Michigan Funeral Insurance: 8 Premier Questions

Michigan funeral insurance
Michigan Funeral Insurance: 8 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.

Not commonly number one on the priority list for Michiganders is creating a plan for the inevitable expenses that are left behind after death. This can be a significant financial surprise for family members during a time of sorrow and reflection.

Fortunately, this is where senior funeral insurance can be a valuable asset.

Michigan state logo

8 Premier Questions To Ask About Michigan Funeral Insurance

1. What is Michigan Funeral Insurance?

Funeral insurance is also called burial or final expense insurance. Michigan burial insurance is a type of whole life insurance coverage. Whole life policy’s come with three key benefits.

Policy Never Expires: Your policy will never expire, giving seniors peace of mind knowing they will never outlive their coverage.

Price Never Changes: You are guaranteed that your premiums will not rise. For seniors on a fixed income, knowing how much they will be paying each month is invaluable.

Builds Cash Value: A portion will go into the cash value for every payment that you make. This will allow you to borrow against the policy if needed.

2. What Makes Michigan Burial Insurance Different Than Other Whole Life Insurance?

Final expense insurance for seniors differs from other more traditional whole life plans in one significant way. Larger whole life plans are typically intended to replace one’s income, while Michigan final expense insurance is designed to pay for funeral and end-of-life costs.

The coverage amount for funeral insurance is much lower than a traditional whole life plan. This means your monthly premium will be a fraction of the cost while still receiving the great permanent benefits of a whole life plan.

3. How Much Does a Michigan Burial Policy Cost?

The cost of funeral insurance in Michigan varies based on the applicant’s age, gender, and health. Additionally, the size of the policy will also be a factor in the price. The more protection you get, such as a $25,000 whole life policy, the higher the monthly premiums.

Michigan Funeral Insurance Premiums

$10,000 Death Benefit

Non-Smoking Rates

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

4. Does the Death Benefit Payout Have Any Restrictions?

There are no regulations on what the money can be spent on. However, the beneficiary typically uses the money on the following items.

  • Funeral
  • 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 Final Expenses

5. What is the Oldest Age Someone in Michigan can Receive Coverage?

Most carriers will initially provide coverage until the age of 85. However, a select number of companies will award initial coverage up until the age of 90.

6. What Does it Mean if a Michigan Funeral Plan has a Waiting Period?

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

If the insured passes away after the waiting period, the beneficiary will receive the total coverage amount. Waiting periods are typically two years, but each carrier gets to dictate this timeline.

7. How do I Receive Day-One Coverage for Michigan Final Expense Insurance?

You have the best chance to secure a plan with no waiting period by speaking with a highly rated independent agent who has access to many different insurance providers. Every carrier will look at your health history differently. There are, unfortunately, specific conditions that will not allow for immediate coverage.

8. What is the Best Way to Receive a Burial Insurance Quote in Michigan?

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

Call us at 844-576-0019

banks of the lake

How Much Does A Funeral Cost In Michigan?

Funeral costs can range over a wide variety of price points depending on the selections made throughout the process. The average burial service in Michigan is $8,287, and the average cremation service is $6,828. These prices do not include a headstone, monument marker, and cemetery plot or niche.

Location

Burial

Cremation

Ann Arbor $9,295 $7,755
Detroit $7,123 $5,776
Hancock $7,803 $6,371
Flint $7,182 $5,905
Grand Rapids $8,095 $6,715
Iron Mountain $8,318 $6,768
Kalamazoo $9,471 $7,988
Lansing $8,871 $7,348
Marquette $8,591 $7,188
Traverse City $8,116 $6,463
State Average $8,287 $6,828

Michigan Causes of Death & Lifespan

The average age of death in the state is 75.7 for males and 80.6 for females. This is slightly shorter than the national average lifespan.

National Average:

  • Males 76.3
  • Females 81.4

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

No one can know when their health will decline, making it essential to create a plan to take on the financial costs you will leave behind.

Final Thoughts About Michigan Burial Insurance

a. Michigan funeral insurance is a great option to prepare for your final costs through a low-cost monthly payment.

b. Final expense insurance has no regulations on what the payout must be used for, which gives the beneficiary financial flexibility.

c. Always work with an experienced and respected independent agent. They will be able to find you the best plan at the lowest possible price point.

Leave a Reply

Your email address will not be published. Required fields are marked *