In this article, we’ll explain how burial insurance policies work, see sample costs, the best companies in Ohio, and how much a funeral costs.

How Much Does Burial Insurance In Ohio Cost?

The cost of final expense coverage in Ohio is usually $50-$100 monthly for a $10,000 policy. However, the price you’ll be charged is a function of your health, gender, exact age, tobacco usage history, and death benefit coverage you purchase.

That said, below are some example Ohio burial insurance quotes.

Age & Gender$5,000
(Monthly Rates)
$10,000
(Monthly Rates)
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

 

Best Final Expense Life Insurance Companies In Ohio

The federal government does not regulate or control insurance. Only states dictate insurance laws and regulations.

Because of that, burial insurance in the USA may vary from state to state. The table below outlines some of Ohio’s top final expense insurance companies.

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 Expense Insurance Work?

Final expense insurance is a small death benefit whole life insurance plan primarily meant to pay for funeral expenses.

However, the policy pays out a cash benefit (tax-free), so your loved ones can use the money on anything, not just funeral costs.

Most final expense insurance companies offer coverage between $2,000 and $50,000.

Tip:
It’s common to hear burial insurance referred to as “final expense insurance,” “funeral insurance,” or “end-of-life-insurance.” Understand that all these names have the same meaning.

Final expense policies don’t require a medical exam. Generally, you only need to answer some basic health questions.

Some are guaranteed acceptance final expense policies that have no health questions.

With those, you cannot be denied due to previous health conditions.

However, guaranteed issue plans all have a two-year waiting period before you’re insured for natural causes of death.

If you die during a waiting period, the life insurance company will only return your premiums plus a small amount of interest.

Policies with health questions have no waiting period and fully cover you immediately.

Since these are whole life policies, the coverage will last forever, never decrease in value, and the price never changes.

Also, they build cash value that you can borrow from whenever you want.

 

How Much Does A Funeral Cost In Ohio?

According to the most recent NFDA funeral cost report, the average funeral in Ohio costs $8,820 for a burial, whereas cremation costs $6,120.

Service TypeAverage Cost
Burial Service$8,280
Direct Burial (No Service)$3,729
Cremation Service$6,120
Direct Cremation (No Service)$2,045

Remember that the cost of a funeral depends greatly on your preferences. Using a funeral costs calculator will help you accurately estimate what a funeral may cost for you.

 

The Free Look Period In Ohio And The FTC Funeral Rule

Every life insurance policy in Ohio comes with a free-look provision. The free look clause grants you the right to refuse your policy for any reason.

Furthermore, you’re entitled to a refund of any premiums if you exercise the free look option. The Ohio Department of Insurance requires the free look period to last 30 days.

If you’re planning a funeral, you should also be aware of the Funeral Rule from the Federal Trade Commission. This federal law requires funeral homes to abide by specific rules.

First, they must provide you with a written price list for all their goods and services. It also requires them to accept third-party products (such as caskets) rather than having to use their products. It also entitles consumers the right to pick and choose which products and services they want from the funeral home. They do not have to accept pre-packaged funerals that combine products and services.

 

How Choice Mutual Can Help

When shopping for final expense life insurance for seniors, it’s vital that you compare multiple policies side by side to identify your best option.

If you need funeral insurance in Oho, Choice Mutual can help you find the most affordable policy.

Choice Mutual is what’s called an independent broker because we freely represent nearly 20 different insurance companies. Our goal is to match you with whichever provider will approve you for the lowest price.

Tip:
Working with independent agencies costs nothing. Also, there are no fees, and the insurance isn’t more expensive. In fact, the insurance is typically cheaper because independent agencies compare multiple insurers on your behalf to find you the lowest price.

Additionally, it might surprise you to learn that most no waiting period burial insurance plans are only sold via agencies like us.

Most companies that sell their coverage directly, such as Colonial Penn life insurance for seniors, AARP life insurance, or AAA, make you wait two years before you’re insured for natural causes of death.

In the end, we’ll compare each company side by side to match you with the best one. Call us at 1-800-644-2926, and one of our friendly agents will answer your questions and help you find the most affordable option.