Louisiana residents can now obtain burial insurance in their home state. Burial insurance in Louisiana goes by many names. Some people refer to it as funeral insurance or end of life insurance. However, the proper name for burial insurance is “final expense insurance.”
Either way, burial insurance or final expense insurance is desired for what it can do. It helps cover burial or funeral expenses or final expenses in general. Other final expenses may include cremation services or any debts left by the deceased such as medical or credit card debts.
Nevertheless, burial insurance in Louisiana is available today. There are many companies that offer this coverage that is intended to cover the costs of your funeral. With that being said, let’s dive into how burial insurance works and what makes it so special compared to other forms of insurance.
How does Burial Insurance in Louisiana Work?
Burial insurance in Louisiana is actually called final expense life insurance. Final expense life insurance is a small whole life insurance policy. Final expense life insurance offers coverage amounts ranging from $2,500-$50,000.
These policies are typically bought for the purposes of paying off final expenses like burial and funeral costs.
Since these policies are small, coverage amounts usually go between $2,500 -$50,000.
The application process for burial insurance in Louisiana is very simple. All you have to do is answer a few health questions. That’s it! There is no medical exam or need for blood or saliva samples.
The reason these policies offer such an easy process is because they offer simplified issue underwriting.
Simplified issue underwriting may work in favor of an applicant looking to be approved with health conditions.
In addition, with simplified issue underwriting, final expense insurance policies in Louisiana can be issued in a matter of days as oppose to months.
However, although these policies offer simplified issue underwriting with no medical exam, there is a prescription background check that is done on the applicants. This helps ensure the accuracy of the health conditions provided by the applicant on their insurance application.
Now burial insurance in Louisiana or final expense insurance in Louisiana typically offers first day coverage. However, there are some policies that offer modified coverage.
For example, some policies only pay a death benefit if you die after the first two years of the policy being inforce. If you were to pass away anytime before that, you would typically receive a return of your premium.
These type of policies which offer modified coverage are generally best for folks who could not qualify for final expense insurance that offers first day coverage. This is often times due to the applicants health history.
Policies that offer modified coverage usually ask less invasive health questions on their application then your typical first day coverage burial insurance policy.
Speaking of less health questions, another type of coverage associated with burial insurance or final expense insurance is guaranteed issue coverage.
Guaranteed issue policies usually ask very little to no health questions. These policies are also geared towards individuals who could not qualify for burial insurance with first day coverage.
Just like modified coverage policies, these policies also have a waiting period and operate in the same fashion. Usually a death benefit is paid out only if you pass away two years after the policy has been inforce. Otherwise, your beneficiaries will only receive a return of your premium.
Now that we have discussed burial insurance in Louisiana and the various types of coverage associated with it, let’s move on to the type of health conditions that are accepted for coverage.
What Health Conditions Are Accepted For Burial Insurance in Louisiana?
Qualifying for burial insurance in Louisiana based on health is a major concern for many individuals. However, with so many coverage options available, there is a likelihood many folks qualify for coverage despite their health history.
With that being said, here are a list of health conditions in which you may have and still qualify for final expense insurance:
Cardiac Chest Pain
Basal Cell Skin Cancer
Black Lung Disease
Chronic Lung Disease
Chronic Obstructive Pulmonary Disease (COPD)
Chronic Respiratory Disorder
Drug Abuse/ Dependency
Peripheral Artery Disease
Peripheral Vascular Disease
Procedure For Brain Circulation
Transient Ischemic Attack
As you can see, this list is pretty extensive. That is great news for many folks looking for final expense insurance in Louisiana!
Now the leading causes of death in Louisiana according to the CDC are heart attacks, cancer, accidents, and strokes.
Now a burial insurance application may ask a question such as ” Have you had a stroke in the last five years?”
Notice the number of years asked in the question. An individual who had a stroke 6 or more years ago may be able to qualify for coverage!
These types of question in final expense insurance applications show that final expense or burial insurance can be favorable to folks with a not so perfect health history!
That being said, let’s talk about the best burial insurance in Louisiana.
Best Burial Insurance in Louisiana
Right from the start, I can tell you three of the best burial insurance options in Louisiana. They are:
- Mutual of Omaha
- Aetna CVS Health
- Guarantee Trust Life (GTL)
Whether you are buying burial insurance for yourself or burial insurance for your parents, these companies are great for a number of reasons.
First, all three companies have an “A -” rating or higher from AM Best as you can see in the table below:
|Final Expense Company
|AM Best Rating
|Mutual of Omaha
|“A+” (Superior) – AM Best
|Aetna CVS Health
|“A” (Excellent) – AM Best
|Guarantee Trust Life
|“A-” (Excellent) – AM Best
If you are not familiar with AM Best, AM Best assesses the creditworthiness of insurance companies.
When a company has an “A-” or higher rating from AM Best, it means these companies have a strong financial health and a strong likelihood to meet their financial obligations.
Therefore, Mutual of Omaha, Aetna CVS Health, and Guarantee Trust Life all demonstrate strong financial ability to pay claims and pay their beneficiaries.
Here’s another reason why I recommend these three companies for final expense insurance – their long history. All three companies have a long history in the insurance industry.
Aetna CVS Health has been providing insurance since 1853 while Mutual of Omaha has been providing insurance since 1909.
Guarantee Trust Life Insurance Company has offered insurance products since 1936.
Therefore, all of these company have a long history of selling insurance and paying claims. These are not fly-by-night companies where you hope they will be around when that time comes.
They all have a proven history and long-standing reputations in the insurance industry and marketplace.
All three companies also offer great final expense insurance in Louisiana.
Mutual of Omaha has a final expense product called “Living Promise” that is very popular to its great rates.
On the other hand, Aetna is known for its great rates as well and their willingness to consider certain health conditions.
Guarantee Trust Life has a modified coverage product called “Life Select.” This product offers both burial insurance coverage AND home care coverage in one policy! If in the event you become chronically ill and need home care, this Life Select can be used to pay for home care.
All in all, Mutual of Omaha, Aetna, and Guarantee Trust Life Insurance offers some of the best final expense insurance in Louisiana hands down!
Let’s move on to the average cost of a funeral in Louisiana followed by the cost of burial insurance in Louisiana.
Average Cost of A Funeral In Louisiana
Nevertheless, although the cost of living may be reasonable, funerals can still be expensive.
The average cost for a funeral in Louisiana is $7,234. Let’s say a 60 year old male and a 60 year old female wanted to use burial insurance to cover the cost of the funeral.
The cost for a burial insurance policy to cover the funeral expenses would be $33 a month for a 60 year old male and $25 a month for a 60 year old female.
Those are some really great rates, even if you are on a fixed income! This is why final expense insurance should be your go to choice when considering end of life expenses!
Now here comes the information many folks would like to know – the cost of burial insurance in Louisiana for different ages and coverage amounts.
Cost of Burial Insurance In Louisiana
In this section, you will find sample burial insurance rates for ages 50-70 and for coverage amounts of $5,000 – $25,000
Let’s see how much burial insurance in Louisiana may cost you:
Sample Burial Insurance Rates
As you can see, the cost of final expense insurance in Louisiana is quite affordable. This is a great option to cover the cost of end of life expenses for anyone on a fixed income.
So don’t wait, get yourself burial insurance coverage in Louisiana today!
Conclusion – Get Burial Insurance In Louisiana Today!
Get started and get yourself a burial insurance policy today! The process is very simple!
You can start by getting yourself a FREE personalized quote OR you can give me a direct call at (800) 498-3955.
I can help you get the right policy that meets your needs. I can also help you get some of the best rates available using my recommended companies.
So again, don’t delay get your burial insurance or final expense insurance policy now!