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Trying to find the best final expense policy in the Hoosier State?
Indiana has a lot of residents with the same goal.
Today you are in luck because we will break down exactly how you can quickly find your best burial policy for seniors, and avoid some headaches along the way.
In this article we will show you some important state specific data, help you understand exactly how a final expense policy works, and teach you an easy to use formula to find the best policy guaranteed.
Article Quick Guide
|Rank||Cause of Death||Total Deaths|
|3||Lower Respiratory Disease (COPD & Emphysema)||4,266|
When you look at that list of health issues, there’s one thing we want you to keep in mind.
We have companies that can cover you even if you have those conditions!
No matter what, we can get you approved for a plan with some company.
In fact, many of those conditions won’t mean you have to endure a waiting period. Because we have access to so many burial insurance companies, we can likely find you one that has underwriting designed to accept your health issues.
According to current statistics, Indiana ranks number 39 in regards to life expectancy in the USA.
The average Indiana resident lives to be 77.6 years old.
You might be thinking- Do I pay more because I live in Indiana?
The answer is no. The rates for life insurance are equal for all states except for Montana (they have unisex rates). Just because Indiana ranks low in mortality among all the 50 states does not mean your rates will be higher.
The only reason we show you the average life span in Indiana is to give you a better understanding of when people typically pass away.
In the end, regardless of your age now, this is something you should take care of immediately so you know it’s locked in for life. Then you never run the risk of leaving your family with the burden of unpaid funeral bills.
You will be pleased to know that the department of insurance in your state has set up a safe guard for you when you buy any form of insurance.
The free look period in Indiana lasts a total of 10 days. During this time you can refuse an insurance contract for any reason, and receive a full refund of any money paid.
You do not have to give a reason, and the insurance company cannot refuse to cancel your policy.
This free look period gives you the opportunity to review your policy to ensure it meets your standards.
For example, when you buy funeral insurance in Indiana, you should verify the monthly premium and death benefits match what you were told up front.
In the event something is off, you have the right to throw it in the trash and be free of the insurance altogether.
This is important.
You should also know that you can cancel any life insurance policy with any company at any time. You are not locked into a contract with any company.
If you ever do cancel a life insurance policy outside of the free look period, you just won’t receive the money back that you have paid in (you were protected during the time you had the policy).
Sometimes it’s advantageous to change your life insurance, and sometimes it’s not. Just be sure to evaluate all the details to ensure that replacing insurance is in your best interest before you do so.
You can visit the DOI for Indiana to learn more about the free look period and replacing of insurance.
A final expense policy is perfect for folks looking to ensure their burial or cremation is taken care of. Nobody wants to leave a burden to their family as their final goodbye.
That’s why these policies were created to ensure your end of life bills don’t go unpaid.
But how do they work?
let’s break it down in plain English so you know as much about these policies as we do 🙂
First of all, “final expense” is just a marketing term insurance companies came up with. You will also here the phrases “burial insurance” or “funeral insurance” used interchangeably with final expense.
Ultimately, they all refer to the same exact thing. They are all small face value whole life policies meant to pay for your final expenses.
You can completely understand how a burial insurance policy works in the following three sentences:
- The premiums are fixed for life
- The death benefit cannot decrease
- The policy will not expire no matter your age
Being they are whole life policies, they are super simple to understand. There are no hidden clauses you need to be cautious of.
Simple Is Good
Basically, once you get your policy your coverage protects you immediately (unless you had a waiting period due for some very serious health conditions).
Whenever you should pass away, the policy will pay the full death benefit directly to your beneficiary(s). This gives them the money to pay for all your final expenses.
If there is any money left over it stays with your family.
This is huge
The single most unique element to understand about final expense life insurance is the underwriting. The insurance companies designed them to accept many major health issues.
This means that nearly everyone barring some super high risk conditions (HIV, current cancer, Alzheimer’s, etc), you can get coverage that fully protects you immediately.
Before we reveal our time tested game plan that will surely help you find the best and lowest cost policy, we must define something first.
What is the best burial insurance?
You will see the term “best burial insurance” all over the internet, but what does it really mean?
There are 3 elements that you want to look for that ultimately decide if a burial policy is the best for YOU.
- The insurance company is financially stable
- Coverage that has no waiting period if possible
- Lower price than other insurance companies
If you can find a policy that has all three of those, you have found your best plan indeed.
Side Note: Most people can get a policy that has no waiting period. However, there are some very high risk situations where a 24 month waiting period cannot be avoided.
How To Find It
Finding your policy is just like working with any other professional. You hire a lawyer for legal matters. You rely on your doctor for health matters.
For burial insurance, you need to rely on a licensed agency that specializes in final expense to help you find a your policy.
To find the best burial insurance in Indiana, you must work with an independent broker that represents a multitude of final expense companies. They will compare policies from all the companies on the market to find which one is best for your individual situation.
This is crazy but true.
Working with an independent agency like Choice Mutual is completely free. That’s right, it does not cost you a dime.
While hiring a lawyer or doctor certainly isn’t free, working with an insurance agency will never cost you any money.
We get paid directly by the insurance companies which is why our services are free.
You have a lot of options in regards to who you buy your insurance from. There’s no question about it. Maybe you are looking for you, or maybe it’s funeral insurance for a parent. No matter who you are buying for, choosing the right company is key to your success.
So why should you work with us?
It’s a fair question, and one that deserves an answer.
There are three reasons why we believe you should allow us to help you with such an important manner.
- We are now, and will always be, an independent agency. We have access to over 20 different final expense life insurance companies, and we are not married to any one of them. This means we can impartially select which one will be the best for you.
- Our commitment is to your needs. We very well could impose certain companies upon you that would make us more money, but that’s not how we work. We truly want to ensure that when we are done helping you that no other agency will be able to come in after us and offer you a better deal. We’ll survey the market and find you the best policy even if it pays us less money.
- Our experience is very far reaching. We have done so many applications over the years that we now have a masterful knowledge of how each of these 20 companies underwrites. This knowledge means we know how insurers will respond to your health issues. This is critical to getting you the best deal, and we have to the experience to see that we deliver that value.
If for whatever reason you go elsewhere, just make sure you find an independent agency. They must have access to at least 10 companies, and they need to specialize in funeral life insurance.
If you don’t, you will almost certainly overpay.
While the choice is definitely yours, we hope you’ll allow us to help you secure the best funeral insurance in Indiana for you and your family.