Minnesota Burial Insurance: 11 Insider Answers For Top FAQ’s

Minnesota Burial Insurance
Minnesota Burial Insurance: 11 Insider Answers For Top FAQ’s

The North Star State offers breathtaking scenery. From Superior National Forest to Myre-Big Island State Park and everywhere in between this state is truly dazzling.

The item that is easy for most Minnesotans to forget about is the cost associated with one’s passing. This can be a major financial shock to loved ones who are attempting to honor the deceased.

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

The average traditional burial service in Minnesota is $8,658

The average traditional cremation service in MN is $7,241

Location

Burial

Cremation

Alexandria$9,325$7,355
Bemidji$8,435$7,177
Duluth$8,567$7,079
Fergus Falls$8,142$6,957
Marshall$7,838$6,636
Marshall$8,600$7,243
Minneapolis$8,395$7,027
Rochester$8,832$7,453
Willmar$9,913$8,355
Worthington$8,532$7,132
State Average$8,658$7,241

Not included in the price estimates:

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

Fortunately, this is where Burial Insurance products can be of much value.

Minnesota button

Minnesota Burial Insurance

The average age at death in the state is 78.9 for males and 82.9 for females.

This is towards the top compared to all other states and beats 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. Cancer
  2. Heart Disease
  3. Accidents
  4. Alzheimer’s Disease
  5. Chronic Lower Respiratory Disease
  6. Stroke
  7. Diabetes
  8. Suicide
  9. Flu/Pneumonia
  10. Parkinson’s Disease

No one knows when their health will start to fail them, this is a major factor when creating a plan to leave loved ones with the financial resources needed.

The first step in creating a plan is understanding the options, let’s walk through the basics and best plan options.

country with fence

11 Insider Answers For Top FAQ’s

1. Burial Insurance: What is it?

It is a type of Whole Life coverage, this means each and every plan comes with three key features.

Price never changes: Your price will never raise no matter where you move or the age you turn. As any senior on a fixed income will attest, this is such an important factor in monthly budgeting.

Coverage amount never changes: This product is designed for your end-of-life expenses so it almost seems like a given that this feature is part of the policy.

Unfortunately, all products are not designed equally, there are term products that actually terminate at a specific age. Always make sure the product you purchase has the name whole life attached to it to make sure that the coverage will never change.

Builds a cash value: For every payment made a portion will go towards the cash value, overtime you will accumulate enough in this account to borrow against if needed.

money pointed up

Setting this plan apart from Traditional Whole Life products are two factors:

Simplified Issue: This plan is a simplified issue product which means you will never be asked to take a medical exam. The application process can be done over the phone from the comfort of your own home.

Smaller policy amounts: The policy amounts are smaller which makes your monthly premium much more affordable while still receiving all the benefits from a larger traditional plan.

2. Once the beneficiary receives the payout what can the funds be used for?

There are no regulations or rules stating what the financial distribution has to be used for, however, there is a common list of items the beneficiary typically spends the money on.

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

3. Captive vs. Independent agents: Which is better?

Both of these agent types are able to secure you a policy, however, the way they go about doing so varies drastically.

Captive: This agent type represents one single carrier and is contracted to sell its products exclusively. This means even if there is a better plan or price structure at another company they are not allowed to sell it to you.

Other than the price point, each provider has alternative underwriting technics. This means if you have the medical condition of dialysis one carrier may decline you for coverage while a different provider will approve you.

Finding the right plan is like putting together a puzzle but captive agents do not always have all the pieces needed to finish the puzzle.

four puzzle pieces

Independent: This agent type can represent as many carriers as they choose. This means they are not tied to one specific company or pushing products that might not be the best fit for the client.

Great Independent agents have all the pieces to the puzzle and will be able to find you the best plan at the lowest price.

stick figure person walking with puzzle piece

4. What’s the best way to know what I qualify for?

The most surefire way to qualify for the best plan is by contacting an independent agent who has access to many plans and can guide you through the process. It is always best to educate yourself before you call so you understand the different options you have.

Every senior will have four plan options available to them and they will fall into one of the four categories depending on health.

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

5. What is the oldest age one can qualify for coverage?

The majority of carriers will provide initial coverage until the age of 85, however, there are a select few companies that will award initial coverage up until the age of 90.

Pro tip: As explained earlier coverage will never expire, so in this section, we are strictly speaking on obtaining initial coverage.

6. What is the best plan?

The best plan for you is not necessarily the best plan for your friend or spouse. This is because three factors dictate what kind of coverage you can qualify for and the price you will pay.

Health condition: The health condition of the proposed insured will weigh heavily on the type of coverage that they can qualify for. This is because each carrier has different underwriting standards for what they will accept.

Age: Your age will dictate the price you will pay, there are some carriers that are better for seniors in their 60’s while others are better for seniors over 70.

Gender: Your gender also is a major factor in budgeting for your monthly price. Females will pay a lower monthly price than males will. There are many reasons that dictate this but the simplest factor is that males live 4 years shorter than females on average.

 7. What is a waiting period?

A waiting period is a time restriction that the carrier places on higher risk cases. The provider will insure the individual with past medical issues but in return, they will place a waiting period on the payout.

Essentially if the insured was to pass away before the waiting period ended then the beneficiary would receive a portion of the coverage amount.

If the policyholder passed away after the waiting period was over then the beneficiary would receive the entire coverage amount.

clock and calendar time animation

Each provider dictates the length of the coverage restriction period, but typically you will see a two-year waiting period.

8. How do I get immediate coverage?

The single best way to receive first-day coverage is by contacting an independent agent that is specialized and has access to many different carriers.

This will give you the best chance to find coverage active in full on day one.

9.What is the difference between the three names I hear to describe this product?

Each provider will call this product a variety of these three names. They all mean the same thing.

Three plan names in a circle

There is no difference between the terminology for these three plans. 

10. Can I purchase a policy for my parent?

Yes, this is allowed however there are a few things to note. The proposed insured will need to sign their name and give their approval for you to take out a policy on them.

They will need to have the cognitive ability to understand what they are agreeing to.

11. I need a quote: How do I get one?

There is an instant quote tool on this page, fill out your information and a list of carriers will generate with quotes. From there you will need to contact Willamette Life to better understand which company you will be able to qualify for depending on your health history. Or click “apply” and a licensed agent will reach out.

Call us at 844-576-0019

6 Sensational Plans

6 Sensational Plans

#1 Mutual Of Omaha – Living Promise (Level)Mutual Of Omaha Logo

This product is meant for healthy individuals.

Offering first-day coverage, low premiums, and additional benefits that can be added, this policy ranks number one if you can qualify.

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

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$27$39$51
50$31$44$58
55$36$52$69
60$44$64$84
65$56$83$110
70$75$110$146
75$100$148$197
80$140$208$276
85$193$288$382
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$23$32$42
50$24$35$45
55$28$40$52
60$33$48$63
65$41$60$79
70$53$78$103
75$72$107$142
80$98$146$194
85$136$202$269

#2 Foresters Financial – PlanRight (Preferred)Foresters Financial Logo black and white

The Preferred plan from Foresters Finacial hits the mark.

Offering low premiums, immediate coverage, and additional benefits like dental and vision discounts, you cannot go wrong with this plan.

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

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$32$46$61
55$37$54$71
60$45$66$87
65$55$81$106
70$71$104$138
75$103$152$202
80$147$219$290
85$201$300NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$26$38$49
55$31$45$59
60$35$52$68
65$41$60$79
70$52$76$101
75$75$111$147
80$111$165$219
85$166$242NA

#3 Royal Neighbors of America – SIWL (Level)Royal Neighbors Logo black and white

Royal Neighbors offers a plan that is great for anyone looking for immediate coverage but may have minor health issues in their past.

Offering respectable premiums and more lenient underwriting this plan is a great choice for many.

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

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$40$58$77
55$46$68$90
60$50$74$98
65$59$87$115
70$75$111$147
75$110$164$218
80NANANA
85NANANA
Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$34$49$65
55$38$55$72
60$38$56$74
65$45$66$87
70$56$82$109
75$80$118$157
80NANANA
85NANANA

#4 Sentinel Security Life – New Vantage II (Graded)Sentinel Security Life logo black and white

If you have had previous health conditions that have the potential to put up red flags for a provider the New Vantage II plan could be a great option.

Offering a two-year waiting period with a great payout structure and fair pricing this plan is great for more complex medical histories.

Waiting period payout structure

  • Death Benefit in year 1 – 30% of the face amount
  • Death Benefit in year 2 – 70% of the face amount
  • Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

  • Age eligibility: 45-85
  • Coverage amount: $1,000-$20,000 (depending on age)
  • 2-year waiting period

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$31$45$60
50$38$56$73
55$50$74$97
60$65$96$127
65$84$124$165
70$110$163$216
75$165$245$326
80$235$351$467
85$326$488NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$26$37$49
50$32$46$61
55$38$55$73
60$48$70$93
65$61$90$119
70$80$119$157
75$121$180$238
80$173$258$343
85$268$401NA

#5 Guarantee Trust Life – Heritage (Graded)Black and white GTL logo

This plan from Guarantee Trust Life is for someone with multiple health complications. This company will only ask 5 simple health questions that the majority of individuals will be able to qualify for.

Due to its friendly underwriting, there is a two-year waiting period with a favorable payout schedule.

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 this great plan.

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
45$47$68$89
50$51$74$97
55$55$80$106
60$67$99$131
65$80$118$156
70$102$150$199
75$139$206$274
80$232$346$461
85$300$449$597
Female

Monthly Premiums

Age$10,000$15,000$20,000
45$34$49$64
50$36$52$67
55$42$62$81
60$51$74$97
65$60$88$116
70$73$108$142
75$102$151$201
80$165$245$326
85$191$284$377

#6 AIG (Guaranteed Issue)

The plan from AIG is a Guaranteed Issue product which means no medical questions are asked and every applicant is approved.Black and white AIG logo

If you do need to use this plan, we recommend AIG for its low premiums and living benefits that are offered.

All policies that have guaranteed acceptance come with at least a 2-year waiting period, this plan from AIG is no exception.

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?

ONLY apply for this product if you have one of the following medical conditions.

  • AIDS, ARC, HIV
  • On Hospice
  • Bedridden
  • Diagnosed with a terminal illness
  • Confined to hospital, nursing home, mental care, or long term care facility
  • 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

Male

Monthly Premiums

Age$10,000$15,000$20,000
50$53$79$104
55$58$80$128
60$65$96$142
65$86$128$189
70$101$150$221
75$142$212$331
80$206$309$416
85NANANA
Female

Monthly Premiums

Age$10,000$15,000$20,000
50$37$54$76
55$44$65$98
60$51$76$113
65$63$94$139
70$76$113$168
75$110$164$241
80$180$269$393
85NANANA

Final Thoughts

a. Minnesota Burial Insurance is both affordable and accessible, offering plans for every type of medical history you will find a policy that is a good fit.

b. Contact a great independent agent to make sure you find the best plan and coverage to meet your specific needs.

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