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
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.
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.
- Males 76.1
- Females 81.1
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 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.
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.
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.
- 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.
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.
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.
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.
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.
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 844-576-0019
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.
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.