Burial insurance in Tennessee is the best option to protect a loved one from the burden of your funeral expenses. We are going to cover exactly what these plans are, how they work, average costs, available life insurance companies and everything you need to know.
Table of contents
- Understanding Final Expense Insurance in Tennessee
- Burial Insurance Tennessee Costs Ages 19 – 91
- Best Life Insurance Companies in Tennessee for Funeral Policy
- Average Funeral Costs in Tennessee According to NFDA
- Leading Causes of Death in Tennessee According to CDC
- Burial Insurance in Tennessee Free Look Period
- Burial Insurance in Tennessee Specific Cities
- Final Expense Life Insurance Policy Underwriting
- Funeral Rule
- Understanding Burials In TN
- Buy The Best Burial Insurance Policy With Us
- Funeral Insurance Provides Peace of Mind
Understanding Final Expense Insurance in Tennessee
Now final expense insurance(burial, funeral, cremation insurance etc.) is a small whole life insurance policy with coverage amounts between $1,000 – $50,000 that is permanent. The things you should know are the two types of life insurance for final expense are simplified issue whole life and guaranteed issue whole life.
Both types of final expense insurance have level premiums(premiums never increase) and level death benefits(death benefit never decreases).
They do not require a medical exam to be approved for coverage. You simply answer health questions for a simplified issue plan to avoid a waiting period for death benefits. Now a guaranteed issue burial insurance does not have health questions. This is why there is an automatic two year waiting period for it.
Keep in mind there is no such thing as guaranteed issue burial insurance with no waiting periods.
Funeral insurance is designed to cover funeral, burial or cremation, casket, urn and any other end of life expenses. This will protect your family from any kind of financial burden of covering these expenses on the back end. The funds from the insurance can help pay the funeral home in a timely manner.
This will provide peace of mind to your family because it will ensure your loved ones are not financially burden with those expenses.
In addition to this the policy will build cash value in addition to its payout benefits. This is a small savings that builds in your policy that you can borrow against over time while you are alive. The benefit paid to your beneficiary is 100% tax free and any other money left over is theirs to keep for whatever they want.
Burial Insurance Tennessee Costs Ages 19 – 91
Now the average cost for funeral insurance for seniors will be between $50 – $100 monthly. Average funeral insurance for young adults will typically costs between $20 – $50 monthly. In addition to this your age, health and life style are what is ultimately going to determine your exact rate and rate class. If you want to find the best life insurance for your funeral costs it is not always about price.
Some companies that are more expensive than others can approve you for no waiting periods depending on your health conditions. Other companies that are cheaper may deny you life insurance based on your health compared to the companies that are slightly more expensive.
Below is a table outlining the average premium rates for young adults all the way up to seniors over 90.
|Age||$10,000 Male Non Smoker Sample Quotes||$10,000 Male Smoker Sample Quotes||$10,000 Female Non Smoker Sample Quotes||$10,000 Female Smoker Sample Quotes|
Best Life Insurance Companies in Tennessee for Funeral Policy
If you want to get the best coverage to protect a loved one from your funeral here is some carrier information. The best funeral insurance companies for seniors in Tennessee are as follows:
Mutual of Omaha
Mutual of Omaha’s Living Promise life insurance product is one of the most affordable policies on the market. Now that being said they are also much more strict on their underwriting due to the fact that premiums are so low. So if you have some pre-existing health conditions you may want to consider a different company.
Now they are ideal for providing life insurance for seniors over 80 which a lot of other companies don’t do.
Prosperty’s new vista life insurance for final expenses is exceptionally liberal in their underwriting. They are especially friendly towards applicants with certain heart conditions.
Transamerica funeral coverage has no height or weight requirements which makes them ideal for obese applicants. If you are simply overweight with no other health complications this is a great company to apply with.
American Amicable funeral coverage is especially ideal for tobacco users. They offer the lowest tobacco rates to smokers compared to any other company.
Aetna CVS funeral coverage is one of the few companies that will offer funeral coverage to seniors over 85. Most companies will not go above this age limit due to the fact that older applicants are usually higher risk. Aetna is perfect for this particular niche as long as you are healthy and over 85 this would be your go to company.
Royal Neighbors of America
Royal Neighbors burial policy for seniors also has no height or weight charts. This means getting life insurance for obese applicants is much easier with them. In addition to this they are friendly towards mini stroke(TIA) and diabetic neuropathy depending on history and further complications.
Guarantee Trust Life
Now Guarantee Trust Life burial policy has only 5 health questions on their application. This is the perfect type of insurance policy in Tennessee for applicants with extreme health conditions. Their health questions are only for very severe health issue’s most applicants may not have.
Geber life’s funeral policy has no health questions or medical underwriting. It is a guaranteed issue policy with a 2 year waiting period. It is the most affordable guaranteed issue policy on the market.
AIG American General
American General life insurance for funeral coverage is a guaranteed issue policy. This means there are no health questions and a 2 year waiting period. Now AIG is unique because it offers living benefits in the policy.
Average Funeral Costs in Tennessee According to NFDA
The statistics from the National Funeral Directors Association state that a traditional funeral or cremation is $10,000 and $7,000 for the cremation. A traditional funeral would include the burial plot and memorial services. Now the cheapest burial plan will be either direct burial or direct cremation.
A traditional burial in Tennessee is going to run at $7,271 with a traditional cremation running at $6,314. According to Funeralocity a Direct Cremation is $1,933.
Leading Causes of Death in Tennessee According to CDC
According to cdc.gov’s top 10 causes of death in TN are listed as follows:
- Heart Disease
- Chronic Lower Respiratory Disease
- Kidney Disease
Burial Insurance in Tennessee Free Look Period
The title 56 code for insurance in Tennessee requires a 10 day free look period for any life insurance contract. The free look period allows you time to look over your policy and cancel it for a full refund of any money paid for your premium.
So if you buy a policy and realize you cannot afford it there are no strings attached.
Burial Insurance in Tennessee Specific Cities
Burial Insurance in Knoxville TN
Now burial Insurance in Knoxville TN is going to have all the same companies and features as what we stated here. Companies that offer life policies for burial operate by state so if a company providing a burial policy for seniors is available in the state it is definitely available in a specific city within that state.
Final Expense Life Insurance Policy Underwriting
The way burial policy underwriting works is there are no medical exams required. You simply answer health questions on the life insurance application which is a good thing because if you pass you will not have a waiting period. The life insurance company will then check your health history via the Medical Information Bureau and your prescription history.
If everything checks out you are approved for coverage. Now if everything does not check out and you are working with a life insurance expert from us they will recommend a different company or guaranteed issue plan. Now not having medical exams is what makes getting a burial life policy better than getting life insurance.
If you want a higher amount of coverage and feel you are in optimal health getting life insurance may be better than getting a burial life plan. It comes down to your individual needs.
The FTC funeral rule states the following:
- Funeral home to provide pricing over the phone when requested
- Funeral home must provide their general pricing list in person
- Statement of charges & estimates must be provided before the signing of any contract
- Pre-need funeral plans excluded for funeral due to the language in the individual contract
Understanding Burials In TN
Tennessee does have things required by Tennessee law your family will have to follow when you die. The cemetery or funeral home are the ones that will typically set these rules.
Cremation an Alternative To Burial
A cremation is a much cheaper alternative when it comes to your loved ones celebration of life. It is the process of burning the body and place the ashes into an urn or other container that is given to your family. That is why you will hear those terms like cremation insurance program which means it is just a smaller whole life policy to pay those costs.
This process is done through a licensed crematory with the county medical examiner being made aware of it. Those are the typical channels they go through.
Embalming is Required Due to Timeline or Transportation
The funeral director may require embalming of the body depending on the timeline of the funeral or transporting the body. Now this is due to the fact that most funeral homes do not have a cold storage for bodies. This means embalming would be required if a funeral service is on hold for a long time. Bodies decompose quickly which is why this form of preservation is needed.
In addition to this if transporting the body is going to take an extended period of time it will need to be embalmed. Now some funeral homes may have cold storage in which case they can present options for you pertaining to direct burial or refrigeration. Keep in mind that no embalming can be done without your permission.
The Family or Funeral Director is Responsible for the Death Certificate
A death certificate is required before a funeral or cremation service can be done. It can be obtained by either the family of the deceased person or funeral director from the Health Department Vital Records Division in your specific county. The certificate is issued by the vital records to your family.
Final Remains are Your Preference
If you want to bury your loved one on private land or in a cemetery you are legally allowed to do that. The same goes for scattering cremated ashes on private property if you elect to do that.
Specific Restrictions for a Home Funeral in TN
The only way to know of any specific restrictions pertain to a home funeral in TN would be to speak with your local zoning commission.
Churches Offer Cemeteries
Many Churches offer cemetery’s on their property which is a very common thing in the USA. If you are looking for a good place to be buried a local Church is your best place to start.
Buy The Best Burial Insurance Policy With Us
If you want to know how to buy burial insurance in Tennessee the process is simple. Fill out our quote form on this page then get in contact with one of our agents. They will take you through the steps we are going to list below via our table.
|Steps to Apply||Description|
|1. Speak with a Licensed Insurance Agent or Agency||In order to buy burial insurance you must speak with a licensed life insurance agent that sells the product. You cannot apply for majority of burial insurance products on your own.|
|2. Answer Health Questions & Provide Your Prescriptions||You must answer the health questions on the burial insurance application & provide your medications. The Life Insurance company will look at the Medical Information Bureau Health Report and run a Script Check on you using your Social Security Number provided on the application. This allows them to asses your risk and determine if they will approve you.|
|3. Provide the Name of your Doctor||The life insurance company will want to know the name of your doctor. In most cases they will never contact your doctor however, in some rare cases they can depending on what is found in the MIB reports.|
|4. Electronically Sign your Life Insurance Application||When applying for burial insurance online you will sign for your application using an electronic signature. Depending on the company you apply it will be a voice signature, e-mail signature or Text message signature.|
|Instant Decision of Approval or Denial||Burial insurance does not require a medical exam which means when you submit your application to the life insurance company it is the last step. Depending on which company you applied with you will receive an instant decision on your application. Some companies or situations may take a few days for a decision.|
Funeral Insurance Provides Peace of Mind
Remember these policies offer relieving stress and giving you peace knowing that when you or your loved one die there will be money there to pay that funeral bill. You or your family will not be scrambling to take out any kind of loans to make sure the funeral is covered.
Term life insurance may be cheaper than whole life for your end of life expenses however it is temporary. If you or oyur family outlive the term it will not be there when that inevitable day comes.
This will allow you or your family to focus on what matters most which is grieving the loss they have suffered.