Alaska Final Expense Insurance: 10 Effective Questions

Alaska Final Expense Insurance
Alaska Final Expense Insurance: 10 Effective Questions

The Last Frontier is truly in a class of its own. From beautiful Chugach State Park and The Denali National Forest up to The Gates of the Arctic National Park, this state is on another level.

The item that might not be at the forefront of Alaskan’s minds is the cost associated with the end of one’s life.

This can be a major financial shock for loved ones attempting to grieve and process the death of a family member.

Funeral costs can range over a wide variety of price points depending on several factors.

The average traditional burial service in Alaska is $7,348

The average traditional cremation service in AK is $5,820

Location

Burial

Cremation

Anchorage$7,605$6,091
Wasilla$7,091$5,548
State Average$7,348$5,820

Not included in the price estimates:

  • Cost of Headstone, Monument, or Marker
  • Cemetery Property, Plot of Land, Columbarium, etc.

Fortunately, this is where Final Expense Insurance can help ease the monetary burden.

Alaska outline

Alaska Final Expense Insurance

The average age upon death in the state is 76.7 for males and 81.1 for females.

This is right at the national average both for men and women in terms of lifespan.

National Average:

  • Males 76.1
  • Females 81.1

Listed below are the top 10 leading causes of death in the state.

  1. Cancer
  2. Heart Disease
  3. Accidents
  4. Chronic Lower Respiratory Disease
  5. Stroke
  6. Suicide
  7. Chronic Liver Disease/Cirrhosis
  8. Diabetes
  9. Alzheimer’s Disease
  10. Flu/Pneumonia

No one knows when their health will decline, this makes it of the utmost importance to create a financial plan to leave your loved ones in a situation where they can celebrate your life rather than take on additional costs from it.

water and mountains with snow

10 Effective Questions

1. What is Final Expense Insurance?

This is a type of Whole Life plan which means you will receive a few top-notch benefits with the policy.

Guaranteed payout: Your beneficiary will be assured a payout once the insured has passed. The only thing the policyholder needs to do is continue to make the monthly premium payment.

Quick payout process: Once the provider receives the death certificate the beneficiary will receive a check in a matter of days. Other products on the market can take weeks or even months to receive the money.

Money moving fast

Coverage never terminates or decreases: You can be guaranteed that your coverage will never change or expire, when purchasing a product that is meant for your end-of-life expenses it is key that the policy is still active at the end of your life.

This product is!

Price never changes: Any senior or adult on a fixed income knows how important their budget is each month. When you take out this type of policy you will be guaranteed that the price will never raise and will always be the same.

Builds cash value: For each payment made a small portion will go towards the cash value. Over time this account will build and the policyholder will be allowed to borrow from the plan.

cash value growing

2. Distribution payout: What can it be used for?

There is no mandate that says what final expense insurance covers, however, there is a list of items that are typically purchased by the beneficiary.

  • Cremation
  • Memorial/Celebration of Life
  • Leaving an Inheritance
  • Credit Cards
  • Legal Expenses
  • Medical Bills
  • Charity Donations
  • Post-Mortem Expenses
  • Remaining Balance on a Mortgage
  • Remaining Car Loan Balances
  • Other End-of-Life Expenses

3. Captive or Independent Agent: Which is better?

Both of these agents are able to obtain satisfactorily coverage but to receive elite coverage one is better than the other.

Captive: This agent is tied to one carrier and its products. Typically this type of professional will be someone representing a company with a big brand name and many television commercials.

These are well-respected companies and a life policy from them may look fine on the surface, but when taking a deeper look it is more complicated.

Each carrier has there own underwriting rules and guidelines. What this means is that one company may approve someone with a recent TIA, and another company will deny this same medical condition.

A similar point can be made for the cost, each carrier dictates its own price point, two products could be essentially the same but one company may charge a much higher price.

Independent: This agent is able to represent as many companies as they choose. Meaning a highly rated Independent Agent will have the right company for every medical condition and budget.

Independent Agent

Choose independent and give yourself the greatest opportunity to find the best coverage and price for you. 

4. What is the best way to qualify for coverage?

You can attempt to qualify for coverage through many different sources including direct mail, tv commercials, and your local neighborhood agent. However, to find the best coverage at the lowest price point for your specific health history you will want to call an independent agent.

Prior to phoning a professional, it is best practice to familiarize yourself with the four different plan types.

  • Level: Great Health
  • Graded: Average Health
  • Modified: Past Health Concerns
  • Guaranteed Issue: Major Medical Issues

Every applicant will qualify for at least one of these plans.

5. What age can I obtain coverage until?

The majority of providers will award initial coverage until the age of 80-85.

There are a select amount of companies that will provide initial coverage until 90 years old, two of these carriers are Aetna and Guarantee Trust Life.

This section is speaking on initial coverage only, once you receive your policy it will never expire.

 6. Waiting period: What is this?

This is a time restriction placed on higher risk policy. It works as a trade-off from the company to the insured, the carrier will provide coverage but will hedge their risk by applying a waiting period.

This time restriction is typically two years from the day the policy was issued.

Hour glass green and tan

Example:

If the insured passed away before the waiting period was over then the beneficiary would receive a partial payout.

However, if the insured died after the waiting period ended the beneficiary would receive the entire coverage amount.

7. How do I secure first-day coverage?

Contact an independent agent who is able to compare different plans on the market and find the right fit with your medical conditions.

There are certain medical conditions that will not qualify for immediate coverage, speak with your agent to learn more.

8. How is the price determined?

There are three key factors that will play a role in how the price is calculated.

Your Health: Depending on your health history your coverage options could vary drastically. This is because every carrier has a different risk tolerance when it comes to underwriting.

The healthier you are the lower you can expect your premium to be, and the more complicated of medical history you have the more you can expect to pay.

Your Age: The initial age on the day you apply for coverage will have an effect on price. As discussed earlier the price will never increase however each year you wait to buy coverage the more the price will be.

Buy coverage sooner rather than later and save.

Your Gender: On average females live four years longer than males do. Through the lens of the carrier they are able to charge less for females due to this reason and some other variables.

9. There are a few names to describe this product: Which is correct?

The providers will use three names interchangeably to market this product.

Quick tip three plan types

There is no difference between these three names.

10. How do I secure a quote?

The fastest way to receive your monthly price estimate is to use the quote machine on this page. Simply put your age, state, and coverage amount to generate results.

There will be a wide variety of companies and prices that pop up.

To know which company and plan you qualify for give Willamette Life a call at 833-518-0080.

Top 5 board

5 Awesome Plans

#1 Mutual Of Omaha – Living Promise (Level)Mutual Of Omaha Logo

Mutual of Omahas Level plan is a wonderful option, offering immediate coverage and rock-bottom pricing.

If you are in great health this product is your best option!

Quick Plan Facts

  • Available ages: 45-85
  • Coverage: $2,000-$40,000
  • Immediate coverage

Visit the blog section under the main menu to read a full review of this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$27$39$51
50$31$44$58
55$36$52$69
60$44$64$84
65$56$83$110
70$75$110$146
75$100$148$197
80$140$208$276
85$193$288$382
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$23$32$42
50$24$35$45
55$28$40$52
60$33$48$63
65$41$60$79
70$53$78$103
75$72$107$142
80$98$146$194
85$136$202$269

#2 Foresters Financial – PlanRight (Preferred)Foresters Financial Logo black and white

This PlanRight product from Foresters Financial is another fantastic option. It includes coverage with no waiting period and some of the best premiums you will find.

An additional benefit that comes with each plan is dental, vision, hearing, and other discounts.

If you are in good health and value these discounts, this plan is wonderful.

Quick Plan Facts

  • Available ages: 50-85
  • Coverage: $5,000-$35,000
  • Immediate coverage

Visit the blog section under the main menu to learn more about this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$32$46$61
55$37$54$71
60$45$66$87
65$55$81$106
70$71$104$138
75$103$152$202
80$147$219$290
85$201$300NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$26$38$49
55$31$45$59
60$35$52$68
65$41$60$79
70$52$76$101
75$75$111$147
80$111$165$219
85$166$242NA

#3 Sentinel Security Life – New Vantage II (Graded)Sentinel Security Life logo black and white

The New Vantage II plan has a two-year waiting period with one of the best payouts you will find for a Graded plan.

Also offering respectable premiums this plan gets a thumbs up for anyone with a longer history of medical procedures.

Waiting period payout structure

  • Death Benefit in year 1 – 30% of the face amount
  • Death Benefit in year 2 – 70% of the face amount
  • Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

  • Age eligibility: 45-85
  • Coverage amount: $1,000-$20,000
  • 2-year waiting period

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$31$45$60
50$38$56$73
55$50$74$97
60$65$96$127
65$84$124$165
70$110$163$216
75$165$245$326
80$235$351$467
85$326$488NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$26$37$49
50$32$46$61
55$38$55$73
60$48$70$93
65$61$90$119
70$80$119$157
75$121$180$238
80$173$258$343
85$268$401NA

#4 Guarantee Trust Life – Heritage (Graded)Black and white GTL logo

The Heritage Plan from Guarantee Trust Life is the best option for applicants who have had multiple and recent medical issues.

Asking only five medical questions the majority of applicants will be able to qualify for this plan.

With favorable underwriting comes a two-year waiting period that offers a great payout option in the second year.

Waiting period details

  • Death Benefit in year 1 – paid premiums plus 5%
  • Death Benefit in year 2 – 50% of the face amount
  • Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

  • Available ages: 40-90
  • Coverage: $2,500-$25,000
  • 2-year waiting period

Visit the blog section to read further about this great plan.

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
45$47$68$89
50$51$74$97
55$55$80$106
60$67$99$131
65$80$118$156
70$102$150$199
75$139$206$274
80$232$346$461
85$300$449$597
Female

Monthly Premiums

Age$10,000$15,000$20,000
45$34$49$64
50$36$52$67
55$42$62$81
60$51$74$97
65$60$88$116
70$73$108$142
75$102$151$201
80$165$245$326
85$191$284$377

#5 AIG (Guaranteed Issue)

This is a Guaranteed Issue plan that asks no medical questions and automatically approves every applicant. This product should be reserved for those with the most serious medical issues.Black and white AIG logo

If you do need to use this type of plan our company recommendation is AIG, they offer living benefits and at a great price point.

2-Year Waiting Period Payout Details

  • Months 0-24: All premiums paid +10% are given to the beneficiary
  • Months 24+: 100% of the face amount will be paid out of the beneficiary

Is this Guaranteed Issue plan from AIG right for me?

Use this plan only if you have one of the following medical conditions.

  • AIDS, ARC, HIV
  • Bedridden
  • On Hospice
  • Confined to hospital, nursing home, mental care, or long term care facility
  • Currently have or receiving treatment for invasive cancer
  • Diagnosed with a terminal illness
  • In the past 24 months diagnosed with: Alzheimer’s, Dementia or Memory Loss, receiving Kidney Dialysis, 24-hour Continuous Oxygen use, Implanted Difibulator, or Organ Transplant

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
50$53$79$104
55$58$80$128
60$65$96$142
65$86$128$189
70$101$150$221
75$142$212$331
80$206$309$416
85NANANA
Female

Monthly Premiums

Age$10,000$15,000$20,000
50$37$54$76
55$44$65$98
60$51$76$113
65$63$94$139
70$76$113$168
75$110$164$241
80$180$269$393
85NANANA

Man with green hair thinking

Final Thoughts

a. Alaska Final Expense Insurance is a great option for those who are looking for an easy solution to combat the inevitable end-of-life expenses.

With a simple and affordable monthly payment, you can be assured your family will have the resources needed to help take care of leftover bills.

b. Work with an independent agent to find the best coverage at the lowest price.

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