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Final Expense
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Most people get final expense insurance to cover funeral and burial costs, medical bills, other end-of-life expenses, credit card debt. You can also choose to add protection to cover terminal illness and take advance payments for treatment or medical bills. 

Funeral expenses are getting higher and higher each year. In 1960, the average cost of a funeral without a vault was just over $700. In 1985, that number rose to $2,737, and in 2014, the average cost was more than $8,508. And the costs only continue to rise!

The cheapest final expense insurance and funeral plans in Oregon are as low as one dollar a day. Yes, that’s right. With a little long-term planning, you can ensure your final expense insurance will help your family exactly the way you want it to when you pass away.

Term Life

This is the cheapest final expense insurance option. It is a temporary coverage limited to a certain number of years (the term). Depending on your current age and other life factors, you may purchase a 10, 15, 20, 25, or 30-year term.

Whole Life

This is permanent coverage, and includes a death benefit plus an investment. Some of the premium you pay every month goes to build cash value. It is also usually the most expensive form of coverage because most policies do not require a medical exam for approval.

Guaranteed Universal Life (GUL)

This policy is often referred to as a hybrid between term and whole life. Rates are a little more expensive than term life, but less expensive than whole life, and instead of selecting coverage for a limited number of years, you get to choose up until a certain age, such as 90, 95, 100, 105, 110, or 120.

Facts:

  • Expected lifespan: 78.89
  • Average household income: $58,164
  • Typical cost of a UT funeral and burial: Between $10,000 and $12,000
  • Typical cost of a UT cremation package: From about $1,000 to over $2,000
  • Salt Lake City population: 186,440
  • West Valley City population: 129,480
  • Provo population: 112,488
  • West Jordan population: 103,712
  • Sandy Hills population: 89,575

How Much Does Funeral Insurance in Cost?

Premiums depend upon health, age, and the amount of coverage. Of course, different burial insurance companies have different rate charts. To give you an idea, consider a list of sample burial insurance rates for a 59-year-old woman who smokes:

  • $5,000: $22,65
  • $10,000: $43.08
  • $15,000: $63.51

Who Qualifies for Final Expense Insurance?

You can find a burial insurance policy in for almost everybody, but choosing the right plan might save money and get you better benefits. For example, you can buy guaranteed acceptance life insurance plans that accept any qualified person from about age 50 to over 80. However, these plans impose a waiting period, and the insured person must survive it in order to qualify for full benefits. If the insured person dies before this waiting period ends, the plan may only return premiums or pay some percentage of the face value. In some cases, it might be better to answer a few health questions and try to qualify for cheaper rates and immediate benefits.

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Brady Insurance Marketing is a website owned and operated by Insurance Marketplace Agency, Inc., a licensed health insurance agency doing business as Brady Insurance Marketing. The purpose of this site is the solicitation of insurance. Contact may be made by an insurance agent/producer or insurance company. Brady Insurance Marketing and our licensed agents are not connected with or endorsed by the U.S. government or the federal Medicare program. We offer plans from a number of insurance companies. For a complete listing please contact 1-800-MEDICARE (TTY users should call (877)486-2048), 24 hours a day/7 days a week or go to: medicare.gov