The Prairie State has so many wonderful sites to see. From Shawnee National Forest and all the beauty that comes with it, up to Rockford and the Anderson Japanese Gardens. From North to South, Illinoisans are lucky to call this state home.
One component that is not always at the forefront of one’s mind is how their final arrangements will be paid for. This can be a major financial shock for loved ones who are in a state of grieving.
Funeral costs can range over a wide variety of price points depending on several factors.
The average traditional burial service in Illinois is $8,265
The average traditional cremation service in IL is $6,858
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
Fortunately, to ease this financial burden there is funeral insurance.
Illinois Funeral Insurance
The average age of death in the state is 76.9 for males and 81.5 for females.
This is above the national average lifespan.
- 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
No one can be sure when their health will decline, this makes it all so important that a plan is crafted and put into place allowing our loved ones to celebrate the life of a lost loved one without the financial stress that comes with it.
13 Primary Questions
1. Funeral Insurance: What is it?
This product is crafted to allow seniors to make an easy affordable monthly payment and in exchange, the carrier provides three guarantees.
Coverage never expires: The day the policy is taken out you will know that as long as you make your monthly payment the coverage will never decrease or expire.
This may seem obvious for a plan that is designed for your end of life expenses, unfortunately, there are plans on the market that expire once you reach a certain age.
With the policies we discuss in this article you will not have to worry about the expiration date.
Price never increases: The price that you pay on day one will be the same price paid in year fifteen and beyond. This is one of the most valuable features someone on a fixed income could want.
Due to the fact that the policy never expires and the amount never changes people will know the price for the rest of their life.
Builds a cash value: For every payment, you make for the policy, each month a portion will go towards your cash value benefit. This will allow you over time to borrow against the plan if you ever need financial assistance.
This product will be there when your family needs it!
2. What can the financial distribution be used for?
There are no rules or regulations when it comes to a mandate on what the financial distribution needs to be used for, however, here is a list of the most common items used with the payout.
- Memorial/Celebration of Life
- Credit Cards
- Legal Expenses
- Charity Donations
- Leaving an Inheritance
- Medical Bills
- Remaining Balance on a Mortgage
- Post-Mortem Expenses
- Remaining Car Loan Balances
- Other End-of-Life Expenses
3. Captive and Independent Agents: What is the difference?
The major difference between these two carriers is the number of company options that each has available to choose from.
Captive: This agent type represents one carrier and, by contract, is not allowed to sell other provider’s products.
The reason this can be problematic is that every company has different underwriting standards, this means that someone who has had an amputation from diabetes will need a vastly different plan than someone who simply has asthma.
With a captive agent, you are stuck with one carrier who has one underwriting standard.
Independent: This agent is able to represent as many carriers as they deem necessary. As explained earlier, every carrier has a unique underwriting process, this means a great independent agent will have access to multiple different carriers and have the right plan for a wide variety of medical conditions.
Your agent should not look at coverage as one size fits all, this will not get you the best plan or lowest price.
Choose Independent to have more options which in turn will lead to a better price and policy!
4. What is the best way to qualify for coverage?
The single best way to qualify for a great plan is by contacting an independent agent that specializes in this product. This will give you many different plan options.
Prior to contacting the agent, it is best practice to understand your options when it comes to the different plan types.
There are four plan types:
- Level: Great Health
- Graded: Average Health
- Modified: Past Health Concerns
- Guaranteed Issue: Major Medical Issues
Every individual will qualify for one of these four plans.
5. How old can I be and still receive coverage?
The overwhelming majority of carriers will provide initial coverage until the age of 85. There are a select group of carriers that will award initial coverage until the age of 90.
Two of those companies are Aetna and Guarantee Trust Life.
6. What is the best plan option for me?
The answer to this question will vary drastically depending on the following three factors.
Health: Depending on your health you will be placed in one of the four plan categories. These range from the lowest prices and immediate coverage to plans with no medical questions, which is a guaranteed acceptance plan that comes at a high cost.
Gender: Depending on if you are male or female will have an impact on what carrier is best for you. The price points will fluctuate depending on which gender you are.
Age: Your age matters because every company has different age guidelines on who can obtain coverage. The older you are upon initial coverage, the more your monthly premiums will be.
Allow your agent to help you navigate through these three variables.
7. What is a waiting period?
The waiting period is a time restriction the carrier places on when full coverage can be received.
This means if the policy owner was to pass away prior to the waiting period concluding, the beneficiary would receive only a portion of the payout amount.
If the policyholder was to pass away after the waiting period had passed then the beneficiary would be entitled to the entire coverage amount.
Waiting periods typically last two years, however, each carrier gets to determine the timeline.
8. What is the best way to receive immediate coverage?
Do not overcomplicate this question. Contact a respected independent agent who has access to multiple companies. They will be able to match your health conditions with the right provider and get you the lowest price possible.
9. Which carrier offers the best coverage?
Every carrier has its strengths and weaknesses when it comes to policy structure, underwriting, and price.
Someone in perfect health should not apply for a guaranteed acceptance plan, they would receive a better price by answering a few health questions, and someone who has a very compromised health history should not apply for immediate coverage plans without speaking to a specialized agent first.
There is not a one size fits all solution.
10.What is the difference between the three names used to describe this product?
These three names are used as a way to market this product.
There is no difference between these three product names.
11. My family member needs a policy: Can I purchase it for them?
The individual that a policy is being purchased for needs to sign their name and needs to be in a healthy enough mental state to understand what they are agreeing to.
Yes, you can purchase it for them but they will need to be involved in the process.
12. I need a quote: How do I get it?
The fastest way to receive a quote is by using our online quote machine on this page. It will give you a variety of companies that are available in the state.
You will then need to contact Willamette Life to have a better understanding of what you can qualify for. A good rule of thumb is the cheaper the price the healthier you will need to be.
Call us at 844-576-0019
13. Can I apply over the phone?
Yes, you can apply over the phone, the process takes approximately 30 minutes and coverage will be issued in a matter of days.
a. Illinois Funeral Insurance is a wonderful tool for both you and your loved ones. It allows you to make an affordable monthly payment to protect your loved ones from financial hardship due to your passing.
b. Speak with an independent agent to find an affordable monthly payment and the best coverage for your specific situation.
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.