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 funeral costs. This is where senior final expense insurance can be valuable.
9 Essential Questions About Pennsylvania Final Expense Insurance
1. What is Pennsylvania Funeral Insurance?
This policy is a type of whole life coverage which means each plan comes with three attached benefits. Funeral insurance is also known as final expense and burial and cremation insurance.
Price Never Increases: Your price will be locked in with no price increases. Other products on the market will increase the older the insured gets, but the price is locked in with whole life final expense.
Coverage Never Decreases: This product offers permanent coverage, which means you will never outlive your policy.
Builds Cash Value: A portion will go into the cash value account for every payment you make. This means if you ever needed to borrow from your policy, it is your right to do so.
2. What Can the Funeral Insurance Payout be Used For in Pennsylvania?
The payout can be used for anything the beneficiary chooses, and there are no restrictions.
Here is a list of the common items the distribution is used for.
- 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 Final Expenses
3. How do I Qualify For Pennsylvania Burial Insurance?
Qualifying for the plan is simple. You will speak with an agent, and they will then determine which category you fall under according to your health.
There are four categories of plans:
- Level: Great Health
- Graded: Average Health
- Modified: Past Health Concerns
- Guaranteed Issue: Major Medical Issues
Once your agent pre-qualifies you for a plan type, you will walk through a simple application process that takes 15-20 minutes.
After the application is submitted, coverage will be awarded within a few business days.
4. What Age can I Receive Final Expense Coverage Until in Pennsylvania?
Burial insurance for seniors over 80 is available, and most carriers will provide initial coverage until 85 years old. However, a select number of companies will award initial coverage until the age of 90.
Coverage never expires; there are only restrictions on the initial application age.
5. What is a Waiting Period for Pennsylvania Burial Insurance?
The provider places a time restriction 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 are known as graded or modified coverage and will provide a partial payout during the first two years of the plan should the insured pass.
If the insured were to pass away during the waiting period, the beneficiary would receive a partial payout determined when the policy is initially taken out.
6. How Does Someone Living in Pennsylvania Qualify for First-Day Coverage?
You will need to be in good health with no significant or recent health conditions. Ultimately each company has a different risk tolerance for medical conditions, making speaking with a trusted agent very important.
7. Is Pennsylvania Final Expense Insurance a Good Deal?
The product is meant for individuals looking for a simple and affordable way to pay for their final expenses. Small whole life insurance policies allow seniors to leave financial security for an affordable monthly price.
8. Can I Purchase a Policy for A Family Member Who Lives in Pennsylvania?
Some rules and regulations need to be followed to have a valid life insurance contract. The loved one will have to agree to coverage, sign their name, and be in a healthy state of mind.
9. How do I Get a Pennsylvania Funeral Insurance Quote?
The best way to secure a quote is to use the online quote tool on this page. It will simply show you the 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 Willamette Life at 844-576-0019
What Is The Best Funeral Insurance In Pennsylvania?
Every life insurance company sets its own medical underwriting standards. This means the best funeral insurance company changes depending on your specific health circumstance. However, once you have found the right company for your medical history, there are three things to consider before moving forward.
Cost: Companies decide what their premiums will be. This means you will need to research and make sure the quote you received is fair market value.
Financial Rating: The financial rating of a company is determined by a third-party rating agency. This will show if the carrier is financially stable to pay out its claims on time. Make sure you use a company with an A- or better financial rating.
Coverage Type: Burial insurance with no waiting period is what every applicant should attempt to obtain. However, there are times when the medical history of a senior requires a two-year waiting period.
How Much Does a Burial Cost in PA?
The average traditional burial in Pennsylvania is $7,818. Not included in this total is the cost of a headstone, monument, or plot of land.
How Much Does Cremation Cost in Pennsylvania?
On average, Pennsylvanians can expect to pay $6,411 for a traditional cremation. The cost can be less if the family elects for direct cremation services but ultimately depends on the selected services.
Cremation and funeral costs can range over a wide variety of price points depending on many factors.
Pennsylvania follows the national trend, which shows an increase in cremation services. Cremation rates were at 53% in 2020, and those numbers are expected to grow to over 69% by 2030.
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
Life Span Statistics in PA
The average age of death in the state is 76 for males and 81.2 for females. This is just shy of the national average life span of 76.3 for males and 81.4 for females.
Causes of Death in Pennsylvania
Listed below are the top 10 leading causes of death in the state.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s Disease
- Kidney Disease
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 is to educate oneself and create a plan for the inevitable end of life costs.
Final Thoughts About Pennsylvania Burial Insurance
a. When looking for Pennsylvania final expense insurance, it is most important to understand that there is no “one size fits all” company. Every 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.
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.