South Dakota Burial Insurance: 11 Proven Questions & Answers

South Dakota Burial Insurance
South Dakota Burial Insurance: 11 Proven Questions & Answers

In The Mount Rushmore State life is a little better. From the Black Hills to The Adams Homestead and State Nature Preserve up to Fort Sisseton State Park, South Dakotans have much to be proud of.

Something that is not always at the top of the mind of seniors is the cost associated with the end of life one’s life.

If a financial plan is not in place, the price tag of these expenses can be a major shock to those family members who are attempting to reflect and honor the life of the deceased.

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

The average traditional burial service in South Dakota is $7,711

The average traditional cremation service in SD is $6,259

Location

Burial

Cremation

Aberdeen$9,121$7,390
Brookings$7,857$6,340
Flandreau$7,810$6,435
Harrisburg$7,725$6,255
Mitchell$6,945$5,585
Rapid City$7,245$5,953
Sioux Falls$7,694$6,185
Sturgis$5,877$4,810
Watertown$8,402$6,927
Yankton$8,438$6,713
State Average$7,711$6,259

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 be extremely helpful and ease this monetary burden.

South Dakota outline

South Dakota Burial Insurance

The average age upon death in the state is 76.7 for males and 81.5 for females.

This is right 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. Cancer
  2. Heart Disease
  3. Accidents
  4. Chronic Lower Respiratory Disease
  5. Alzheimer’s Disease
  6. Stroke
  7. Diabetes
  8. Flu/Pneumonia
  9. Suicide
  10. Chronic Liver Disease/Cirrhosis

No one knows when their health will start to decline, which is why it is so important to create a financial plan to leave your loved ones in a position of financial strength rather than crippled with bills.

dirt road and prairie

11 Proven Questions & Answers

1. What is Burial Insurance?

This is a Whole Life product designed for you to have peace of mind knowing there are three permanent benefits attached to this plan.

Coverage Lock: Your coverage is locked in and will never decrease or expire. When purchasing a policy that is meant for the costs that come at the end of your life, it is important that the policy is actually there when your family needs it.

Price Lock: The price will never change, the price you pay on day one will be the same that is paid in year 30. Any senior on a fixed income understands that they need to be pinpoint accurate on their budget each and every month.

Builds Cash Value: For each payment made, a portion of the premium will go towards the cash value. Over time the policyholder will be able to borrow from the plan in a time of financial need.

cash value growing

2. What can the beneficiary use the payout for?

As there are not a specific set of rules stating what the payout needs to be used for, there is a typical list of items that the distribution is spent on.

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

3. Captive or Independent Agent: Which is the better option?

This comes down to the number of choices you will have.

Captive: This agent represents one carrier and is handcuffed to this single company. Even if there is a cheaper price elsewhere, your captive agent will not be able to sell you a different company’s product.

Another area where this could cause concerns is during the underwriting process. Each provider has its own rules for deciding what health conditions will be approved for coverage.

This means someone who has had a heart attack in the past could be denied by one company but be approved by an entirely different carrier. If your agent only has access to one company this could be very problematic for your wallet and the type of coverage you are able to secure.

Independent: This agent is able to represent as many providers as they choose, meaning if you work with a respected professional in this niche you will find a plan that is best for you.

Your agent will be able to check and compare prices from many different companies to find the right fit for you.

Captive vs independent agent

4. What is the best plan for me?

The most accurate way to know your best plan option is by contacting an independent agent who has access to many different providers.

This will give you the highest percentage opportunity to qualify for the right plan structure and lowest possible price for your specific health history.

Prior to contacting an agent, it is best practice to be familiar with the four different plan types that are on the market.

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

No matter your medical history, every applicant will qualify for one of these plans.

5. How old can I be and still receive coverage?

Although there is no set age, you can typically bank on carriers awarding coverage until the age of 80 or 85. However, there are a small number of carriers that will approve initial coverage until 90 years old.

6. How is the cost calculated?

There are three factors that will help answer this question.

Health History: A applicant’s medical history has a major impact on the type of policy you will be able to qualify for.

Carriers look at everything from your last prescription fill to when your last surgery was performed. Each carrier is highly individualized with their underwriting process.

Age: When carriers look at coverage the age portion will have an impact on your monthly price. As stated earlier the price is locked in and never changes once you receive your policy, but the longer you wait to receive coverage the higher the price will be.

This is because the older someone gets the higher risk they are considered to be.

Secure your policy sooner rather than later and lock in the best price.

Gender: Your gender will also affect your price, females on average live four years longer than males do. By the numbers, carriers are able to charge less to insure females.

health age gender

Always contact an independent agent to be sure you know what you can qualify for.

 7. What is a waiting period?

The waiting period is a time restriction that a carrier places on higher risk cases. This time restriction will determine how much of the coverage amount will be paid to the beneficiary.

The waiting period is typically two years from the date the coverage is issued.

If the insured passes away before the waiting period ends then the beneficiary will be awarded a predetermined partial distribution amount.

If the insured was to pass away after the waiting period concluded then the beneficiary would receive the full coverage amount.

Hour glass

8. How do I receive coverage with no waiting period?

Your best opportunity to secure immediate coverage is by working with an independent agent who has access to many companies. This is because each carrier has separate underwriting standards for different health concerns.

There is not a one size fits all company. There are also a number of medical conditions that will not allow first-day coverage no matter which carrier you use.

9. What’s the difference between these three product names?

These three different product names are used interchangeably by the providers for marketing purposes.

Three names for this plan type

There is no difference between these three names.

10. My parents need a policy: Can I purchase one for them?

Yes, you can but there are a few things to know. They will need to be actively involved in the process by agreeing to coverage and signing their names.

You are not able to take a policy out without their permission.

11. I want a quote: How do I get one?

The fastest way to receive a quote is by using the online tool on this page. Enter your information and several policies will populate.

You will see prices however you will want to contact Willamette Life at 844-576-0019 to confirm which plan you are able to qualify for.

6 Amazing Plans

6 Amazing Plans

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

The Living Promise product offers immediate coverage and rock bottom premiums. Also offering living benefit riders this product is very well rounded.

If you are in great health or have minor medical issues like fibromyalgia this plan is your best choice.

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

The PlanRight product from Foresters offers first-day coverage at a low price point. This company is a Fraternal Benefits Organization, which allows the company to focus its efforts on giving back to its members.

With your policy, you have access to discounts on health, dental, legal, and vision services.

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 health conditions that could cause mild concern with other companies.

Asking only nine medical questions the underwriting is very lenient for an immediate coverage product.

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

This Graded plan from Sentinel Security Life is a great option for those with more serious health concerns.

Due to the liberal underwriting, this plan has a two-year waiting period.

Offering one of the best Graded plan structures in the industry this is a wonderful choice for the right individual.

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 has a product that is right for those with multiple medical complications.

Asking only five health questions the majority of applicants will qualify for this plan.

Due to the favorable underwriting, this plan comes with a two-year waiting period that has a great payout option in year two.

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 that there are no medical questions and everyone is approved. This product is valuable for applicants who would not otherwise qualify for a plan.Black and white AIG logo

If you do indeed need to use this plan type our recommendation is to work with AIG.

They offer low premiums for a guaranteed acceptance plan and actually include living benefits which is rare for this policy type.

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 one of the following medical conditions this plan is your best option.

  • 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 green hair thinking

Final Thoughts

a. South Dakota Burial Insurance is both easy to obtain and an affordable coverage option. If you are in great health your best plan will either be Mutual of Omaha or Foresters Financial first-day coverage products.

b. Contact an independent agent that is able to price check and compare multiple plans. This will highly increase your chances of finding the ultimate policy for you.

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