Michigan Funeral Insurance: 14 Premier Questions

The Great Lakes State has so much to be proud of. From Hunter’s Point Park to Mackinac Island and down to Kalamazoo, this state has beauty spread throughout for miles and miles.

The thing not typically number one on the priority list for Michiganders is creating a plan for the inevitable expenses one will leave behind, this can be a major financial surprise for family members during a time of sorrow and reflection.

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

The average traditional burial service in Michigan is $8,287

The average traditional cremation service in MI is $6,828

Not included in the price estimates:

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

Fortunately, this is where Funeral Insurance can be so valuable.

Michigan Funeral Insurance

The average age of death in the state is 75.9 for males and 80.3 for females.

This is slightly shorter than the national average lifespan.

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. Flu/Pneumonia
10. Suicide

It is impossible for anyone to know when their health will become a problem, this makes it all so important that a plan is created to combat the financial costs that you will leave behind.

14 Premier Questions

1. What is Funeral Insurance?

This product is best for individuals who are looking for a solution to leaving behind a financial legacy for their family members and loved ones. This is accomplished by making affordable monthly payments and in return, the policyholder receives three policy guarantees.

Policy never expires: If you make your monthly payment every month, your policy will never expire or decrease in value. This is so important because the product is meant for your end-of-life expenses so the policy needs to be active when this time comes.

Premiums never change: You are guaranteed that your premiums will never rise, couple this feature with the fact that the policy will never expire, you essentially have a locked-in promise from the provider that your price will be the same for the rest of your life.

This is so valuable to anyone on a fixed income attempting to plan for retirement or budgeting purposes in general.

Builds cash value: For every payment that you make a portion will go into the cash value. This will over time allow you to borrow against the policy if needed.

2. Payout to the beneficiary: What can it be used for?

There are no stipulations on what the payout has to be used for, however, there is a traditional list of items we see beneficiaries regularly use the financial distribution for.

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

3. What’s the distinction between a Captive and Independent Agent?

Let’s start with the similarities, both agents can provide coverage to you, from there, things drastically change with the number of carrier choices available.

Captive Agents are contractually obligated to represent just one single company’s products. This can cause an issue because every company has different underwriting standards and price points.

Independent Agents are free to represent as many providers as they wish, this allows the agent to have a large toolbox of companies to fit every need of the client.

4. How do I qualify for coverage?

To qualify for coverage you should contact an independent agent that specializes in this product type, however, before moving forward it is best to understand the four plan types.

• Level: Great Health
• Graded: Average Health
• Modified: Past Health Concerns
• Guaranteed Issue: Major Medical Issues

Every individual will qualify for at least one of these plan types.

5. What is the oldest age someone can receive coverage?

Most carriers will initially provide coverage until the age of 85, however, there is a select amount of companies that will award coverage up until the age of 90.

6. My health condition is average: What is my best plan option?

This will come down to your specific health history. Each carrier has different underwriting standards, meaning every medical condition will be judged differently by each company.

For example, specific carriers will not award coverage to someone who is overweight or obese while other providers will not ask about your weight.

Speak with an independent agent to find a tailored plan to fit your needs.

 7. What does it mean if a plan has a waiting period?

A waiting period is a time restriction that the provider places on high-risk cases. This restriction will payout just a portion of the coverage amount if the insured were to pass away prior to the waiting period ending.

If the insured passed away after the waiting period then the beneficiary would receive the full coverage amount.

Waiting periods are typically two years but each carrier gets to dictate this timeline. 

8. How do I receive immediate coverage?

Every carrier will look at your health history differently, there are unfortunately specific conditions that will not allow for immediate coverage.

The best chance you have at securing first-day coverage is by speaking with an independent agent who has access to many different companies.

9. Which provider has the best coverage?

This will come down to three specific variables.

Your health history: Depending on how your past health and prescription history looks this will have a major factor in what type of company you will be able to qualify for.

Your age: Your age will drastically change what carrier is your best option.

Your gender: Depending on if you are male or female this will change your price point.

Males will pay more for coverage than females, this has to do with many variables but the most obvious is that males on average live four years less than females.

The bottom line is there is not a one size fits all product or plan, this process is highly individualized.

10. How do I know if it is worth the price?

This product is meant for seniors to make simple affordable monthly payments and in return, you and your family receive peace of mind.

This is always worth it!

11. I have heard this product referred to as multiple names: What is the difference?

The providers use three different names to market this product.

There is no difference between these three plan types.

12. Can I purchase a product for a loved one?

Yes, you can however there are a few requirements for this process. The proposed insured needs to sign their name and agree to the coverage.

Also, they will need to be in a fit enough mental state to understand what they are agreeing to.

You cannot take out a policy without their permission.

13. What is the best way to receive a quote?

The fastest way to obtain a quote is by using our quote tool on this page. It will show you a list of carriers and their prices. To know what company you can qualify for you will want to contact Willamette Life.

Call us at 844-576-0019

14. Can I apply over the phone?

Yes, you can, the entire process takes roughly 30 minutes to complete.

Top 5 Policies

#1 Mutual Of Omaha – Living Promise (Level)

This plan comes with immediate coverage and one of the lowest monthly price points you will find.

Additional benefits are also available with this plan. If you are healthy with no major medical issues this plan is your best option.

Quick Plan Facts

• Available ages: 45-85
• Coverage: $2,000-$40,000
• Immediate coverage

Visit the blog section under the main menu to read a full review of this plan.

Quotes

#2 Foresters Financial – PlanRight (Preferred)

The Preferred plan from Foresters Financial is a wonderful product. Offering immediate coverage and low prices you cannot go wrong with this choice.

Also included with your policy are additional benefits like dental, hearing, and vision discounts.

If you are in good health with a simple medical history and value additional discounts, this product may be right for you.

Quick Plan Facts

• Available ages: 50-85
• Coverage: $5,000-$35,000
• Immediate coverage

Visit the blog section under the main menu to read further about this plan.

Quotes

#3 Royal Neighbors of America – SIWL (Level)

The Level plan from Royal Neighbors is a wonderful option for anyone who may have a slightly more complex medical history.

This carrier offers immediate coverage and only asks nine medical questions making them one of the most lenient first-day coverage options on the market.

If you have had past medical conditions like having a history of atrial fibrillation (AFIB), this product could be your best choice.

Quick plan facts

• Available ages: 50-75
• Coverage: $7,000-$30,000
• Immediate coverage

Visit the blog section under the main menu to read more about this plan.

Quotes

#4 Guarantee Trust Life – Heritage (Graded)

The Heritage plan from Guarantee Trust Life should be reserved for individuals with a complex medical history.

Asking only 5 medical questions, offering a very fair policy structure, and low monthly price there is no wonder why this is a very popular product.

If you have had a difficult health history this product may be a wonderful option for you.

There is a 2-year waiting period before full coverage can be received.

Waiting period details:

• Death Benefit in year 1 – paid premiums plus 5%
• Death Benefit in year 2 – 50% of the face amount
• Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

• Available ages: 40-90
• Coverage: $2,500-$25,000
• 2-year waiting period

Visit the blog section to read further about our review of this great plan.

Quotes

#5 AIG (Guaranteed Issue)

The plan from AIG is a Guaranteed Issue product, this plan is meant for individuals with an extremely complex medical history. By asking no health questions, everyone that applies will automatically be approved and subjected to a 2-year waiting period.

There are many guaranteed issue products on the market, the reason we endorse the AIG plan is for two reasons.

a. The price point is very competitive.

b. There are living benefits that come with this plan, this is extremely rare in the Guaranteed Acceptance plan category.

2-Year Waiting Period Payout Details

• Months 0-24: All premiums paid +10% are given to the beneficiary
• Months 24+: 100% of the face amount will be paid out of the beneficiary

Is this Guaranteed Issue plan from AIG right for me?

• AIDS, ARC, HIV
• Bedridden
• Confined to hospital, nursing home, mental care, or long term care facility
• On Hospice
• Diagnosed with a terminal illness
• Currently have or receiving treatment for invasive cancer
• In the past 24 months diagnosed with: Alzheimer’s, Dementia or Memory Loss, receiving Kidney Dialysis, 24-hour Continuous Oxygen use, Implanted Difibulator, or Organ Transplant

Quotes

Final Thoughts

a. Michigan Funeral Insurance is both affordable and accessible, not every state is as lucky to have this many great plan options. If you have a simple health history we recommend a plan from Mutual of Omaha or Foresters Financial.

b. Always work with an experienced independent agent, they will be able to find you the best plan at the lowest possible price point.