Arizona Final Expense Insurance: 11 Intriguing Questions

Arizona Final Expense Insurance
Arizona Final Expense Insurance: 11 Intriguing Questions

In the Grand Canyon State sunsets are a little prettier and the sunshine is a little brighter than the rest of the country. From Tuscon to Flagstaff Arizonans have a gorgeous state to be proud of.

In this wonderful place, it is easy to forget to create a plan for the bills that come at the end of one’s life.

When a family is attempting to process what has just occurred the financial aspect can push people to the brink.

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

The average traditional burial service in Arizona is $6,920

The average traditional cremation service in AZ is $5,639

Location

Burial

Cremation

Casa Grande$7,948$6,505
Chandler$7,128$5,798
Cottonwood$6,650$5,500
Fountain Hills$6,495$5,340
Kingman$6,010$4,885
Phoenix$7,021$5,703
Prescott$6,868$5,595
Show Low$7,035$5,710
Tuscon$7,032$5,711
Yuma$7,013$5,643
State Average$6,920$5,639

Not included in the price estimates:

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

Fortunately, Final Expense Insurance is a wonderful tool to help ease the monetary burden.

Arizona button

Arizona Final Expense Insurance

The average age of death in the state is 77.6 for males and 82.3 for females.

This is above the national average 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. Heart Disease
  2. Cancer
  3. Accidents
  4. Chronic Lower Respiratory Disease
  5. Alzheimer’s Disease
  6. Stroke
  7. Diabetes
  8. Suicide
  9. Chronic Liver Disease/Cirrhosis
  10. Hypertension

No one knows when their health will fail them so the most responsible and proactive thing anyone can do is create a financial plan to leave funds behind for loved ones instead of leaving this burden to them.

Cactus and mountain

11 Intriguing Questions

1. Final Expense Insurance: What is it?

This product is designed for seniors to make a simple and affordable monthly payment and in return, the provider will guarantee five benefits.

Lump-sum payout: As long as the policyholder makes the monthly premium payment the beneficiary is guaranteed a tax-free lump-sum payout once the insured passes away.

Speedy payout: Once the carrier receives the death certificate, the payout will be distributed in a matter of days rather than weeks. Other products on the market can take months to payout.

Money moving fast

Price lock: The price will never increase, this is a critical feature for so many seniors who are on a fixed income. Policyholders can be assured to know the exact price they will be paying moving forward.

Coverage lock: The coverage will never decrease meaning your beneficiary can know years ahead of the policyholder’s death what the amount will be.

Builds cash value: For every payment made a portion will go towards the cash value. Over time this account will grow and allow the policyholder to borrow against the plan if they choose.

2. What can the beneficiary use the payout to purchase?

The short answer is anything they want, however, there is a typical list of items that are purchased with the distribution funds.

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

Outstanding bills chart for left behind expenses

3. What is the better choice: Captive or Independent Agent?

Both of these agents can find you coverage, but the two agents go about it in a much different way.

One agent is free to find you the best possible plan, the other is shackled to one company.

Captive: This agent has access to one single carrier, even if there is a better price or product on the market they are not allowed to offer that plan.

This can be problematic when looking at how each company sets its prices and underwrites the product.

For example, one company will award coverage to an applicant with chronic bronchitis but a different provider will deny coverage with this medical condition.

The same goes for the price point, each carrier will determine the price they would like to charge, the price can vary drastically depending on which company is used.

Working with a captive agent you ultimately will not know if you are receiving a good price and the right plan structure for your specific medical situation.

Independent: Ultimately this agent works for themselves. They get to pick and choose which companies they represent, if a carrier raises their prices the independent agent simply will not represent them anymore if they choose not to.

This agent can represent as many companies as they choose to guarantee the applicant the best policy structure and best price.

Captive vs independent agent

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

Simply contact a respected independent agent that has access to many different companies. This will make sure you find the best policy at the lowest price.

Prior to contacting an agent, it is always best to have a basic understanding of the four plan types on the market today.

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

Depending on the applicant’s medical history, they will qualify for one of these plans.

5. Age and coverage: How old can I be?

Typically companies will offer initial coverage until the ages of 80 or 85.

However, you can find companies willing to award initial coverage until the age of 90.

 6. Waiting period: What is it?

This is a time restriction that a company places on high-risk plans. The restriction period is usually two years but this can vary from company to company.

Hour glass flipping

How it works

If the insured passes away prior to the waiting period ending then the beneficiary will receive a predetermined portion of coverage.

If the policyholder dies after the waiting period has ended then the beneficiary will receive the entire coverage amount.

7. How do I receive coverage with no waiting period?

Contact an independent agent or agency who has access to many carriers and specializes in this niche. Your chances of finding the best plan will increase drastically.

8. Which provider offers the best coverage?

This will depend on three key factors.

Health: Depending on your health history your coverage options can swing drastically. Each company has there own underwriting standards that are unique to them.

Age: Your age has a major impact on price, the older you are when you initially apply for coverage the higher your price will be.

Gender: Your gender also plays a role when it comes to price. Females will pay less for coverage than males.

Each provider is better for a different type of person, finding the best plan is like putting a puzzle together.

four puzzle pieces

9. What is the difference between the three names used to describe this plan?

These three names are used to market the product.

Three plan names in a circle

There is no difference, they mean the same thing.

10. Can I apply over the phone?

Yes, you can, the process takes roughly 30 minutes from start to finish.

11. How do I secure a quote?

The simplest way to secure a quote is by using the online quote tool on this page that will give a wide range of prices.

To know which plan you qualify for contact Willamette Life at 844-576-0019.

6 Successful Plans

6 Successful Plans

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

This Living Promise product offers immediate coverage at a great price point.

This product is best for those who are healthy or have had mild medical conditions like arthritis.

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 plan from Foresters Financial offers immediate coverage and great premiums.

Included with your plan are additional benefits like dental, vision, and hearing discounts. This is a great plan for those in good health.

Quick Plan Facts

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

Visit the blog section under the main menu to read further 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 Royal Neighbors of America – SIWL (Level)Royal Neighbors Logo black and white

The Level plan from Royal Neighbors is a great option for individuals looking for immediate coverage but may have some concerning conditions in their health history.

With respectable premiums, this is another outstanding option for the right person.

Quick plan facts

  • Available ages: 50-75
  • Coverage: $7,000-$30,000
  • Immediate coverage

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

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$40$58$77
55$46$68$90
60$50$74$98
65$59$87$115
70$75$111$147
75$110$164$218
80NANANA
85NANANA
Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$34$49$65
55$38$55$72
60$38$56$74
65$45$66$87
70$56$82$109
75$80$118$157
80NANANA
85NANANA

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

The New Vantage II product from Sentinel Security is a great plan for those who may have a complex medical history.

With flexible underwriting comes a very favorable payout structure during the two-year waiting period that is imposed.

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 (depending on age)
  • 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

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

This product from GTL is a great option for those who have had serious medical concerns like congestive heart failure.

Asking only five medical questions the majority of individuals will qualify for this plan.

Due to the friendly underwriting, there is a two-year waiting period.

Waiting period payout:

  • 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

#6 AIG (Guaranteed Issue)

If you currently have serious medical concerns this could be your best plan option. This is AIG’s Guaranteed Issue product which is designed to ask no medical questions and approve every applicant.Black and white AIG logo

This product comes with a two year restriction period.

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

Person thinking

Final Thoughts

a. Arizona Final Expense Insurance is both accessible and affordable. This product is a perfect financial option for any seniors on a fixed income looking to leave a lump sum amount of money behind for their loved ones.

b. Your health will dictate what your best plan option is.

For the healthiest of applicants, our recommendation is either the Mutual of Omaha Living Promise Level plan or Foresters Financial PlanRight Preferred product.

If you are not in great health there are still multiple other plan options.

c. Work with an independent agent or agency that specializes in this product niche and has access to multiple carriers, this will guarantee you the best price and plan structure for your individual needs.

Leave a Reply

Your email address will not be published. Required fields are marked *