budgetary preferences.
Store your burial insurance contract in a safe place and let your beneficiary know where to find it. That way, there are no delays 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 you get the best coverage for your needs; now let’s take a look at some of the best companies offering these policies.
Key Takeaway: It is important to compare quotes from companies and select an amount that fits your budget. Fill out the application form accurately with personal information and submit any requested medical information.
Best Final Expense Life Insurance Companies
When looking into buying final expense life insurance, it pays off to research different companies thoroughly so that you get the best possible deal available.
Some insurers offer lower rates while others provide better customer service, so make sure to check out reviews from past customers and look into company ratings in order to find the right fit for yourself and your family members alike.
Finding the best final expense life insurance companies can be a daunting task. With so many options available, it’s important to do your research and find the company that is right for you. To help you get started, here are some of the top-rated final expense life insurance companies:
They also offer flexible payment plans and no medical exam requirements for applicants between 50 years old and 85 years old.
SBLI has been providing quality life insurance products since 1907 and is one of the most trusted names in the industry. Their final expense life insurance policy provides up to $35,000 in coverage with no medical exams required.
SBLI offers helpful benefits at no additional cost. First, you have access to LegacyShield, which provides online tools for estate planning. Second policyholders may enroll in the funeral planning service, Sequoia Funeral Concierge Plan at no additional cost.
Only three health questions are asked. Applicants must be between 40 – 80 years old. An accelerated death benefit rider is included at no additional cost.
Mutual of Omaha
No medical exam is required. Coverage is available for applicants aged 45 to 85 years old.
Guarantee Trust Life
Guarantee Trust Life, throught their Heritage Plan, offers final expense life insurance, which allows customers between ages 40 and 90 to apply without having to take a physical exam first. Only five health questions are asked and seniors may buy up to a $25,000 burial policy.
AIG utilizes their Guaranteed Issue Whole Life Insurance policy (GIWL) to provide final expense coverage to seniors. AIG has been providing protection since 1919 and offers a guaranteed issue plan for those who are otherwise uninsurable due to serious health concerns. Up to $25,000 is available.
These are just some examples among many other reputable companies who offer excellent final expense life insurance solutions tailored specifically towards seniors over 50 years old, so make sure you shop around before deciding what is best for you.
Key Takeaway: Final expense life insurance companies offer coverage amounts ranging from $2,000 to a $50,000 burial policy without a medical exam for applicants over 50.
FAQs in Relation to Virginia Final Expense Life Insurance
Is final expense life insurance worth it?
Often, final expense or burial insurance is worth it and can be a valuable asset for seniors over the age of 50.
It provides peace of mind and financial security in the event of your death, allowing your loved ones to pay off debts or cover funeral costs without worrying about how they will manage financially.
Additionally, final expense policies are typically more affordable than other types of life insurance, making them accessible to those on a fixed income. One reason for their affordability is because face amounts are modest. A $15,000 burial policy is typical.
Ultimately, it is up to each individual’s personal circumstances whether or not final expense life insurance is worth it; however, for many seniors it can provide much needed protection and peace of mind.
Does Virginia help with funeral expenses?
No, Virginia does not provide any financial assistance for funeral expenses. However, there are other options available to seniors over the age of 50 that can help cover these costs.
Final expense or burial insurance policies are designed specifically to cover funeral and burial costs and can be tailored to fit individual needs.
Additionally, Medicare may offer coverage for some end-of-life services such as hospice care or home health care.
How much does final expense insurance cost per month?
The cost of burial insurance final expense insurance can vary greatly depending on a variety of factors, such as the type and amount of coverage desired, the age and health of the insured, and other personal details.
Generally speaking, however, monthly premiums for final expense insurance tend to range from $20 to $100 per month. It is important to note that these estimates are just averages; actual costs may be higher or lower depending on individual circumstances.
How long do you pay for final expense insurance?
Final expense insurance is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses.
The length of time you pay for final expense insurance depends on the type of policy you choose.
However, almost always, final expense policies are permanent, meaning that they do not expire. You will need to continue paying your premiums in order for your policy to remain in-force.
When it comes to Virginia final expense life insurance, there are a few key points to consider. First, understand the cost of a funeral in Virginia and the burial and funeral laws that apply.
Second, compare sample rates for males and females in your area to. Third, follow the steps outlined above to purchase a policy from one of the best final expense companies available.
Finally, make sure you shop around for the best coverage at an affordable price so you can rest assured knowing that your loved ones will be taken care of when you’re gone.
Seniors, now is the time to secure your future with a Virginia final expense life insurance policy. This plan will provide you and your family financial protection in case of death or illness.
With competitive rates, flexible coverage options and access to Medicare plans, cancer insurance policies and more – there’s no better way to protect yourself from life’s unexpected costs. Take action today for peace of mind tomorrow – get started on securing your senior benefits.