In the Show-Me State life is glorious, from beautiful Branson to Lake of The Ozarks, and up to Thousand Hills State Park, this state is truly blessed with so many beautiful things to see.
The item that is not always at the top of Missourian’s mind is the cost associated with one’s end-of-life expenses. This can be a major financial burden for loved ones and family members who will be expected to foot these bills.
Funeral costs can range over a wide variety of price points depending on many factors.
The average traditional burial service in Missouri is $7,439
The average traditional cremation service in MO is $6,080
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
Fortunately, this is where Final Expense Insurance can be a financial lifeline for your loved ones.
Missouri Final Expense Insurance
The average age upon death in the state is 74.8 for males and 79.7 for females.
This is below 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
Everyone knows of a friend, family member, or has been personally diagnosed with one of these medical conditions. The most proactive thing to do is to learn about your options and the best way to leave a financial legacy to your family.
11 Authentic Questions
1. Final Expense Insurance: What is it?
This product is designed for seniors to make simple and affordable monthly payments and in return, their beneficiary will be guaranteed the financial resources needed to pay for the inevitable end of life expenses of the insured.
This is a Whole Life product which means the policy will come with three main features.
Price Lock: The price will never raise, meaning you will have the same monthly payment in your first month as you will in year twenty. For seniors on fixed incomes, there is not a more important feature than this, a policy is only useful if you can make the premiums to keep it active.
Coverage Lock: This product type will never decrease and your coverage will never be canceled, plus you and your beneficiary can rest easy knowing that this product will never expire.
There are other products on the market that will expire when you reach a specific age. Again, if the coverage is not there when needed then the product is useless.
Builds Cash Value: For every payment that you make a portion will go towards the cash value. Over time you will have enough money to borrow against the policy if you choose.
2. What can the lumpsum payout be used for?
There are no specified rules or regulations that state what the payout needs to be used for, however, there is a list of items the distribution is typically used to purchase.
- Memorial/Celebration of Life
- Credit Cards
- Leaving an Inheritance
- Medical Bills
- Charity Donations
- Legal Expenses
- Remaining Balance on a Mortgage
- Post-Mortem Expenses
- Remaining Car Loan Balances
- Other End-of-Life Expenses
3. Captive or Independent Agent: How to choose?
Both of these agent types are able to provide sound coverage however the structure of your policy, the price point, and the number of carriers to choose from will vary depending on which type of agent you use.
Captive: This agent represents one carrier and is only allowed to sell this single carrier’s products. Meaning that even if your agent wants to, they are not allowed to sell you a cheaper or better policy.
This can be extremely problematic when it comes to underwriting.
Each carrier has its own underwriting standards. This means you may have the medical condition of chronic bronchitis and one carrier will deny you coverage but a separate company will have no issue with this condition and award you coverage.
If you choose to work with a captive agent you are rolling the dice that the available plan will be the best fit for you, oftentimes it is not.
Independent: This agent is allowed to represent as many carriers as they wish, meaning the agent will have different tools in their toolbox to be able to find the best plan for the proposed insured.
If you work with a great independent agent that specializes in this niche you will be assured to find the best product at the lowest price.
Always choose independent!
4. What plan can I qualify for?
The first place to look for the best coverage is by contacting an independent agent, they should have the most universal product portfolio.
Prior to making the call, it is best for you to have an understanding of the different product types. This will give you the knowledge needed to make an informed purchasing decision.
There are four plan types that one can qualify for:
- 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 product types.
5. What is the oldest age one can be and still receive coverage?
The majority of carriers will provide coverage until the age of 85, however, there are select carriers who will award coverage up until the age of 90.
These carriers include Aetna and Guarantee Trust Life.
6. How do I know my best plan option?
This comes back to working with an independent agent who will be able to sort through your health conditions and match you with the perfect plan that complements your health history.
All companies have different underwriting standards and there is not a one size fits all option.
7. What is a Waiting Period?
A waiting period is when a provider places a time restriction on your full payout amount. This means if the insured was to pass away before the waiting period concluded then the beneficiary would receive a partial payout.
If the insured was to pass away after the waiting period had expired then the beneficiary would receive the entire coverage amount.
The waiting period is dictated individually by each provider, however, the typical waiting period is two years from the issue date.
8. What is the best way to get immediate coverage?
Simply call an independent agent that has access to many different carriers. If the agent is high quality they will be able to place you with the perfect day one coverage plan.
There are specific conditions that will not allow immediate coverage like chronic illness or major surgery.
9. I hear three different names used to describe this product: What is correct?
Carriers market this product under three different names.
If you see any of these three names used, they all mean the same thing.
There is no difference between these three product names.
10. Can I purchase a policy for my sibling?
Yes, you can, but there are a few strings attached to this process. First, during the process, the proposed insured will need to sign their name for the application to be submitted.
Also, the proposed insured needs to be in a healthy enough state of mind to understand what they are agreeing to. You can purchase coverage for someone else but they will need to be involved in the process.
You cannot take out a policy without their permission.
11. What is the best way to receive a quote?
The quickest way to secure a monthly price estimate is by using the quote tool on this page. A list of companies will generate and show you the different prices.
a. Missouri Final Expense Insurance is accessible and affordable, offering great plan options for individuals of all health ranges.
b. Contact an independent agent that has access to many different carriers, this will assure you find the best coverage for your specific set of health circumstances.
To better understand which company you can qualify for dial Willamette Life at 844-576-0019.
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.