Washington DC Burial Insurance: 11 Questions Explained

Washington DC Burial Insurance
Washington DC Burial Insurance: 11 Questions Explained

The District of Columbia speaks for its self, this is where our nation’s highest level of decisions are made. There is so much pride taken and history that has been made in this city.

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 to celebrate the life of the deceased.

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

The average traditional burial service in Washington DC is $7,957

The average traditional cremation service in DC is $6,556

Location

Burial

Cremation

Washington DC$7,957$6,556

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 a financial lifeline for family members.

District Of Columbia seal

Washington DC Burial Insurance

The average age at death in this territory is 75.8 for males and 81.2 for females.

This is right at the national average lifespan.

National Average:

  • Males 76.1
  • Females 81.1

Listed below are the top 10 leading causes of death in the territory.

  1. Heart Disease
  2. Cancer
  3. Accidents
  4. Stroke
  5. Diabetes
  6. Chronic Lower Respiratory Disease
  7. Alzheimer’s Disease
  8. Homicide
  9. Flu/Pneumonia
  10. Hypertension

No one knows when their health may decline, this makes it so important to create a financial plan to cover the inevitable costs and allow family members to celebrate the life of the deceased instead of shouldering the financial burden.

United States Capital Building

11 Questions Explained

1. Burial Insurance: What is it?

This product is a type of whole life coverage. This means you will receive these four benefits with your plan.

Price Lock: The price will never change, no matter if it’s month one or year twenty-five, you are assured the same monthly price. As any senior on a fixed income will tell you, knowing your monthly budget and expenses is critical.

With this product, you can have the peace of mind knowing your price is locked in moving forward.

Coverage Lock: The coverage lock is another crucial aspect of this plan, the distribution 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.

When purchasing a product meant for the end of one’s life it is important that the plan is active when your family needs it most.

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.

money pointed up

Fast Payout Process: Once a loved one passes away expenses can add up quickly, to combat this a quick payout is necessary, fortunately with this product the financial relief comes within days after the provider receives the death certificate.

2. What can the 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 the payout.

  • Cremation
  • 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 End-of-Life Expenses

3. Captive vs. Independent agents: What is the better option?

Both of these agents are able to secure satisfactory coverage, but they have different processes in doing that.

Captive: This agent via contract is only allowed to represent one company. This may seem fine on the surface especially if the provider has a massive brand and is well know, however, there are two issues that can come with this.

The first is the underwriting process, each carrier has different standards when it comes to who they are willing to insure. One provider may award coverage to someone who has experienced a heart attack but another carrier will deny coverage for this same condition.

Secondly, each company decides what the price of its plans will be. Two companies that offer the same product with the same features can have very different price points.

Working with a captive agent is like doing handy work and only having a hammer to complete all the tasks, even if a drill is needed.

Hammer

Independent: This agent is able to represent as many carriers as they wish. This means a highly rated agent should have access to a company that will insure almost every medical condition.

Working with an independent agent is like having a full toolbox to finish the job in the right way.

Tool box

4. How do I know what plan I can qualify for?

The top way to find the plan that will be your best option is by working with a highly rated and respected independent agent, this will give you the most options to work with.

Prior to contacting an independent agent, it is in your best interest to be familiar with the four different plan types.

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

Every applicant will qualify for one of these four products.

5. How old can I be and still qualify for coverage?

The majority of 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.

Reminder: This section is just speaking on initial coverage ages, once you have your policy it will never expire.

6. How is the price calculated?

There are three key factors when discussing the price.

Heath: Your past health history is weighted heavily when it comes to the price you will pay. This is because the more medical issues you have had in the past raises the risk for the carrier to cover you. Because the risk is higher the price is higher.

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 go up. This is because the older someone is upon initial coverage the higher risk they are to the provider.

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 on average women live four years longer than men.

health age gender

 7. 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.

8. Immediate coverage: How do I get it?

The best way to secure a 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.

9. What is the difference between the three names used to describe this product?

There is no difference, this is essentially just marketing terminology used by the carriers.

Three names for this plan type

You will hear different companies use these names interchangeably.

10. Can I purchase a policy for a family member?

Yes, you can but you will need to gain their permission and they will need to sign off on the contract.

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

11. How do I get a quote?

The best way to secure a quote is by using the instant quote tool on this page. Once you enter your information a number of providers and prices will display.

Contact Willamette Life to better understand what you can be approved for.

Call us at 833-518-0080

6 Proven Plans

6 Proven Plans

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

The Living Promise plan from Mutual of Omaha offers first-day coverage and some of the lowest premiums on the market.

They also have some of the strictest underwriting guidelines compared to other companies but will cover Crohn’s disease and other common medical conditions.

This is the top plan option in DC.

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

This PlanRight product from Foresters Financial offers immediate coverage at a great price point.

Additionally, they offer benefits to policy holders in the form of vision, dental, and hearing discounts on services.

This is another top choice if you are healthy.

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

This plan from Royal Neighbors is best for individuals who are looking for first-day coverage but may have past a medical condition that other providers will not cover.

Asking only nine medical questions this plan could be your best option for those with a specific health history.

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

New Vantage II is meant for those with more serious medical concerns.

This plan has a two-year waiting period with one of the best Graded payout structures in the industry.

Speak with an agent to see if this plan is right for you.

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

The Graded plan from GTL is meant for those with multiple past medical concerns. Asking only five health questions the majority of applicants will qualify for this product.

The 2nd year payout option is one of the best in the industry in regards to a Graded plan that is as lenient as this one.

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 product is a Guaranteed Issue plan. This means that no medical questions are asked and every applicant is approved.Black and white AIG logo This type of policy is meant for those with major medical issues that are chronic.

There is a two-year waiting period that comes with this plan.

If you do need to use this plan our recommendation is to use AIG, they offer living benefits and a great price point.

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

Is this Guaranteed Issue plan from AIG right for me?

Apply for this product ONLY if you have one of the following medical conditions.

  • AIDS, ARC, HIV
  • On Hospice
  • Bedridden
  • Diagnosed with a terminal illness
  • Confined to hospital, nursing home, mental care, or long term care facility
  • 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 brown hair thinking

Final Thoughts

a. Washington DC Burial Insurance has many affordable policy options. If you are in good health use the Living Promise Level plan from Mutual of Omaha.

b. 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.

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