Nebraska Final Expense Insurance: 11 Popular Questions

Nebraska Final Expense Insurance
Nebraska Final Expense Insurance: 11 Popular Questions

The Cornhusker State is the true heartbeat of this country, from Chimney Rock to Omaha and everywhere in between, Nebraskans have much to be proud of.

The thing that is not always thought about is the associated costs that come at the end of one’s life. This is a major financial shock for loved ones who are attempting to grieve and reflect.

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

The average traditional burial service in Nebraska is $7,692

The average traditional cremation service in NE is $6,271

Location

Burial

Cremation

Bennington$8,305$6,965
Columbus$7,735$6,200
Grand Island$7,262$5,847
Kearney$7,865$6,350
Lexington$8,125$6,770
Lincoln$7,642$6,233
North Bend$7,040$5,590
Valparaiso$7,703$6,350
Omaha$7,298$5,931
Scottsbluff$7,947$6,475
State Average$7,692$6,271

Not included in the price estimates:

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

Fortunately, Final Expense Insurance will help ease the financial burden that will fall to family members.

Nebraska outline

Nebraska Final Expense Insurance

The average age upon death in the state is 77.4 for males and 81.7 for females.

This is above 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. Flu/Pneumonia
  9. Suicide
  10. Hypertension

No one knows when their health will fail them, the single best thing seniors can do is create a financial plan to help loved ones honor their life instead of worrying about taking on a financial burden from it.

farm and hay

11 Popular Questions

1. What is Final Expense Insurance?

This product is designed for seniors to be able to make a simple monthly payment and in return receive five major benefits.

Financial payout: Once you or the policyholder passes away the carrier will pay out a lump-sum distribution to the beneficiary. The amount of coverage will depend on the policy agreement and structure of the contract.

Price lock: Your monthly premiums will be locked in and never raise. Anyone on a fixed income knows how important of a feature this is, knowing the exact amount you can expect to pay is critical and necessary for so many.

Coverage lock: When securing coverage you can be assured this product will be there when your family needs it. Coverage will never expire or decrease.

white and green lock inside shield

Builds cash value: For each payment made a portion will go towards the cash value account. This in time will allow you to borrow from your policy if you choose.

Quick payout: Once the carrier receives the death certificate they will issue the tax-free financial distribution quickly to the beneficiary, typically within 5 business days.

2. What can the payout be used for?

There are no rules on what the money needs to be used for, however, there is a list of items that the beneficiaries typically uses the financial distribution for.

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

3. Should I use a Captive or Independent Agent?

When deciding between these two types of agents it is critical to know the major differences.

Captive: This agent represents one single company and usually sells multiple lines of coverage. This sounds fine but when looking into how underwriting works it’s all but fine.

Every carrier has different underwriting standards meaning one provider may approve someone with asthma while another carrier will deny coverage.

The same thinking goes into the price point for each company, providers dictate their pricing and some are much higher than others.

Independent: This agent is not attached to a single carrier, they are able to represent as many providers as they choose. This allows them to have all the right tools needed to craft a great plan.

Putting together a policy is like a puzzle and to finish, all the pieces are needed.

four puzzle pieces

4. What plan should I apply for?

The way to completely answer this question is by contacting an independent agent that has access to many different companies. Prior to phoning an agent, it is best practice to learn the four different plan types.

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

Every applicant will qualify for one of these products.

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

This will vary by each provider but typically the initial age of coverage will be award until 85 years old. There are select companies that will allow initial coverage up until the age of 90.

90 green circle

6. What is the best plan option?

Each person has a specific set of variables that will cause the best plan for them to be different from the best plan for their spouse.

The answer to this will come down to three key factors.

Health: Depending on one’s health there is a wide variety of medical concerns that could affect the policy structure and price. Every provider has different underwriting standards and specific health conditions that will change the coverage options.

Age: Age will cause monthly price differences. The younger someone is when they take out a policy the cheaper the monthly premium will be.

Gender: The gender of the applicant will drastically change the price as females will pay less than males for coverage. There are many reasons for this but the simplest is that females on average live four years longer.

health age gender

 7. Waiting period: What is it?

This is a time restriction that providers place on higher-risk cases that affects the payout that the beneficiary will receive for a certain length of time. The waiting period is typically two years from the policy issue date however this is determined by each carrier individually.

How it works:

If the policy owner was to pass away prior to the waiting period ending then the beneficiary would receive a predetermined partial payout.

However, if the insured passes away after the waiting period has concluded the beneficiary would be entitled to the entire death benefit.

8. First-day coverage: How do I receive it?

The simplest way to secure immediate coverage is by contacting an independent agent that is specialized in this product niche. You must qualify in order to have a policy with no waiting period, an experienced agent can help you through this process.

There are specific medical conditions that will not allow immediate coverage to be a possibility.

9. Three product names: What’s the difference?

Three plan names in a circle

There is no difference, these three names are used to market the product. If anyone tells you these names have different meanings they are either misleading you or misinformed themselves.

10. Can I take out a policy for my family member?

Yes, you are able to take out a policy for a loved one, but there are a few specific rules you need to follow. The proposed insured will need to sign their name and be in a healthy enough mental state to understand what they are agreeing to.

You cannot buy a policy for them without their knowledge.

11. How do I receive a quote?

You can use the quote tool on this page, enter your age and coverage amount and you will receive a list of companies who will provide coverage and a price estimate. To know which policy you qualify for, contact Willamette Life at 844-576-0019.

6 Expert Plans

6 Expert Plans

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

The Mutual of Omaha Level plan offers immediate coverage and low premiums.

You are also able to add additional living benefits to this product, this is a great plan for anyone who is healthy or has encountered mild medical conditions like arthritis.

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

This product from Foresters Financial offers first-day coverage and low premiums. Additionally with the plan policyholders receive discounts on services like dental and vision.

This is a great plan for those with a healthy medical history.

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

The Level plan from Royal Neighbors is a great option for those with past medical history for specific conditions like diabetes, extreme obesity, and more.

Asking only nine medical questions and still offering immediate coverage, this plan is great for the right medical situation.

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

The New Vantage II (Graded) plan is an option that is best for seniors with a more complex medical history.

The underwriting is more leint but this also comes with a very favorable two-year waiting period.

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

The Guarantee Trust Life plan is best for people with multiple medical complications.

Asking only five health questions, the majority of people can qualify for this product.

Due to the favorable underwriting, a two-year waiting period is put into effect.

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 final policy on our list is a guaranteed acceptance plan, which as the name states will approve every applicant who applies. They do this by asking no medical questions and placing a two-year waiting period on every policy.Black and white AIG logo

If you do need to use this product we endorse AIG’s Guaranteed Issue plan.

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

Quick Plan Facts

  • Available ages: 50-80
  • Coverage: $5,000-$25,000
  • 2-year waiting period

Is this Guaranteed Issue plan from AIG right for me?

If you have been diagnosed with one of the following medical conditions you should apply for this plan.

  • AIDS, ARC, HIV
  • Bedridden
  • On Hospice
  • Confined to hospital, nursing home, mental care, or long term care facility
  • 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

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

Man with brown hair thinking

Final Thoughts

a. Nebraska Final Expense Insurance is a great option for many who are looking to leave a legacy rather than a financial burden to their loved ones.

b. Work with an independent agent that is able to find the best coverage for the lowest price. With many great plan options in the state, you are assured to find a plan that fits your health history.

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