3 Steps to Buy West Virginia Final Expense Life Insurance
Posted in Insurance By State last updated on October 31, 2023
Having a plan for your final expenses is an important step in ensuring the well-being of yourself and your loved ones. West Virginia final expense life insurance offers the financial protection you likely need.
This form of life insurance coverage protects against financial hardship during difficult times by providing coverage to cover funeral costs, burial fees, or other end-of-life expenses.
In this article, we will discuss what exactly final expense life insurance is, how much it costs to have a funeral in West Virginia, burial and funeral Laws specific to the state of West Virginia and sample rates for males and females living there.
Finally, you will learn the steps for how to buy a policy that best fits you needs, as well as some of the best companies offering final expense life insurance policies in West Virginia.
Table of Contents
- What is Final Expense Life Insurance?
- Cost of a Funeral in West Virginia
- Burial and Funeral Laws in West Virginia
- Sample Rates for West Virginia Males and Females
- Steps to Buy a Final Expense Life Insurance Policy
- Best Final Expense Life Insurance Companies
- FAQs in Relation to West Virginia Final Expense Life Insurance
- Conclusion
What is Final Expense Life Insurance?
Final expense life insurance is a type of whole life insurance policy designed to cover the costs associated with end-of-life expenses.
Also referred to as burial insurance, it provides coverage for funeral and burial costs, medical bills, and other final expenses.
Final expense policies are typically small in size (a $15,000 burial policy is common) and can be purchased by seniors over the age of 50 without having to undergo a medical exam or answer health questions.
Key West Virginia Final Expense Policy Details
For West Virginians, there are some important features of final expense (burial) life insurance to be aware of.
- Applicants typically need to be between 50 – 85 years old.
- Face amounts are modest and range from $2,000 up to a $50,000 burial policy.
- Coverage is permanent and you cannot outlive your policy.
- Policies are intended to pay for the price of a funeral.
- You may add on living benefit riders to most contracts.
- The death benefit is paid in a lump sum.
Final Expense Life Insurance is an important financial tool for seniors in West Virginia, as it can help cover the cost of funeral expenses and provide peace of mind.
Now let’s look at the average cost of a funeral in West Virginia to understand how much coverage you may need.
Key Takeaway: Final expense life insurance provides coverage for funeral and burial costs, medical bills, and other final expenses in West Virginia.
Cost of a Funeral in West Virginia
The average cost of a funeral, one that is a traditional full-service type, in West Virginia is approximately seven thousand dollars.
This figure includes the costs associated with embalming and preparation of the body, use of facilities for visitation or viewing, transportation to and from services, selection of casket or urn, flowers, obituary notices and other related items.
Burial costs are usually higher than the cost of cremation due to additional expenses such as cemetery fees and grave markers.
Cremation is becoming increasingly popular in West Virginia due to its lower cost compared to burial services. The average cost for direct cremation (without any memorial service) ranges from $1,500-$2,500 depending on where you live in the state.
If you decide to have a memorial service after cremation has taken place then there will be additional charges such as rental fees for an event space or church facility and purchasing an urn or special container, if desired.
Additional Expenses
In addition to these basic costs there may also be extra expenses that need to be considered when planning a funeral in West Virginia. For example, seniors need to evaluate possible costs such as:
- Cemetery plot fees ($600-$1,200).
- Headstone or grave marker ($400-$3,000+)
- Death certificates ($20 each)
- Opening and closing gravesite fee ($800-$2,000+)
It is clearly important that families plan ahead so they know what their total budget should include when making arrangements with their chosen provider(s).
Related – A death certificate must be obtained in order to file a life insurance death claim.
Costs Beyond a Funeral
When selecting your final expense life insurance policy, it is important to consider all potential costs associated with your loved one’s passing.
This includes not only the expenses mentioned above, but also any medical bills incurred prior to death.
These can add up quickly if care was needed over an extended period of time before passing away. Final expense policies can help cover these unexpected expenses so families do not have added financial stress during this already emotionally taxing time.
Although the cost of a funeral in West Virginia can vary, it is important to understand the burial and funeral laws in the state before making any decisions. Let’s take a closer look at these regulations now.
Key Takeaway: When planning a funeral in West Virginia, consider all potential costs such as basic services, cemetery plot fees, and headstone or grave marker fees. Final expense policies can help cover these expenses so families do not have added financial stress during this difficult time.
Burial and Funeral Laws in West Virginia
West Virginia has a few laws that govern funerals and burials.
These laws are intended to protect the rights of those who have passed away, as well as their families.
The state requires that all deaths be reported within five days to the local health department or other designated agency.
Death Certificate
The death certificate must also be filed with the county clerk’s office within seven days of death. Keep the death certificate in a safe spot as it is necessary to file a life insurance death claim.
Burial Permit
Burial permits are required for all interments, including cremations, and must be obtained from either the local health department or funeral director before any burial can take place.
Embalming
In West Virginia, embalming is not required by law unless it is necessary due to an infectious disease or if a body needs to be transported out of state for burial or cremation purposes.
However, some cemeteries may require embalming prior to burial if they feel it is necessary for sanitary reasons.
If a person dies outside of West Virginia but wishes to be buried in the state, then embalming will likely need to occur prior to transport into the state lines.
Funeral Contracts
For seniors living in West Virginia, there are certain rules regarding pre-paid funeral arrangements and contracts, which should always be read carefully before signing anything binding them legally or financially.
Pre-need plans, such as what the Neptune Society offers, must include information about what services will actually be provided at the time of death.
All funds paid towards pre-need contracts must remain separate from other business accounts, and any interest earned on pre-need contract funds belongs solely to the beneficiary.
Important Details
Just be aware that pre-need funeral plans are not nearly as comprehensive as burial insurance and greatly limits what your hard-earned money can be used for.
Burial and funeral laws in West Virginia are designed to provide families with the assurance that their loved one’s final wishes will be respected.
With this in mind, it is important to understand the different rates for life insurance coverage based on gender so that you can make an informed decision about your family’s financial security.
Key Takeaway: West Virginia requires death certificates and burial permits for all interments, including cremations. Embalming may be required if a person dies outside of the state and wishes to be buried in West Virginia.
Sample Rates for West Virginia Males and Females
Are you looking for sample rates for final expense life insurance policies in West Virginia? Whether you’re a male or female, age and health status can affect the rate of your policy.
Here is a breakdown of sample rates based on gender and age for a typical $10,000 burial policy.
For healthy males aged 50, the average monthly premium ranges around $30 per month, depending on their health status.
For females aged 60, the average monthly premium also ranges around $35 per month, depending on whether they have a serious medical condition.
Males aged 70 have an average monthly premium range around $75 depending on their current state of health.
Females aged 80 have an average monthly premium range of about $105, depending on their current state of wellbeing.
No matter what your age or gender is, it is important that you understand how much coverage you need before signing any policy documents. This way, you can get exactly what fits your needs without breaking the bank.
The sample rates for West Virginia males and females vary greatly, so it’s important to compare policies before deciding which one is best for you. Now let’s take a look at the steps needed to buy a final expense life insurance policy.
Key Takeaway: The cost of final expense life insurance policies in West Virginia vary depending on coverage amount, age and health status, with average monthly premiums ranging from $25 – $100. It is important to understand your coverage needs before signing any policy documents.
Steps to Buy a Final Expense Life Insurance Policy
The process of buying final expense life insurance is straightforward. Fortunately, you do not need to leave the comfort of your home to buy coverage.
Before beginning, partner up with an expert agent who specializes in burial insurance for seniors. You will want someone sitting on the same side of the table as you, so-to-speak.
Step 1: Research Options
Research the different types of final expense life insurance policies. Before you start shopping for a final expense life insurance policy, it’s important to understand that there are differences amongst the best companies offering final expense coverage.
Familiarize yourself with issue ages, coverage amounts, living benefits and premium rates. Also be sure to understand if a waiting period is required and what the average premium rates are.
Finally, determine if the policy has the ability to build cash value over time that can be borrowed against during a minor financial emergency.
Step 2: Conduct a Needs Assessment
With the help of your agent, calculate your coverage needs. Once you know what type of policy is best for your needs, calculate how much coverage you need to cover funeral costs and other end-of-life expenses such as medical bills or unpaid debts.
Generally speaking, most seniors opt for $10,000 – $25,000 worth of coverage depending on their individual circumstances and budget constraints.
Step 3: Apply
Once you have chosen a company based on their rate comparison results and customer reviews, complete an application form either online or in person at one of their offices.
It is essential to ensure that all information provided is accurate to avoid any delays when processing your claim later.
Most seniors are approved for traditional final expense life insurance. However, if you have diagnosed with serious medical conditions, you may need to look at guaranteed issue life insurance plans.
A guaranteed issue policy, like the Corebridge GIWL plan, provides life insurance protection with zero health questions asked. Just be sure to confirm you don’t qualify for simplified underwriting, first.
Once your application has been approved by the insurer, pay all premiums promptly according to schedule in order to keep your policy active.
By following the steps outlined in this article, you can easily purchase a final expense life insurance policy (burial insurance) that meets your needs. Now let’s look at some of the best companies offering these policies to help you make an informed decision.
Key Takeaway: When shopping for a final expense life insurance policy in West Virginia, compare rates and make sure to provide accurate information on the application form. Additionally, pay all premiums promptly in order to keep your policy active.
Best Final Expense Life Insurance Companies
When it comes to final expense life insurance, seniors over the age of 50 need to make sure they are getting the best coverage for their needs.
Final expense policies provide a way for families to cover burial and funeral costs without having to worry about taking on debt or burdening other family members with these expenses.
There are many companies that offer final expense life insurance, so it is important to compare them before making a decision.
Some of the burial policies offered by life insurance companies include:
- SBLI Living Legacy
- American Amicable Senior Choice
- Prosperity PrimeTerm to 100
- CICA Life Superior Choice
- Guarantee Trust Life Heritage Plan
- Corebridge (AIG) Guaranteed Issue Whole Life
- Mutual of Omaha Living Promise
SBLI
SBLI offers final expense whole life insurance with no medical exam required. Premium payments are level with up to a $35,000 burial policy available.
Applicants must be between 50 – 85 years and policyholders are offered free enrollment into the Sequoia Funeral Concierge Plan.
American Amicable
American Amicable offers several options for their final expense policies. Up to a $50,000 burial policy is available.
Applicants need to be between 50 – 85 years old. They also have a terminal illness rider which allows policyholders access some their death benefit if they become terminally ill.
Prosperity
Prosperity offers a term life option that lasts up to age 100. There is no medical exam and only three health questions are asked.
Up to a $30,000 burial policy is available. Applicants need to be between 40 – 80 years old. An accelerated death benefit rider is included at no additional cost.
CICA Life
CICA offers a burial insurance option through their Superior Choice product. You will not be asked about your weight or tobacco use, and many common health conditions are approved at Standard rates, including heart attack.
Up to a $30,000 burial policy is available, and coverage is issued to applicants between the ages of 0 – 85 years old. Riders include terminal illness, dismemberment and accidental death.
Guarantee Trust Life
Guarantee Trust Life offers affordable rates on its Heritage Plan that requires no medical exam – and only asks five health questions on the application.
Up to a $25,000 burial policy is available. A wider age range is accepted, as well. Applicants must be between 40 – 90 years old.
Corebridge
Corebridge, formerly AIG, is designed specifically for seniors who not qualify for other forms of final expense coverage due to serious health complications.
As a form of guaranteed issue life insurance, Corebridge’s plan asks zero health questions. Up to $25,000 in coverage is available. You must be between 50 – 80 years old.
Mutual of Omaha
Mutual of Omaha has been in business since 1909 and provides highly-rated simplified issue final expense policies.
Up to a $40,000 burial policy is available, and they offer an accelerated death benefit rider which gives you access to the death benefit while still living if you become terminally ill.
Key Takeaway: Seniors looking for final expense life insurance in West Virginia should compare companies like the top-rated companies. Each company offers different benefits such as no medical exams required, accelerated death benefit riders and accidental death benefit riders.
FAQs in Relation to West Virginia Final Expense Life Insurance
What is the average cost of final expense insurance?
The average cost of burial insurance (or final expense) varies greatly depending on the type and amount of coverage chosen.
Generally, these policies are designed to cover funeral expenses and other end-of-life costs such as medical bills or debts.
Premiums for a policy can range from $10 to $100 per month, with some policies offering additional benefits at an increased cost. It is important to consider all options when selecting a policy that best meets your needs and budget.
Is final expense life insurance worth it?
Almost always, final expense or burial insurance is worth it because it is a valuable asset for seniors over the age of 50.
It is designed to provide financial protection in the event of an unexpected death, covering the price of a funeral and other end-of-life expenses.
The coverage amount typically ranges from $2,000 to a $35,000 burial policy (sometimes more) depending on your individual needs and budget.
While it may not be necessary for everyone, final expense life insurance can provide peace of mind knowing that your loved ones will not have to worry about how they will cover these costs should something happen to you.
How does final expense life insurance work?
Final expense life insurance, or burial insurance, is a type of policy designed to provide financial protection for your loved ones in the event of your death.
It pays out a lump sum benefit upon your passing, which can be used to cover funeral costs, medical bills, and other end-of-life expenses.
The amount you pay into the policy will depend on factors such as age and health status; however, premiums are typically lower than those associated with traditional life insurance policies.
Conclusion
When it comes to West Virginia final expense life insurance, there are many options available. It is important to research the cost of a funeral in your area, understand burial and funeral laws in West Virginia, and compare sample rates for males and females before making a decision.
Additionally, make sure you know the steps to buy a final expense life insurance policy so that you can find the best coverage at an affordable rate from one of the top companies offering this type of coverage.
With careful consideration and due diligence, you can be confident that you have made an informed decision when selecting your West Virginia final expense life insurance policy.
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