New York Final Expense Insurance: 15 Necessary Questions 

New York Final Expense Insurance
New York Final Expense Insurance: 15 Necessary Questions 

The Empire State offers so much do and see. From beautiful Lake Placid, down to Lake George over to Rochester and Buffalo, and of course down to The Big Apple, New York is an absolutely wonderful state.

The item that is easy to slip the mind of New Yorkers is the costs that are associated with the end of one’s life.

The price tag is a major financial shock for loved ones who are attempting to grief and celebrate the life of someone who just passed.

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

The average traditional burial service in New York is $7,230

The average traditional cremation service in NY is $5,937




Albany $6,976 $5,699
Buffalo $6,466 $5,217
Ithaca $7,315 $5,882
New York City $7,841 $6,590
Plattsburgh $7,748 $6,500
Queensbury $6,975 $5,705
Rochester $6,762 $5,499
Saratoga Springs $7,807 $6,504
Syracuse $6,932 $5,637
Watertown $7,473 $6,137
State Average $7,230 $5,937

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 major help!

New York State outline

New York Final Expense Insurance

The average age of death in the state is 79.0 for males and 83.4 for females.

This is one of the top states for the longest life spans in the country.

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. Accidents
  4. Chronic Lower Respiratory Disease
  5. Stroke
  6. Flu/Pneumonia
  7. Diabetes
  8. Alzheimer’s Disease
  9. Hypertension
  10. Septicemia

Every person has been affected by one of these medical conditions either personally or through a family member, friend, or loved one.

None of us know when our health will decline, the best course of action is to create a financial plan and leave a legacy behind so our loved ones can celebrate the life we lived without worrying about the finances.


15 Necessary Questions

1.Final Expense Insurance: What to know?

This product is designed for seniors who do not want to leave a financial burden for their loved ones. This is done by making a simple and affordable payment each month.

In return, the insured will receive a guarantee that their policy will never expire and the price will never raise.

Also, there is a cash value component with this plan type. For every payment made a portion goes into the cash value, this will allow you to build up a cash reserve and borrow from the policy when needed.

2. What can the payout be used for?

The great news about this product is that there are no regulations on what the lump-sum payout must be used for.

Though there is a traditional set of items that beneficiaries will use this financial distribution for.

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

3. Captive or Independent: Which is better?

These two types of agents are both able to provide coverage but with one major difference.

Captive: Is only allowed to represent one company’s products. This means that even if the agent has your best interest at heart they will only be able to show you one price and one product.

This causes a problem because every company will insure different health conditions at separate price points. If your health condition does not match up with the company’s underwriting standards that your captive agent represents then you are out of luck for coverage or even worse, pay a higher price than you need to.

Independent: When working with an independent agent the variety of company options raises drastically. This is because the agent is not shackled to one specific provider. They represent many carriers and are able to match your health history with the company that will accept your diagnoses.

For example, if you had a recent TIA, there are specific companies that will deny immediate coverage, however, working with a great independent agent you will be able to find the perfect carrier to fit this health history.

It is always better to have more options and better pricing, choose independent!

4. How do I qualify?

Speaking with an independent agent is the first step in this process. They will be able to learn your health history and then decide which career to place you with depending on your past medical conditions.

Prior to speaking with an agent, it is important to understand the four different types of plans. Each plan is intended for people with different health histories.

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

Everyone will have the opportunity to qualify for at least one of these four plans.

5. I am in my 80’s can I receive coverage?

There are plenty of coverage options for seniors in their 80’s. The majority of providers will award initial coverage until the age of 85. However, there is a select amount of carriers that will issue initial coverage until the age of 90.

Pro Tip: In this section, we are only speaking on initial coverage, once you receive your policy it will never expire.

6. Which provider has the best plan?

The answer to this question comes down to these key factors:

Health: Depending on what your health history is the type of coverage you will be able to qualify for will vary drastically.

Age: The age that you initially apply for coverage will determine the monthly price that you pay. Again the price never changes however the initial price will be lower if you receive coverage now rather than waiting to apply.

Gender: Between males and females the prices are vastly different. On average in the United States females live four years longer than males. This justifies female prices to be lower in the eye of the carriers.

Depending on how you fall into these 3 categories your coverage structure and the monthly price could vary drastically.

7. Waiting period: What is it?

This is the time frame where the carrier postpones full coverage for high-risk cases. This means that if the insured was to pass away during the waiting period then the beneficiary would receive a predetermined portion of the coverage amount.

If the insured passes away after the waiting period then full coverage will be awarded to the beneficiary.

The waiting period is typically two years for most carriers.

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

The single best way to receive first-day coverage is by contacting an independent agent, a good agent will be able to compare your health history with the company that will best suit you. This will lead to lower prices and a better chance of immediate coverage.

There are certain conditions that will not allow for immediate coverage, speak with your agent to learn more.

9. What does Social Security help with?

Social Security will give a maximum of $255 in a death benefit to your beneficiary. However, there is still a process that the beneficiary will need to go through to secure this money.

This is not close to what is needed to pay for someone’s final expenses.

Do not use this as your financial game plan.

10. Is the policy worth it?

This product is meant for individuals who do not want to have a financial burden left behind for their loved ones.

For a small affordable monthly payment, you can make sure the financial stress of passing is not a factor and you are able to honor their life.

Financial peace of mind is always worth it!

11. What is the difference between the many variations used to describe this product?

The carriers use these names to market this coverage.

Three plan names in a circle

There is no difference between these three names.

12. Can I purchase a policy for my loved one?

Yes, you can, however, there are a couple of things to note.

First, your loved one needs to agree to the coverage and sign their name on the contract. Second, they will need to be mentally healthy enough to understand what they are agreeing to.

You cannot take out a policy on someone without their permission.

13. I am a smoker: How much does coverage cost?

Each carrier is different and there are better carriers than others when it comes to smoking rates.

You can expect to pay 30% more as a tobacco user.

14. What is the best way to receive a quote?

The single easiest way to receive a price estimate is by using our online quote machine on this page. You will want to enter your age and gender to make sure you receive an accurate quote. Once you do that a number of companies will display.

A good rule of thumb is the cheaper the price the more healthy you will need to be to qualify.

To know for sure what you can qualify for give Willamette Life a call at 844-576-0019.

15. Is applying over the phone an option?

Yes, this is a very simple process and will take around 30 minutes to apply.

green lightbulb

Final Thoughts

a. New York Final Expense Insurance is both affordable and obtainable. If you are in good overall health a plan with Foresters Financial is a great option. Those with a more complicated health history will be better suited to Gerber’s Guarantee Issue plan.

b. The best way to figure out the right plan for you is by contacting an independent agent. They will have different plans to compare in order to find a plan that is right for your specific health history.

At Willamette Life, this is the only type of product we represent and put all of our resources behind finding our clients the best possible plan at the lowest rate.

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