In the Peach State, there is a lot to be proud of. From the beauty of Savannah on 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 expense that comes at the end of one’s life.
This can be a sensitive but yet extremely important question.
Funeral costs can range over a wide variety of price points depending on several factors.
The average traditional burial service in Georgia is $7,877
The average traditional cremation service in GA is $6,397
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 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.
Georgia Final Expense Insurance
The average age of death in the state of Georgia is 75.4 for males and 80.1 for females.
Compared to the national average the life span is, unfortunately, slightly shorter in Georgia.
- Males 76.1
- Females 81.1
Listed below are the top 10 leading causes of death in the state.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s disease
- Kidney Disease
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 you, family members, and friends to celebrate your life and not be burdened financially by the end-of-life expenses.
10 Important Questions
1. What is Final Expense Insurance?
This policy is a type of Whole Life Insurance, there are three key benefits to every whole life policy.
Price Never Increases: You will pay the same price on year 30 as you would on day one of your policy.
Coverage Never Decreases: Your coverage will always stay at the same amount. This includes a lifetime coverage guarantee. The carrier will never cancel your policy as long as you continue to pay the premiums.
Builds Cash Value: Each payment you make a portion goes towards your cash value. This means over time you will build a reserve of cash that you can borrow from if needed.
2. What is the payout allowed to be used for?
There are no rules or limitations when it comes to what the payout can be used for.
However, the typical expenses that beneficiaries use this financial support from the policy are:
- Memorial/Celebration of Life
- Credit Cards
- Legal Expenses
- Charity Donations
- Remaining Balance on a Mortgage
- Remaining Car Loan Balances
- Medical Bills
- Post-Mortem Expenses
- Leaving an Inheritance
- Other End-of-Life Expenses
3. How do I know what plan is right for me?
Your best option is to speak with an independent agent who has access to many different carriers. This is because each company will insure different health conditions, meaning there is not one company that is best for everyone.
Four types of plans
Level: Healthiest of clients (no waiting period)
Graded: Individuals who have had recent minor surgeries or diagnosis
Modified: Individuals with more serious health conditions
Guaranteed Issue: Considered uninsurable due to recent or chronic major health conditions or surgeries
4. How old can I be and still receive coverage?
The majority of companies will provide initial coverage up to the age of 85, however, you can find a select amount of carriers who will insure up to the age of 90.
The two that we work with the most are:
- Guarantee Trust Life
5. What is a waiting period?
A waiting period is when the company gives you partial coverage typically in the first two years of the plan. Each waiting period plan is structured differently but the constant is that they will not pay out the entire face amount within the first two years.
Full coverage can be awarded after the waiting period has passed.
6. How do I qualify for immediate coverage?
You will need to be in good to great health and able to answer “NO” to a wide variety of health questions. Each and every company asks different health questions and has different requirements.
Always speak with an independent agent in this product niche prior to moving forward with a policy.
This will confirm that you secure the best plan for your unique situation.
7. Can I purchase a policy for a loved one?
Yes, however, there are a few stipulations. The person who is applying to be insured does need to be involved in the process by signing their name and be in good enough health to understand what they are signing.
8. Why do I hear three different names to describe this product?
There is no difference between the three names.
These are marketing terms used by the insurance companies to describe the product.
9. How do I know if this product is worth it for me?
None of us know when our health is going to fail us, this product is designed for a simple and affordable monthly payment. The policy will give you and your family members peace of mind knowing the end-of-life expenses will be covered and your life can be celebrated.
10. Doesn’t Social Security pay for my final expenses?
Unfortunately, the government will only give a maximum of $255 of coverage to your beneficiary.
This is not anywhere near the ballpark of what is needed to help celebrate your life respectfully and financially burden-free.
a. Georgia Final Expense Insurance is affordable and necessary for many families in the state. When it all boils down, the Living Promise plan from Mutual of Omaha is the best option for individuals who are healthy.
b. This coverage will take care of your family and allow your life to be celebrated instead of being a financial issue.
c. 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 844-576-0019
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.