Wyoming Burial Insurance: 10 Official Questions

The Equality State is the heartbeat of this country. From Medicine Bow-Routt National Forest to beautiful Yellow Stone there is no state that can match the scenery that this state has to offer.

The item that is not always at the top of the list to take care of is the expenses that come at the end of one’s life, this can be a massive financial burden for loved ones attempting to celebrate 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 Wyoming is $7,365

The average traditional cremation service in WY is $6,160

Not included in the price estimates:

• Cost of Headstone, Monument, or Marker
• Cemetery Property, Plot of Land, Columbarium, etc.

Fortunately, this is where Burial Insurance can help!

Wyoming Burial Insurance

The average age of death in the state is 77.1 for males and 81.1 for females.

This is above the national average for men and right at the average for females in terms of lifespan.

National Average:

• Males 76.1
• Females 81.1

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

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

Everyone knows someone who has been affected by one of these conditions. The most proactive thing someone can do is create a financial plan to take care of the inevitable end of life expense that otherwise will fall to family members.

10 Official Questions

1. Burial Insurance: What is it?

This is a type of Whole Life coverage which means that there are a few distinct benefits that come with this product.

Coverage never changes or expires: This product is straightforward and simple to understand. The policy amount will never change and as long as you make your monthly payment you will have coverage for life.

There are products on the market that actually expire once you reach a certain age, this is not one of them.

Price never raises: This means that from the moment you pay your first policy until you pass away your price will never change. As any senior on a fixed income knows, budgeting and knowing how much your bills are each month is absolutely crucial.

This plan gives you the peace of mind to know your numbers.

Builds cash value: For each payment made a portion will go towards a separate account. This account is the cash value that you can borrow against if you choose. Meaning if you were ever in need of funds you are entitled to take the cash value as a loan.

If you do borrow from this account, overtime you will need to pay it back.

What makes this plan different from a traditional whole life product is the coverage amount.

This coverage amount is much smaller and designed to cover the final bills in one’s life, not to replace an income.

Due to the coverage being smaller you will have a reasonable monthly premium but continue to keep the benefits of a larger traditional whole life plan.

2. What can the payout be used for?

There is no mandate on what the payment needs to be used for, however, there is a list of items that the distribution is typically used for.

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

3. Captive and Independent Agents: What is the better choice?

Both of these agents can provide coverage and get you a plan, however, the way they go about securing your plan is greatly different.

Captive: This agent type represents only one carrier and that one carrier may have a few different plan types they are able to place you with. This is well and good on the surface however there is much more going.

Each carrier has its own rules for underwriting and pricing. For example, one company may deny someone who has had a stroke and a separate company will accept this medical condition.

The same goes for price, depending on which company you use the price can drastically change.

This agent simply has one tool to try and finish the job.

Independent: This agent is allowed to represent as many carriers as they choose. Meaning if you work with a great agent they will have the right company for any medical condition that you have.

Another major factor is the price, this type of agent is able to couple your medical history with your budget and find the absolute best plan for you.

Independent agents have a toolbox full of companies that can help finish the job right.

Always choose to work with an independent agent, you have more options which will increase the ability of finding the ultimate plan for you.

4. Qualifying for coverage: What is the best way?

As mentioned, the quickest way to find the best plan tailored to your medical history is by working with an independent agent that has access to multiple carriers.

Prior to contacting an agent, it is in your interest to understand the different types of plans.

There are four 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 options depending on health history.

5. What is the oldest age that I can qualify for coverage?

The majority of carriers will award initial coverage until the age of either 80 or 85. However, there are a few carriers that will provide initial coverage until the age of 90.

Reminder: coverage never expires, this section is just about the initial coverage age.

 6. What is a waiting period?

A waiting period is a time restriction that a carrier places on higher risk cases. To combat this risk, it will place typically a two-year partial payout waiting period on the plan.

This means that if the insured dies before the waiting period is over the beneficiary will receive a partial payout instead of the full coverage amount.

If the policyholder lives past the two-year waiting period then the beneficiary will receive the entire payout amount.

7. Immediate coverage: How do I receive it?

The best way to secure immediate coverage is by working with an independent agent, as explained they will have more options to help you find the best plan.

8. Which carrier offers the best coverage?

This is determined by multiple factors including but not limited to your health, age, and gender.

Depending on these three items your best plan option will very drastically.

9. I hear three names to describe this product: What one is correct?

These three names are used by the different providers to market the product.

There is no difference between the three.

10. I need a quote: How do I get it?

The best way to receive a price is to use the quote machine that is on this page. It will show you a series of prices from different carriers, to know what company you qualify for contact Willamette Life at 844-576-0019.

6 Sensational Plans

#1 Mutual Of Omaha – Living Promise (Level)

This plan offers first-day coverage and great premium rates. Additionally, they offer benefits that can be added to the policy, including living benefits.

If you are healthy or have a mild medical condition like high blood pressure this plan is your best option.

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

#2 Foresters Financial – PlanRight (Preferred)

The Preferred Plan from Foresters Finacial is another wonderful option for the healthiest of individuals.

Offering day one coverage, low premiums, and additional benefits like dental, vision, and hearing discounts included with your policy, this is a great option.

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

#3 Royal Neighbors of America – SIWL (Level)

This Royal Neighbors plan is a respected product in the industry.

Awarding immediate coverage and affordable premiums, this is a great plan for anyone who has had past moderate health conditions.

This plan gets a thumbs up.

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

#4 Sentinel Security Life – New Vantage II (Graded)

New Vantage II is a plan meant for individuals who have had a complicated health history but do not need a Guaranteed Issue product.

This policy has lenient underwriting which comes with a two-year waiting period that has a favorable payout structure.

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 (depending on age)
• 2-year waiting period

Quotes

#5 Guarantee Trust Life – Heritage (Graded)

The Grade Plan from GTL is great for those who have had multiple health complications in the past.

Asking only five medical questions and a customer-friendly two-year waiting period, use this plan if needed.

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

#6 AIG (Guaranteed Issue)

The final plan on our list is a no questions asked guaranteed acceptance option.

This product is designed for individuals who otherwise would not qualify for coverage.

If this is your only option due to your health, use the AIG Guaranteed Issue plan.

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?

ONLY use this plan if you have one of the following medical complications.

• AIDS, ARC, HIV
• Bedridden
• On Hospice
• Confined to hospital, nursing home, mental care, or long term care facility
• Currently have or receiving treatment for invasive cancer
• Diagnosed with a terminal illness
• 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

If you do not have any of these conditions you will be able to qualify for a better plan.

Quotes

Final Thoughts

a. Wyoming Burial Insurance is a great and affordable option. There are many plans to choose from but if you are a relatively healthy person always try to get an immediate coverage product.

b. Work with an independent agent who has access to many plan types, this will give you the best chance to find the best policy for your medical history.