This state is a wonderful place to live, raise a family, and eventually ride off into retirement in the lush green forest hills or the rolling farmlands and wine country. This state is wonderful for so many reasons but beyond any other, in my opinion, is the gorgeous scenery. From the beautiful western coast to the snowy winters and perfect summer days of our central state. Let’s not forget about the beautiful Willamette Valley that offers us all so much. Indeed the state is a world-class place to retire and ultimately be able to spend the final years of your life.

We are all fortunate and blessed to have wound up in the beaver state in one form or another. So when we start to think about how we want the end of our life to look and what our final wishes are it is important to have a clear understanding of how this process takes place, what your options are, and ultimately what your final wishes are.

Burial Insurance Oregon

In the beaver state, you have many wonderful options to help as you look into final arrangements and decide what is best for your family once you are gone. In this article, we are going to dive specifically into why you might choose this product over any other type of end of life arrangements. There are pros and cons to all different programs and plans and we will help you navigate through the questions you should ask yourself to help have a better understanding of different options.

At Willamette Life, we feel uniquely qualified to give our input on this topic. I was born and raised in Albany, and Willamette Life is located in Portland just blocks from the Willamette River. I am an Oregonian to my core, I love this state and want to help any other Oregonians find the answers to their questions.

Here are the top 5 proven things to consider.

Top 5 Things To Consider

1. What is this product?

Whole Life

Whole life coverage lasts for your whole life. When it comes to whole life there is not a more straightforward product in the industry than burial insurance. These policies are clear and concise on when your monthly premiums are due and those premiums will never change. No matter if the policy is one month old or thirty years old.

Also, the coverage amount, also known as a death benefit, will never decrease. This is crucial for so many family members and loved ones who will be counting on the death benefit in the full amount you intend for them to receive.

Key Features of a Whole Life Plan

• The Coverage amount never decreases
• The Premiums never increase
• This policy builds a cash value that will allow you to borrow against the policy in time if needed
• Many carriers have additional benefits that are listed in the policy agreement

Whole Life will always be there for you when needed and you will always know where you stand with the policy.

This type of coverage offers many wonderful benefits. This product allows you to purchase a policy that is meant to cover your death expenses which may include the following:

• Burial
• Cremation
• Memorial/Celebration of Life
• Other end-of-life expenses
• Remaining Balance on a mortgage
• Legal Expenses
• Remaining Car Loan Balances
• Credit Cards
• Medical Bills
• Post mortem expenses
• Leaving an inheritance
• Charity donations

2. Are there other types of policies?

Yes, there are! But you’ll need to get into the fine print of these policies to make sure you understand what these policies are saying.

You need to ask if this policy is a whole life policy (like we spoke earlier about), or is this a term policy.

The basics of a term policy are as follows.

Term

Term is a product that lasts for a specific period of time, then terminates. At this time if you wish to stay insured and keep your policy the monthly premiums are likely to increase, while inversely decreasing your coverage amount.
Term coverage is right for certain situations.

Here are the keys points of term coverage:

Pros

• Cheaper than a whole life policy
• Receive more coverage than you would will a permanent plan
• It can be issued a policy without a medical exam for some carriers.

Cons

• In some policies the older you get the higher, your monthly premiums will increase and the coverage amount decreases.
• This policy will terminate at some point and not cover you for the long haul.
• Builds no cash value

Always check to see if your term policy has the rates locked in for the life of the term. (This is very important!)

This policy typically will terminate at the age of 80. This means you just paid into a policy for 5, 10, 20 sometimes 30 years.

I will be the first person to tell you that a term policy is necessary under the right circumstances.

When does a term policy make sense?

• If you are using the plan as a back-up plan or additional coverage.
• If you are protecting a young family and need income replacement to support your family upon your premature death.

Term should not be your go-to plan for your end of life expenses because most likely it will not be there when you need it. There is a reason why these policies are cheaper than a permanent whole life policy.

a very small percentage of term policies are paid out per year in the United States.

Ultimately everyone gets to decide if they want to use a more economical product. Just know there is a chance you may outlive the term product. My advice is to always be prepared for the long haul.

3. How much coverage is needed?

When it comes to the average costs for a traditional service it ranges from $8,000-$12,000. When you are determining the best policy for yourself, a parent, grandparent, or loved one the amount of coverage needed is an important piece of information to determine.

As an example, if you are looking into $100,000 of coverage and are 70 years old and want a permanent life policy where the premiums never rise and the coverage never changes you will need to be prepared to have a very large budget. But if you are looking for that same product that has the same features but is meant to just cover your end of life expenses, let’s say $15,000 and are looking to pay $60-$100 per month this is much more realistic for pricing and coverage.

In some cases, the deceased had requested to be transported to another state once they pass.

Example: Transported from Washington state to Oregon.

It is very important your beneficiary understands these final wishes.

So setting this expectation is an important first step.

Also, The amount of coverage needed depends on you and your loved one’s individual requests.

In the chart listed below Oregonians have chosen to use cremation as the more popular choice. The current percentage of residents opting for cremation is 80.8% and that leaves just 11.2% of Oregonians opting for a traditional burial.

This shows that the citizens of the state are trending towards a much higher percentage of cremations than the rest of the U.S.

4. Do I need this product?

Everyone’s situation is different. There is not one cut and dry answer when determining the need for coverage.

However, there are a few things you can look into to determine if it is worth it to have burial insurance.

Have you or anyone in your family ever been financially responsible for a sudden death? If so, how were those expenses handled? Did the person who passed away have a policy? How long did it take to receive that money?

With basic service costs being in the $8,000-$12,000 range, this can be quite an unexpected burden.

You may think that the person who passed away might have some money left over in their bank account to help pay for these expenses. This unfortunately is not always the case. Especially with the list of possible expenses that were listed earlier.
Very often there is very little to nothing left for a simple service.
This is where a policy would protect your loved ones from the financial burden you may leave behind.

5. How do I apply?

You have two options when it comes to obtaining a policy.

Working Direct with the Carrier

The company sells some of its products directly but typically they only sell a select few, if any. This would be like going into a car dealership and being told that this Ford Focus is the only option and we only have it in the color red.

Working with an Independent Agency or Agent

An independent agency or agent represents multiple companies and can compare those different company’s prices and health standards for a particular plan. This allows the agent to shop around on your behalf for the best benefits and best price that suits you. This would be like buying a car and having complete transparency working with someone who can talk to 10 to 15 different car dealerships and find the best car, color, and price that’s right for you.
This allows the agent to find the perfect piece to the puzzle to find the best coverage for you.

How do I apply for coverage?

Once you have found the right agent or agency to represent you, there are a few ways to apply for coverage in this modern time that we live in.

3 ways to purchase coverage:

Email Application
This is done via cell phone, tablet, or computer. Your agent will help gather all the needed information from you and plug it into their system. This will then generate an email that will be sent to you. Typically the agent will send a series of 2 emails that you will be responsible to open and “e-sign”. This decision can be immediate or it can take 1-4 business days. This depends on the company issuing the policy.

Voice Application
With a voice Signature, the agent again collects all the needed information from you. Once this step is completed the agent will connect the company into the conversation. Then a representative from the company will ask yes or no health questions. Once all obligations are completed you will be asked to “sign” with your voice. Most voice signatures will give an immediate decision to determine your eligibility.

Paper Application
A paper application is also a possibility if needed, this would be via mail. Your agent would gather all your information and fill out the application. Once this has been done the agent would then mail the application to your address. You would sign the document and mail it back to the agent. Once the agent has the application they will be able to send the application to the carrier and receive a decision within 1-4 business days.

Get a quote on our “Get Started” page or call us at 833-518-0080

Final Thoughts

a. It is very important to understand what type of coverage you are attempting to apply for. Always ask your broker is this coverage Term or Whole Life? Whole life will be your best bet for the long haul.

b. Do the math! Make sure you do calculations on how much coverage is needed and what your end of life cost will be.

c. Find an independent agency that specializes in this niche. This type of agency will be best equipped with the resources and carrier options to fit a plan that best suits you or your loved ones’ health conditions. As stated earlier Willamette Life is local and we will be able to help answer any questions you may have. Burial Insurance Oregon is not the best option for everyone but it is a solid option with many benefits.

Jake Irving

I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.