Pennsylvania Final Expense Insurance: 13 Essential Questions

Pennsylvania Final Expense Insurance
Pennsylvania Final Expense Insurance: 13 Essential Questions

In the Keystone State, there is a lot to be thankful for. From Presque Isle State Park down to beautiful Pittsburg and over to historic Strasburg and of course, all the history that comes with Philadelphia.

With such a diversely gorgeous state, there are so many places to call home.

One item not at the forefront of Pennsylvanian’s everyday thoughts is the costs that come with the end of life.

This is a major financial obligation when families are supposed to be celebrating one’s life and not worrying about how they will pay for it.

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

The average traditional burial service in Pennsylvania is $7,818

The average traditional cremation service in PA is $6,411

Location

Burial

Cremation

Allentown $7,910 $6,462
Altoona $7,005 $5,636
Erie $7,661 $6,231
Harrisburg $8,326 $6,879
Lancaster $8,378 $6,968
Philadelphia $7,674 $6,270
Pittsburgh $7,952 $6,477
Scranton $7,306 $5,991
Williamsport $7,947 $6,583
York $8,023 $6,609
State Average $7,818 $6,411

Not included in the price estimates:

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

This is where final expense insurance can be so valuable.

Pennsylvania outline

Pennsylvania Final Expense Insurance

The average age of death in the state is 75.9 for males and 80.7 for females.

This is just shy of the national average life span.

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

Every Pennsylvanian knows a friend, family member, or loved one who has been affected by at least one of these medical conditions.

The best thing one can do is educate themselves and create a plan for the inevitable end of life costs.

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13 Essential Questions

1. Final Expense Insurance: What is it?

This policy is a type of Whole Life coverage. Every Whole Life policy comes with three attached benefits.

Price never increases: This is so key when we age, there are other products on the market that will increase in price the older we get, but not this policy type.

Coverage Never decreases: This is also critical for the reason that we never know when our health will decline. Another type of product known as “Term” actually terminates once you reach a certain age. Fortunately, you have all the security that you need with permanent coverage.

Builds Cash Value: For every payment that you make a portion will go into the cash value account. This means if you ever needed to borrow from your policy it is your right to do so.

Specifically looking at a Final Expense Policy, the coverage amount is smaller meaning the monthly premiums will be much more affordable while not giving up all the benefits of a traditional plan that has a bigger coverage amount.

2. What can the payout be used for?

The payout can be used for anything the beneficiary chooses, there are no restrictions.

Here is a list of the common items the distribution is used for.

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

3. How do I qualify?

Qualifying for the plan is simple. You will speak with an independent agent, they will then determine which category you fall under according to your health.

There are four categories of plan types:

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

Once your agent places you with a plan type you will walk through a simple 15-20 minute application process.

After the application is submitted coverage will be awarded within a few business days.

4. What is the oldest someone can be and still receive coverage?

The age that most carriers will provide coverage until is 85 years old. However, there are a select amount of companies that will give initial coverage up to the age of 90.

Remember, coverage never expires, this is just the age upon application when taking out a policy.

5. What plan is best for me?

This will depend heavily on your health and age. You need to speak with an independent agent to find the proper coverage and best price.

This process is like putting together a puzzle, there are the right pieces you just need to find them.

6. What is a waiting period?

A waiting period is a predetermined period of time that a provider places on a policy before full coverage goes into effect. Some carriers are willing to cover higher-risk health conditions but this comes with a trade-off.

These plans will provide a partial payout during the first two years of the plan should the insured pass.

If the insured was to pass away during the waiting period the beneficiary would receive a partial payout that is determined when the policy is initially taken out.

7. How does someone qualify for first-day coverage?

You will need to be in good health with no major or recent health conditions or recent surgery.

8. Which company has the best coverage?

The best company is different for everyone. This is because each person has different medical concerns, and each company has a different risk tolerance for each condition.

Later in this article, we will go through the top 6 best carriers to use, this will help you get pointed in the right direction.

9. Is this product worth the cost?

The product is meant for individuals who want a simple and affordable way to pay for their final expenses.

No one wants to leave a financial burden on their family and this product allows you to leave a financial legacy simply and easily.

10. End of life expenses: Will Social Security pay for it?

Social Security will pay up to $255 to cover your end of life expenses.

This is nowhere near what is necessary to celebrate the life of a loved one or help with bills left behind.

11. I have heard different names to describe this plan: Is there a difference?

Carriers typically use three different names to describe this product.

Three plan names in a circle

These three names are strictly marketing terminology and can be used interchangeably, there is no difference between them.

12. My family member needs a policy: Can I purchase it for them?

Yes, you can, however, there are rules and regulations when it comes to this process.

The family member will need to sign their name and be in a healthy state of mind to understand what they are agreeing to.

13. How do I get a quote?

The best way to secure a quote is to use our online quote tool that will simply show you a range of prices that each carrier offers.

To get a more specific quote you will want to speak with one of our agents to find a plan that matches your health conditions.

Call us at 844-576-0019

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Final Thoughts

a. When looking for Pennsylvania Final Expense Insurance it is most important to understand that there is not a “one size fits all” company.

Each person has a different health history and every provider will cover these conditions differently.

b. Work with an independent agent to make sure you find the best plan possible for you and your family.

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