In this article, you’ll learn how much final expense insurance costs, the best companies in Indiana, how these plans work, and how much a funeral costs in Indiana.

How Much Does Burial Insurance Cost In Indiana?

Typically, a $10,000 burial insurance policy costs about $50-$100 per month. The price of a policy is based on your age, gender, health, tobacco usage history, and how much coverage you want.

Below you can see some sample final expense quotes for Indiana.

Age & Gender$5,000$10,000
Female age 40$12$21
Female age 45$13$23
Female age 50$14$24
Female age 55$15$28
Female age 60$18$33
Female age 65$22$41
Female age 70$28$53
Female age 75$37$71
Female age 80$50$98
Female age 85$70$136
Female age 89$131N/A
Male age 40$14$25
Male age 45$15$27
Male age 50$17$31
Male age 55$20$36
Male age 60$23$43
Male age 65$29$54
Male age 70$37$70
Male age 75$50$97
Male age 80$69$135
Male age 85$91$178
Male age 89$180N/A
Source for monthly prices: Choice Mutual quote calculator. Rates valid as of 05/08/2024.

 

Best Final Expense Life Insurance Companies In Indiana

States regulate life insurance rather than the federal government. For that reason, final expense insurance in the USA varies by state.

In the table below, you can see the best final expense insurance companies in Indiana.

Insurance CompanyCoverage & New
Applicant Age Limits
Policy Type, Length
& Product name
Mutual of Omaha company logoCoverage:
$2,000-$50,000
Age Range:
45-85
Whole Life Insurance
Lasts forever once issued
"Living Promise"- Level
(no waiting period)
Aetna company logoCoverage:
$2,000-$50,000
Age Range:
40-89
Whole Life Insurance
Lasts forever once issued
"Accendo"- Preferred
(no waiting period)
Aflac company logoCoverage:
$5,000-$50,000
Age Range:
45-80
Whole Life Insurance
Lasts forever once issued
"Final Expense"- Preferred
(no waiting period)
Royal Neighbors of America company logoCoverage:
$7,000-$30,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"SIWL"
(no waiting period)
Foresters Financial company logoCoverage:
$5,000-$35,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"PlanRight"- Preferred
(no waiting period)
Transamerica company logoCoverage:
$1,000-$50,000
Age Range:
45-85
Whole Life Insurance
Lasts forever once issued
"Immediate Solution"- Preferred
(no waiting period)
Prosperity Life Group company logoCoverage:
$5,000-$35,000
Age Range:
55-80
Whole Life Insurance
Lasts forever once issued
"New Vista"- Level
(no waiting period)
AIG company logoCoverage:
$5,000-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Guaranteed Acceptance"
(2 Yr waiting period)
Liberty Bankers Life company logoCoverage:
$3,000-$40,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"SIMPL"- Preferred
(no waiting period)
Gerber Life company logoCoverage:
$5,000-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Guaranteed Acceptance"
(2 Yr waiting period)
American Amicable company logoCoverage:
$2,500-$50,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"Senior Choice"- Immediate
(no waiting period)
Baltimore Life company logoCoverage:
$2,500-$50,000
Age Range:
45-89
Whole Life Insurance
Lasts forever once issued
"iProvide"
(no waiting period)

 

How Does Burial Life Insurance Work?

Burial insurance (aka “funeral insurance,” “final expense insurance,” or “end-of-life insurance”) is a small whole life insurance policy meant to pay for your funeral costs.

Ultimately, the policy pays your beneficiaries a tax-free cash death benefit (or funeral home).

They can spend that money on your final wishes, outstanding debts, medical bills, or anything else. Additionally, any remaining money is theirs to keep.

The standard coverage options are $2,000-$50,000 with most insurance providers.

Burial expense policies don’t require a medical exam to qualify. In most cases, you only need to complete a basic health questionnaire.

Alternatively, some options are guaranteed acceptance, which have no health or lifestyle questions.

Tip:
Guaranteed approval plans always have a two-year waiting period. Death during the waiting period only results in a refund of premiums plus about 10% interest. Additionally, guaranteed life insurance is more costly because the insurer takes on serious risk not knowing about the applicant’s health.

If you’re eligible for a policy with health questions, the coverage will have no waiting period.

That means you’re fully covered from day one for natural or accidental causes of death.

Because final expense policies are a type of whole life insurance, the way it works is straightforward.

The premiums never increase, the death benefit does not decrease in value, and the policy will never expire at any age.

They will also build cash value that you can tap into should you need cash in a bind.

 

How Much Does A Funeral Cost In Indiana?

The most recent report from the National Funeral Directors Association showed that the average burial, with a viewing, costs $7,868, and cremation costs $6,953.

Service TypeAverage Cost
Burial Service$7,868
Direct Burial (No Service)$4,003
Cremation Service$6,953
Direct Cremation (No Service)$2,284

It’s also important to remember that your preferences heavily influence the cost of a funeral. For example, if you forgo all memorial services, you can save significant money.

Commonly known as a “direct funeral,” if you immediately bury a body without any services, the typical cost in Indiana is $4,003.

 

The Free Look Period In Indiana And The FTC Funeral Rule

Most states mandate that every insurance policy contains a “free look” provision, which grants you the right to refuse your policy for any reason. Furthermore, if you return a policy, the insurance company must refund any premiums you paid.

The Indiana Department of Insurance requires all life insurance policies to contain a 10-day free look period.

If you, unfortunately, are the victim of a final expense insurance scam or simply change your mind, this law protects you and your money.

On the federal level, the FTC Funeral Rule is a law that protects funeral planning consumers. This law requires that funeral homes provide consumers with written prices for their services upon request. It also means that consumers can pick and choose what products they want versus having to select from pre-packaged options.

 

How Choice Mutual Can Help

If you need a final expense policy for seniors, comparing offers from multiple insurers is critically important. That’s the only way to ensure you’re finding the best policy.

If you need funeral insurance in Indiana, Choice Mutual can compare offers from nearly 20 companies to ensure you’re getting the best deal.

We are an independent agency that partners with multiple insurance companies. Our goal is to find each client the best policy regardless of which insurance company it’s with.

Tip:
There is never a cost to working with an independent agency like us. Furthermore, the insurance is not more expensive. It’s quite the opposite. Independent agents typically find you lower rates since they can compare offers from multiple providers.

Another thing to note about independent agencies is that nearly all no waiting period funeral policies are not sold directly by insurance companies.

They are typically only sold via agencies like Choice Mutual, Family First Life, or National Family Assurance.

Generally speaking, insurers like Colonial Penn that sell their coverage directly (rather than through agencies) make you wait two years before you’re insured (plus they are costly).

So if you choose to work with us, we’ll answer all your questions and find which company has the best plan for you.

Call us at 1-800-644-2926, and we’ll show you why we have over a thousand 5-star reviews online.

Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that are known to provide accurate information. You can learn more about our editorial standards, which guides our mission of delivering factual and impartial content.

  1. States. https://www.iii.org/publications/commercial-insurance/how-it-functions/regulation
  2. recent report. https://nfda.org/news/media-center/nfda-news-releases/id/6182/2021-nfda-general-price-list-study-shows-funeral-costs-not-rising-as-fast-as-rate-of-inflation
  3. Indiana Department of Insurance. https://www.in.gov/idoi/compliance-rates-and-forms/life/life-and-annuity-review-standards/
  4. FTC Funeral Rule. https://www.ftc.gov/news-events/topics/truth-advertising/funeral-rule