Indiana Funeral Insurance: 15 Insightful Questions 

Indiana Funeral Insurance
Indiana Funeral Insurance: 15 Insightful Questions 

The Hoosier State is beautiful, from the Indiana Dunes National Park to The Hoosier National Forest, this state has so much to offer.

The item not always thought about is the final arrangements in one’s life. This can be a major financial shock to a loved one who is already dealing with losing a spouse, sibling, parent, or friend.

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

The average traditional burial service in Indiana is $8,242

The average traditional cremation service in IN is $6,782




Bloomington $9,388 $7,835
Evansville $8,485 $6,864
Fort Wayne $8,809 $7,367
Gary $6,891 $5,574
Indianapolis $7,553 $6,057
Kokomo $8,001 $6,527
Lafayette $7,859 $6,519
Muncie $7,600 $6,151
South Bend $8,458 $7,078
Terre Haute $9,379 $7,852
State Average $8,242 $6,782

Not included in the price estimates:

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

One of the best ways to combat left behind bills and expenses is by taking out a funeral insurance policy.

Indiana outline

Indiana Funeral Insurance

The average age of death in the state is 74.7 for males and 79.4 for females.

This is slightly shorter than the national average life span.

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. Chronic Lower Respiratory Disease
  4. Accidents
  5. Stroke
  6. Alzheimer’s Disease
  7. Diabetes
  8. Kidney Disease
  9. Septicemia
  10. Suicide

Everyone has either been personally affected or knows someone who has dealt with at least one of these medical conditions.

None of us know when our health is going to decline, this means having a plan in place for your loved ones to ease the burden of the financial ramifications that come with one’s passing.

country road

15 Insightful Questions

1. Funeral Insurance: What is it?

This product is designed for seniors to make a simple and affordable monthly payment and in return, their family will receive the financial resources needed to celebrate the insureds life once they pass.

This product is a type of whole life coverage meaning with your policy you will be entitled to the three plan benefits listed below.

Coverage Lock: Your coverage will never decrease or expire, period! When you take out a policy you can do so knowing that as long as you make the payment each month your family will be financially protected.

Price Lock: This means your price will never change and because your plan will never expire, essentially you will know what your monthly payment will be for the rest of your life.

This is so powerful for those on a fixed income who need to know what the price will be for years to come.

Builds Cash Value: This is a feature that will increase with every monthly payment that you make. A portion of each premium paid will go towards your cash value, this will allow you to borrow against the policy if you need financial assistance.

2. What can the beneficiary use the payout for?

Although there is no directive on what the payout has to be used for, here is a list to get an idea of what the typical uses are for the financial distribution.

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

3.  Captive or Independent: What’s the difference?

Both of these agent types can provide coverage but the way they find the coverage is vastly different.

Captive: This type of agent is contracted with only one provider. This handcuffs them to a single company and only allows them to market and sell one carrier.

This can be problematic because every carrier will insure different health conditions and of course has different price points.

Independent: This agent has a very different strategy that greatly benefits the client. A good independent agent will have access to many different carriers and find the best plan at the lowest price point.

Every person has a personal health history that is different from others. An independent agent will give you the options that are needed to fit your specific individual needs.

4. How do I qualify for coverage?

The first step in qualifying for coverage is contacting an independent agent that has access to many different providers. This will give you the best chance to qualify for a top-rated plan.

Before you start the process it is good to become familiar with the 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 plan types, this will mostly depend on your health.

5. How old can I be and still receive coverage?

The majority of carriers will initially insure applicants until the age of 85, however, there are a select few carriers that will provide initial coverage until the age of 90.

Reminder: Coverage never expires, this is strictly talking about the initial age upon receiving coverage.

6. What plan is best for my health condition?

Each carrier has different underwriting standards, which means you need to have access to many different carriers to find the best product to meet your specific needs.

For example, one company will not insure the condition of schizophrenia but a different provider will have no problem with this mental disorder.

Every medical condition is looked at differently by each carrier. Speak with an independent agent to find the best plan for you!

7. Waiting period plan: What does it mean?

A waiting period is a timeframe that the provider places on high-risk cases. If the insured was to pass away during this restricted coverage period the beneficiary would receive a predetermined portion of the coverage amount.

If the policyholder passes away after the waiting period the beneficiary would receive the full coverage amount.

Waiting periods are typically two years but it is determined by each company.

8. Day-one coverage: How do I get it?

Your best chance of receiving first-day coverage is by speaking with an independent agent who is willing to learn your health history and then match you with the best plan that they represent.

There are specific health conditions that will not permit you to receive immediate coverage, speak with your agent to better understand what you can qualify for.

9. Which carrier offers the best coverage?

The answer to this question comes down to a couple of key factors:

Health: The best company for you could be a bad company for your spouse. This is because every carrier has different underwriting standards and each medical condition is looked at through a different lens depending on the provider.

Age/Gender: Depending on your age and gender you will be able to qualify for different levels of coverage at varying price points.

10. Is it worth the price?

This product is meant to give financial peace of mind to the insured by ensuring that their passing will not be a burden on the loved ones they are leaving behind. With a simple and affordable monthly payment, this can be obtained and is well worth the price.

11. How much will Social Security help with?

Social Security can provide up to $255 death benefit to your beneficiary. However, the beneficiary will still need to do some leg work to receive this financial help.

Do not use this as your only monetary plan to pay for your leftover bills.

12. There are three different names to describe this product: What is the difference?

The three names are simply marketing terms used by the providers.

Three plan names in a circle

There is no difference between these three plan names.

13. My parent needs a plan: Can I purchase it for them?

Yes, you can, although there are a few items to remember.

The insured will need to sign their name and agree to coverage, also they will need to be in a healthy enough state of mind to understand what they are agreeing to.

14. How do I get a quote?

The fastest way to receive a quote is by using our online quote tool on this page which will give you pricing from multiple companies. To understand what company you qualify for you will want to call Willamette Life.

Call us at 844-576-0019

15. Is applying over the phone possible?

Yes, it is! This process takes roughly 30 minutes to complete.

Final Thoughts

a. Indiana Funeral Insurance is both affordable and obtainable. If you have a simple health history then plans from Mutual of Omaha or Foresters Financial could be your best option.

However, if you have a more complicated medical history you will need to steer towards a waiting period plan with a favorable payout structure.

b. Working with an independent agent will allow you to find the right plan that is best suited for your specific medical history.

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