Washington DC Burial Insurance: 8 Questions Explained
The District of Columbia speaks for its self. This is where our nation’s highest level of decision is made.
The item that is not usually at the forefront of those living in the nation’s capital is the cost associated with the end of life. These costs can be sudden and shocking for loved ones attempting to grieve and celebrate the deceased’s life.
Fortunately, this is where burial insurance for seniors can be a financial lifeline for family members.
8 Questions Explained About Washington DC Burial Insurance
1. What is it Washington DC Final Expense Insurance?
Washington DC burial insurance is a type of whole life coverage. This means you will receive three permanent benefits with your plan.
Price Lock: The price will never change. Regardless of if it’s month one or year twenty-five, you are assured the same monthly premium. With this product, you can have peace of mind knowing your price is locked in moving forward.
Coverage Lock: The coverage amount will never change. Other products on the market will expire or decrease in coverage once you reach a specific age. With this plan, you do not have to worry about that.
Builds Cash Value: For each premium payment made, a portion will go towards the cash value. Over time this account will grow and will allow you the opportunity to borrow from it.
2. What Can the Washington DC Final Expense Insurance Funds be Used For?
There is no mandate that says what the distribution must be used for. However, here is a list of common items that are purchased with funeral insurance payouts.
- Memorial/Celebration of Life
- Credit Cards
- Legal Expenses
- Medical Bills
- Leaving an Inheritance
- Remaining Balance on a Mortgage
- Post-Mortem Expenses
- Remaining Car Loan Balances
- Charity Donations
- Other Final Expenses
3. How Old Can I Be and Still Qualify for Washington DC Funeral Insurance?
Most providers will approve initial coverage up until the age of 85, depending on the plan type. There are a select group of carriers that will award initial coverage until 90 years old.
As a reminder, this section is just speaking on initial coverage ages. Once you have your policy, it will never expire.
4. How is The Price Calculated for Burial Insurance in Washington DC?
There are three key factors when discussing the price for Washington DC funeral insurance.
Heath: Your health history is weighted heavily when it comes to the price you will pay. The more medical issues you have had in the past, the higher risk it is for an insurer to cover you. This risk is then passed to the insured via higher premiums.
Age: As explained earlier, once you secure your plan, the price will never raise. However, every year you wait to receive coverage, the price will increase.
Gender: Your gender plays a role in the price as well. Females will pay less for coverage than males will. There are many reasons for this, but the most obvious is that women live four years longer than men on average.
5. What is a Waiting Period?
A waiting period is a time restriction that the provider places on a high-risk case. This restriction will minimize the distribution amount if the insured passes away during this time frame. If the insured outlives the waiting period, the entire payout amount is awarded to the beneficiary.
Waiting periods are typically two years from the policy issue date, but each provider has different stipulations.
6. How do I Get Immediate Burial Coverage in Washington DC?
The best way to secure a Washington DC funeral insurance plan with no waiting period is by speaking with an independent agent. Every provider has different underwriting rules, so you will need to talk with an expert in the field with access to multiple burial insurance companies.
7. Can I Purchase a Policy for a Family Member Living in DC?
Yes, you can, but you will need to have their permission, and they will need to sign off on the contract. You cannot take out a policy on someone without their approval.
8. How do I get a Quote for Washington DC Final Expense Coverage?
The best way to secure funeral insurance quotes online is by using the instant price tool on this page. Once you enter your information, several providers and prices will display.
Contact Willamette Life to better understand what you can be approved for.
Call us at 844-576-0019
How Much Does A Funeral Cost In Washington DC?
Cremation and burial costs can range over a wide variety of price points depending on several factors, including what type of service and arrangements you choose to have. The average traditional burial service in Washington DC is $7,957 and $6,556 for cremation.
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
Lifespan Statistics in DC
The average age at death in this territory is 76 for males and 82 for females. This is right at the national average lifespan.
- Males 76.3
- Females 81.4
Listed below are the top 10 leading causes of death in the territory.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s Disease
No one knows when their health may decline, this makes it essential to create a financial plan to cover the inevitable costs. This will allow family members to celebrate the life of the deceased instead of shouldering the financial burden.
Final Thoughts About Washington DC Final Expense Insurance
a. Washington DC Burial Insurance is both affordable and accessible to seniors. For a low monthly payment, seniors will be assured that their families will have the financial resources needed to celebrate their life.
b. The funeral insurance payout can be used for anything deemed necessary, giving the beneficiary flexibility.
c. Work with a respected independent agent who has access to many different companies. This will assure that you find the best price and plan structure for your unique health history.