Georgia Final Expense Insurance: 10 Important Questions

Georgia Final Expense Insurance
Georgia Final Expense Insurance: 10 Important Questions

In the Peach State, there is a lot to be proud of. From the beauty of Savannah up to the Chattanooga National Forest and everywhere in between, this is a state of beauty that rivals anywhere in the country.

The one item that is not at the top of most Georgians minds is who will pay for the expenses at the end of life. This can be a sensitive but yet critical question.

Fortunately, this is where final expense plans can take the financial weight off your loved one’s shoulders and allow them to celebrate your life and not worry about finding the funds to pay for it.

State of Georgia

10 Important Questions About Georgia Final Expense Insurance

1. What is Georgia Final Expense Insurance?

Final expense insurance is also known as funeral and burial insurance. These are marketing terms used to express the intent of the policy.

Burial plans are designed to work best for people who need a small permanent policy to cover end-of-life expenses. Seniors 50 – 80 are the target market because of simplified underwriting and affordability.

No Medical Exam: The application for coverage can be completed over the phone by answering a short series of yes/no health questions. Because of this simplified issue underwriting process, seniors will never be asked to get a medical exam, and approval typically happens within a couple of days.

Low-Cost: Due to the small death benefit amounts available, the cost is very affordable for seniors on a fixed income. Before applying, the size of the policy can be adjusted to fit nearly any budget. The less coverage you have, the lower the premiums will be.

2. What is Georgia Whole Life Insurance?

The majority of marketed burial policies are considered whole life insurance. There are three main permanent benefits that a plan must have to be recognized as whole life insurance.

Price Never Increases: The price will remain the same for the policyholder’s entire life, so you will never have to worry about a surprise rate increase.

Coverage Never Decreases: The death benefit amount will always stay the same. This includes a lifetime coverage guarantee. The carrier will never cancel the policy as long as you continue to pay the premiums.

Builds Cash Value: From each payment you make, a portion goes towards your cash-value account. Over time you will build a reserve of cash that you can borrow from if needed.

3. Are There Rules in GA That Limit What You Can Use the Payout For?

While the funds are usually put towards funeral home fees and other final expenses, there are no regulations regarding the death benefit. Make sure to appoint a trustworthy beneficiary that will follow your final wishes.

4. What are the Ages to Qualify for Georgia Funeral Insurance?

The typical age range of applicants is 50 to 80, but each life insurance company sets its own standards. Some carriers make funeral insurance coverage available at 18, while others have the minimum age of 50.

Many companies will even provide initial burial coverage up to the age of 85, and you can find a select few carriers who will insure up to the age of 90!

Learn more about funeral insurance for different age ranges.

5. What is the Cost of Georgia Burial Insurance?

The price of GA funeral insurance depends on age, gender, health, and the coverage amount.

The Georgia final expense insurance quotes below show the range that someone can expect to pay. The healthier someone is, the lower the cost, while the higher end represents the price for someone in compromised health.

Burial Insurance Quote: Georgia

$10,000 Death Benefit

Non-Smoking Monthly Premiums

Age Female Male
45 $23 – $34 $27 – $47
50 $24 – $39 $31 – $56
55 $28 – $47 $36 – $61
60 $33 – $54 $44 – $68
65 $41 – $66 $56 – $91
70 $53 – $80 $75 – $106
75 $72 – $116 $100 – $150
80 $98 – $190 $140 – $232
85 $136 – $220 $193 – $312

6. How Do I Buy GA Burial Insurance?

Working with a state-licensed agent is the best way to find coverage. There are two main types of agents to purchase through; captive and independent.

Captive: A captive agent works directly with one insurance company. This can create an issue because underwriting requirements vary based on the provider, so a captive agent may not have the best plan to fit your specific situation. Your needs will vary depending on your age, health, and desired policy amount.

Independent: An independent agent can contract with multiple insurance companies, giving them many more policy options for their clients. Independent agents can shop around on behalf of the consumer and are not tied to one specific carrier. With more choices usually comes lower prices and a greater opportunity for immediate coverage.

Willamette Life is an independent agency. We represent multiple life insurance companies and help pair our clients with the best possible coverage.

7. How Do I Know Which Georgia Plan is Right for Me?

Your best option is to speak with a specialized agent who has access to many different carriers. Since each company will accept different health conditions, not one company is the best for everyone.

There are four different types of plans; level, graded, modified, and guaranteed issue. Speak with a state-licensed agent to learn which one is best for you.

8. What is a Waiting Period, and Can I Qualify for Immediate Coverage in GA?

A waiting period is when the company provides only partial coverage at the beginning of the plan. Each waiting period is structured a little differently, and most only last two years. If you die during this time, you will not lose any money, but your beneficiary will not receive the complete amount. The full death benefit will be awarded if death occurs after the waiting period has passed.

To qualify for a policy with no waiting period, you need to be in good to great health and answer “no” to the medical questions. Every company asks different questions and has varying underwriting requirements.

Working with an agent who represents several burial insurance providers and specializes in this coverage will be the best way to qualify for immediate life insurance protection.

9. Can I Buy a Policy for a Family Member Living in Georgia?

You can purchase life insurance for someone else, but there are a few stipulations. The proposed insured needs to be involved in the application process and consent to coverage. There also needs to be an insurable interest. Learn more about buying funeral insurance for a family member.

10. Can I Prepay for a Funeral in Georgia?

Prepaid funerals, also known as preneed insurance, are purchased directly through the funeral home. According to Georgia law, every dealer who sells this coverage must establish and maintain a preneed escrow account to hold the money.

These policies can help ease the planning burden of loved ones because the funeral director knows your final wishes. However, there are also many cons to prepaid funerals.

country farm

What Is The Best Funeral Insurance In Georgia?

Since each provider sets its own unique qualifying standards, it is almost impossible to say the best burial life insurance policy. There are several great companies with highly rated funeral plans. Still, what you’ll want to look for is the cost, company, and coverage.

Cost: Applicants should make sure the premiums are affordable because the policy will only stay in force as long as they make the payments. The coverage amount is flexible before applying, so getting less coverage to begin with, might be a good idea if unsure about future finances.

Company: Life insurance companies get a financial rating from third-party organizations. Check the company’s rating before applying for coverage. Willamette Life does not work with companies that have lower than an A rating from AM Best.

Coverage: When applying, have a clear understanding of when the coverage will begin. If there is a waiting period enforced, make sure the recommended plan is your best option.

Georgia Funeral Costs & Statistics

Funeral costs can range over a wide variety of price points depending on the several items selected throughout the process. Not only do the physical items range in price, but so does the cost of the funeral home fees. The average cost is also determined by where you live in Georgia.

It is in Georgian’s best interest to shop around to save money on burial and cremation costs. The national Funeral Rule requires funeral directors to provide a cost breakdown of the services to eliminate surprise expenses after the fact. The Funeral Rule is enforced by the Federal Trade Commission (FTC).

How Much Does it Cost to Bury Someone in Georgia?

The average traditional burial service in Georgia is $7,877. Not included in this cost estimate is a burial site or headstone.

How Much Does Cremation Cost in Georgia?

The average cost of a traditional GA cremation service is $6,397. The expense is less for direct cremation and depends on the type of service. This does not include a grave marker, columbarium space, or cemetery plot to bury the ashes.

Following a national trend, 2020 cremation rates in Georgia were around 47%, with an estimated increase to nearly 65% by 2030.

Location

Burial

Cremation

Albany $7,306 $5,929
Athens $8,076 $6,553
Atlanta $8,383 $6,794
Augusta $8,005 $6,621
Brunswick $7,627 $6,030
Columbus $8,316 $6,716
Macon $8,304 $6,863
Rome $7,753 $6,309
Savannah $7,546 $6,098
Valdosta $7,452 $6,052
State Average $7,877 $6,397

Lifespan and Causes of Death in GA

The average age of death in the state of Georgia is 74.6 for males and 80.1 for females. Unfortunately, Georgia’s is slightly less than the national average lifespan of 76.3 and 81.4 for men and women, respectively.

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

  1. Heart Disease
  2. Cancer
  3. Chronic Lower Respiratory Disease
  4. Accidents
  5. Stroke
  6. Alzheimer’s disease
  7. Diabetes
  8. Kidney Disease
  9. Septicemia
  10. Suicide

Every person knows a family member or friend who has dealt with one of these health conditions.

The best thing to do is create a plan for the inevitable and allow family members and friends to celebrate your life and not be burdened financially by final expenses.

Final Thoughts On Burial Insurance GA

a. Georgia Final Expense Insurance is affordable and necessary for many families.

b. This coverage will take care of your family and allow your life to be celebrated instead of a financial obstacle.

c. It is best to work with an independent agent that has access to multiple carriers. This is because each company has different restrictions for specific health conditions.

Give Willamette Life a call at 844-576-0019

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