Nevada Burial Insurance: 10 Best Strategic Questions

Nevada Burial Insurance
Nevada Burial Insurance: 10 Best Strategic Questions

The Silver State has so much to explore, from Lake Tahoe and Secret Cove over to Great Basin National Park and down to Lake Mead, this state has pure beauty anywhere you go!

The last thing Nevadans are typically thinking about is the cost associated with the end of one’s life.

This is a huge financial ask of family members to take on, especially during a time of reflection and processing what has just occurred.

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

The average traditional burial service in Nevada is $7,706

The average traditional cremation service in NV is $6,377

Location

Burial

Cremation

Henderson$8,178$6,753
Las Vegas$7,731$6,421
Reno$7,208$5,958
State Average$7,706$6,377

Not included in the price estimates:

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

Fortunately, this is where a Burial Insurance policy can help!

 

Nevada outline

Nevada Burial Insurance

The average age of death in the state is 76 for males and 81 for females.

This is right at the national average for men and women.

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. Flu/Pneumonia
  8. Suicide
  9. Diabetes
  10. Chronic Liver Disease/Cirrhosis

It is impossible for anyone to know when their health will decline. This makes it even more important to take action and learn about the different strategies that are out there to leave your family members with the financial resources needed to celebrate your life.

sunset

10 Strategy Questions

1. What is Burial Insurance?

When you take out this type of policy the carrier is agreeing to five guaranteed benefits.

Lump-sum payout: This feature is guaranteed as long as the insured pays their monthly premiums. If the payment is made each month the beneficiary will receive a tax-free payout when the insured passes away.

Quick payout process: When someone passes away the beneficiary will need funds quickly and this product delivers on that. The distribution process takes just a few business days after the insurer receives the death certificate.

Money moving fast

Coverage lock: Your coverage amount will never terminate or decrease. This means you are assured that the full coverage amount will be distributed to your beneficiary.

Price Lock: The price will never increase, for seniors on a fixed income this feature is at the top of the list. Knowing that there will be no rate hikes gives every applicant the peace of mind they need.

Cash value: For each payment made a portion will go into the cash value account. This, over time, will grow and allow policyholders to borrow money from their accounts if needed.

Cash value

2. What can the payout be used for?

The money can be used for anything, there are no rules, regulations, or restrictions.

There is however a list of items that beneficiaries typically use the payout for.

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

3. What is better: Captive or Independent Agent?

These agents both have vastly different ways to provide coverage to an applicant.

Captive: This type of agent is only allowed to sell products from one company, this can cause a few major issues when attempting to find the right plan.

First, each provider has its own underwriting standards, which means one carrier may have an issue approving someone with a medical condition like Crohn’s Disease while a different carrier will accept this diagnosis with no hesitation.

The same can be said for the price point. Every provider gets to dictate the price, so if you have only one product option to select there is a big chance it will not be the lowest-priced plan.

Independent: This agent is not tied or handcuffed to one single carrier, this essentially means the agent works for themselves and can represent whichever carriers they choose.

Independent Vs Captive two agents

Let the independent agent do the hard work for you and find the best price and coverage option.

4. What plan can I qualify for?

The surefire way to know the exact plan that you qualify for is by contacting a top-rated independent agent.

Prior to dialing an agent, it is a great idea to familiarize yourself with 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 plans.

5. How old can someone be and receive coverage?

The majority of carriers will award initial coverage until the age of 85, depending on the plan. There are a select number of providers who will allow initial coverage until the age of 90.

90 green circle

6. Price: How is it calculated?

There are three major factors when looking at the premium cost.

Health: Your health and prescription history will determine the plans you can qualify for. Typically the healthier you are the lower the price.

Age: The older the proposed insured is when they apply the higher the price will be. So if you are 70 years old your price will be slightly lower than if you wait to apply until the age of 71.

However, once you purchase your policy the price is locked in for life so don’t wait to purchase your policy, the price will go up each year until you do.

Gender: Gender matters when providers are determining the price, this is because females on average live longer than males, this means insuring females is a slightly lower risk and allows them to charge less.

health age gender

7. What is a waiting period?

This is a time restriction that is placed on higher-risk cases. A waiting period is typically two years from the date that the plan goes into effect, but each carrier gets to determine the length.

How it works:

If the insured passes away during the waiting period the beneficiary will receive a predetermined portion of the coverage amount.

If the policyholder dies after the waiting period has concluded then the beneficiary will receive the entire coverage amount.

8. First-day coverage: What is it?

This is when you apply for a policy and the carrier awards coverage immediately. To receive this type of plan you will need to be in good health and not have any major or recent medical diagnoses or surgeries.

9. Three product names: What is the difference?

The providers may use these three names interchangeably for marketing purposes.

Three names for this plan type

There is no difference.

10. Can I purchase a policy for my parents?

Yes, you can purchase coverage for someone else however they need to be involved in the process.

When purchasing coverage for a parent there are a few things to remember. The person that the coverage is for needs to sign their name and agree to coverage. They will also need to be in a healthy mental state to understand what they are agreeing to.

6 Validated Plans

6 Validated Plans

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

This plan from Mutual of Omaha is a top-notch product. Offering immediate coverage and low pricing, it is the best plan in the state.

If you are in great health do not overthink it, this 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

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 PlanRight product is an immediate coverage option. It comes with competitive premiums and additional benefits like dental, hearing, and vision discounts.

If you are in good health this is a great plan choice.

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 great value for someone who has had mild health conditions in the past like diabetes. In addition, not having a height and weight chart makes securing coverage easy for those who struggle with their weight.

Offering immediate coverage and respectable premiums, choose this plan if you have had mild medical issues.

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 plan is a great option for those with more of a complex medical history, it offers economical premiums and a fair waiting period payout structure.

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
  • 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

Guarantee Trust Life’s Heritage Plan is for someone with a very complex health history.

Asking only five medical questions and providing fair premiums, this plan with lenient underwriting comes with a two-year waiting period.

The 2nd year payout amount is top in the industry for this plan type.

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)

This is a Guaranteed Issue product which means there are no medical questions and coverage is guaranteed for every applicant.Black and white AIG logo

This product is right for anyone who is not able to receive coverage otherwise.

If you do need to use a plan with guaranteed acceptance, go with AIG’s option as it offers great premiums and living benefits.

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?

Only use this plan 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

women holding a cup of coffee

Final Thoughts

a. Nevada Burial Insurance is a great option for those who are looking for a simple and easy way to save for their end-of-life expenses.

b. No matter whether you are in good health or poor health there is a plan for you.

c. Work with an independent agent to find the best possible coverage option for you and your family.

Willamette Life is here to help, call us at 833-518-0080

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