Final expense insurance in Indiana is a reliable way to ensure your funeral expenses don’t financially burden your loved ones.

Learn how final expense life insurance works, how much it costs, and the best companies in Indiana.

 

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 out a tax-free cash death benefit to your beneficiaries (or funeral home).

They can spend that money on your final wishes, outstanding debts, medical bills, or anything else.

Any remaining money is theirs to keep.

The standard coverage options are $2,000-$40,000, 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 issue 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 that has 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 very simple.

The premiums never increase, the coverage never decreases in value, and it 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 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.

 

AgeFemale
$10,000
No Waiting Period
(Monthly Rates)
Female
$10,000
Guaranteed Acceptance
(Monthly Rates)
Male
$10,000
No Waiting Period
(Monthly Rates)
Male
$10,000
Guaranteed Acceptance
(Monthly Rates)
45$22$28$27$33
50$24$30$30$36
55$27$38$35$45
60$32$42$43$55
65$41$51$54$66
70$51$69$70$89
75$71$98$99$121
80$98$140$139$166
85$135$170$192$230
86-89$171-$275N/A$236-$358N/A

 

Best Final Expense Life Insurance Companies In Indiana

The states regulate life insurance. The federal government does not.

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-$40,000
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)
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:
$1,500-$35,000
Age Range:
50-80
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)
Americo company logoCoverage:
$5,000-$40,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"Eagle Premier"- Level
(no 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-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Silver Guard I"
(no waiting period)

 

How Much Does A Funeral Cost In Indiana?

The NFDA reports that the average traditional funeral, with a viewing, costs nearly $10,000.

The cost of cremation is lower, but not by as much as you’d think.

The price significantly drops if you opt for direct burial or cremation (no memorial services).

Below is a breakdown of the average cost of a funeral in Indiana:

  • Traditional burial service with a viewing: $7,868
  • Direct burial: $4,003
  • Cremation service with a viewing: $6,953
  • Direct cremation: $2,284

 

Know Your Rights

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, they must refund you any premiums you paid.

Sadly, Indiana does not have a legally mandated free-look provision. However, nearly every life insurance company voluntarily includes one that typically lasts 10-30 days.

So if you buy burial insurance in Indiana and are not satisfied, you can return it to the insurer and get a refund during their defined free look period.

 

How Choice Mutual Can Help

If you need a final expense policy, 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 aren’t sold directly by insurance companies.

They are typically only sold via agencies like Choice Mutual.

Generally speaking, the 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.