If you missed our 2025 Individual Health Insurance Open Enrollment webinar a video replay is available below.

Planning for the future involves preparing for unforeseen expenses, especially those related to end-of-life costs. Final expense life insurance is a specialized type of insurance designed to ease the financial burden on your loved ones. In this blog, we’ll delve into the details of final expense life insurance, including its purpose, costs, and how to choose the right policy.

Final Expense Life Insurance Overview

Unlike traditional life insurance policies that may offer broader coverage, final expense life insurance is a type of whole life insurance designed for older adults, and typically provides a guaranteed payout to help loved ones cover the costs of a funeral, burial, or cremation – which can average $10,000 or more. Coverage amounts can range from a few thousand dollars to $40,000. This insurance can also help pay off outstanding medical bills, settle debts, leave money to family members, or cover any other end-of-life expenses.

These policies are easy to qualify for, with no medical exam required. As long as you fall between 50 and 85 years old, you can often get approved for a policy within days.

How Much It Costs

Final expense life insurance premiums typically range from $30 to $100 per month. The exact amount depends on various factors, such as:

• Age: Older individuals generally face higher premiums due to increased health risks.
• Health Status: Those with existing health conditions may encounter higher premiums or limitations on coverage.
• Coverage Amount: Higher coverage amounts will naturally lead to higher premiums. Keep in mind, policies generally top out around $40,000.

When evaluating final expense life insurance, it’s important to weigh the cost against the benefits. Consider the monthly premium payments, but also the peace of mind and financial security it provides your family. For many, the reassurance that their loved ones will not be burdened with financial hardship during a difficult time makes final expense insurance a worthwhile investment.

Types of Plans

There are two types of final expense insurance:

• Simplified issue final expense insurance: This type is best for people in relatively good health who are looking for a way to cover end-of-life costs. The application includes a few health questions, but there is no medical exam requirement. Coverage amounts for simplified issue policies typically go up to $40,000.
• Guaranteed issue final expense insurance: This type is best for people whose age or health prevents them from buying other types of life insurance coverage. There are no health requirements at all with guaranteed issue policies, so anyone who meets the age requirements can typically qualify. Coverage amounts generally go up to $25,000.

How to Choose a Policy

It’s often advisable to purchase final expense life insurance earlier in life to lock in lower premiums. But if you’re starting this process late, many insurers offer policies for individuals up to age 85.

To determine a policy that’s right for you and your family, start by estimating the total costs you want to cover – including funeral expenses, medical bills, credit card debts, and any other costs a loved one may incur when you pass.

Once you have an idea of the coverage amount you’ll need, you can start comparing plans and carriers. Below are some of the factors you should take into consideration:

• Application Processes: Evaluate the application process for different policies. Some may require you to answer health questions, while others offer guaranteed issue options.
• Coverage Amounts: Make sure the carrier that you select offers the amount of coverage that you’re looking for.
• Premium Payment Options: Look into the payment options available from each carrier – such as monthly, quarterly, or annual premiums.
• Provider Reputation and Customer Service: Research the reputation and customer service of the providers you’re considering. Look for reviews and ratings to ensure you choose a reliable company.
• Options: Some final expense policies come with optional add-ons or riders that can enhance your coverage – such as a Living Benefit Rider (allows you to tap into your policy’s death benefit if you are diagnosed with a terminal illness), Inflation Protection (helps keep the coverage amount in line with rising costs over time), or Waiver of Premium (waives your premiums if you become disabled and are unable to work).

Evaluating these factors will help you determine which plan type aligns better with your needs and budget, balancing accessibility, cost, and coverage.

Conclusion

Final expense life insurance is a valuable tool for managing end-of-life costs and providing financial relief to your loved ones. It’s important to understand the coverage options, costs, and factors influencing premiums to make an informed decision. By assessing your needs, comparing plans, and choosing a reputable provider, you can secure peace of mind knowing that your family will be supported during a difficult time.

If you’re considering final expense life insurance, obtaining a quote is a great first step. Explore your options to find the best plan that fits your needs and budget.

Learn more about the Final Expense Life Insurance plans available to you.

Navigating the world of dental insurance can sometimes feel like deciphering a foreign language. With a myriad of terms and verbiage to understand, it’s no wonder many people find themselves confused when trying to make sense of their coverage.

By gaining a better understanding of key terms, you can empower yourself to make more informed decisions about your dental health and insurance coverage. In this blog, we’ll break down some of the most important terms you should know when it comes to dental insurance.

Key Terms Used in Dental Insurance

1. Premium: The amount you pay to your dental insurance company or third-party administrator, usually on a monthly or yearly basis.
2. Deductible: This is the amount you must pay out of pocket before your dental insurance kicks in. For example, if your deductible is $500, you’ll need to pay $500 for covered services before your insurance starts to cover any costs.
3. Covered Services: This refers to the specific treatments, procedures, and preventive care that are included in your insurance plan. These services are typically outlined in your policy and may vary depending on the type of plan you have. When you receive covered services, your insurance provider will pay a portion of the cost, as specified in your plan, while you may be responsible for copayments, coinsurance, or any amounts not covered by your plan.
4. Copay: A copayment, or copay, is a fixed amount you pay for a covered service, such as a dental visit or procedure. Copays can vary depending on the service provided.
5. Coinsurance: Coinsurance is the percentage of costs you share with your insurance company after you’ve met your deductible. For example, if your coinsurance is 20%, you’ll pay 20% of the covered expenses, and your insurance will cover the remaining 80%.
6. Annual Maximum: This is the maximum amount your insurance will pay for covered services within a plan year. Once you reach this limit, you’ll be responsible for paying any additional costs out of pocket.
7. Lifetime Maximum: Similar to the annual maximum, the lifetime maximum is the total amount your insurance will pay for covered services over the lifetime of your plan.
8. Coordination of Benefits: If you have more than one dental insurance plan, coordination of benefits determines which plan pays first and how much the secondary plan will cover.
9. Exclusions: These are services or treatments that your dental insurance plan does not cover. It’s important to review your plan’s exclusions carefully to understand what services you may need to pay for out of pocket.
10. Maximum Plan Allowance: This is the maximum amount your insurance will pay for a specific covered service. If your dentist charges more than the maximum plan allowance, you may be responsible for paying the difference.
11. Waiting Period: Some dental insurance plans have waiting periods before certain services are covered. It’s essential to understand any waiting periods associated with your plan to avoid unexpected costs.
12. Preauthorization: The process of getting approval from the dental insurance company before receiving certain dental treatments or procedures, often for more expensive or specialized treatments.
13. In-network: Dentists who have agreed to accept negotiated rates from the insurance company for covered services. Using in-network providers usually results in lower out-of-pocket costs for the insured individual.
14. Out-of-network: Dentists who have not agreed to accept negotiated rates from the insurance company. Using out-of-network providers may result in higher out-of-pocket costs for the insured individual.

Navigating Deductibles, Copayments, and Coinsurance in Dental Insurance Plans

Understanding how deductibles, copayments, and coinsurance work can help you manage your dental expenses more effectively. Here are some tips for navigating these aspects of dental insurance:

1. Understand how deductibles work. Take note of your plan’s deductible and plan your dental care accordingly. Consider scheduling routine check-ups and cleanings early in the year to help meet your deductible sooner.
2. Manage copayments and coinsurance for various services. Familiarize yourself with the copayment amounts for different services covered by your plan. Knowing what you’ll need to pay out of pocket for each service can help you budget accordingly.
3. Minimize out-of-pocket expenses. Take advantage of preventive services covered by your plan, such as routine cleanings and check-ups, to maintain good oral health and avoid costly treatments down the road. Additionally, consider using in-network providers as it will typically result in lower out-of-pocket costs.

Conclusion

Understanding dental insurance terminology is essential for making informed decisions about your coverage and managing your dental expenses effectively. By familiarizing yourself with key terms like deductibles, copayments, and coinsurance, you can navigate the complexities of dental insurance with confidence. Remember to review your plan’s coverage details carefully. Empower yourself with knowledge and take control of your dental health and insurance coverage today.

Visit the dental & vision insurance page to see current rates, review plan details, and enroll in minutes.

Long-term disability insurance (LTD) is a critical but often misunderstood aspect of financial planning. It provides a safety net in case you become unable to work due to a disability, ensuring that you can continue to meet your financial obligations and maintain your quality of life. In this blog, we will answer some of the top questions people have about long-term disability insurance, shedding light on its importance and how it can benefit you.

What’s the difference between short-term and long-term disability insurance?

Short-term disability insurance typically covers disabilities that last for a few months, providing benefits that kick in quickly to replace a portion of your income.

Long-term disability insurance is designed for more extended periods of disability, covering you for several years or even until retirement if necessary. Long-term disability insurance offers more comprehensive coverage, ensuring you have financial support over the long haul.

What’s the difference between long-term disability and long-term care insurance?

Long-term disability insurance replaces your income if you’re unable to work due to a disability.

Long-term care includes services that meet the medical and non-medical needs of people with disabilities, chronic illnesses, or cognitive disorders who can’t care for themselves. Long-term care insurance covers the cost associated with this type of care for an extended period of time, at home or in a long-term care facility.

Both types of insurance serve different purposes and should be considered separately in your financial plan.

Won’t social security and workers’ compensation cover my needs?

Social Security disability benefits and workers’ compensation can provide some financial support in the event of a disability, but they have limitations. Social Security disability benefits often have strict eligibility criteria and may not replace your full income. Workers’ compensation only covers disabilities resulting from work-related injuries or illnesses. Long-term disability insurance offers broader coverage by providing a benefit when you are unable to work due to a covered disability, regardless if the disability is work-related or not.

How much coverage will I need?

Factors to consider include your monthly expenses, existing savings, and any other sources of income. Calculating the appropriate coverage amount ensures you’ll have the financial support you need without overextending your budget.

Here are a few things to keep in mind when calculating coverage:

1. Assess Your Existing Financial Resources: Start with your income, and take into account any existing disability benefits you may have, such as employer-sponsored disability insurance, Social Security Disability Insurance (SSDI), or personal savings. These resources will reduce the amount of coverage you need.
2. Determine Your Monthly Expenses: Start by listing all your monthly expenses, including rent or mortgage, utilities, groceries, transportation, insurance premiums, and discretionary spending. Be as comprehensive as possible.
3. Consider the Benefit Period: Decide how long you want your disability insurance to provide benefits. Common benefit periods are 2 years, 5 years, or until age 65. Longer benefit periods typically require higher premiums.
4. Determine the Benefit Amount: Disability insurance typically replaces a percentage of your pre-disability income. This percentage can vary, but it’s often around 60-80% of your pre-disability earnings. Use this percentage to calculate the benefit amount.

Don’t forget to account for taxes. Remember that disability insurance benefits may be taxable depending on whether you pay the premiums with pre-tax or post-tax dollars. Adjust your calculations accordingly and be sure to consider how inflation can affect your expenses over time.

Everyone’s financial situation and insurance needs are unique, so it’s important to personalize your calculations based on your individual circumstances and preferences. You should also be aware of policy exclusions, as certain conditions may not be covered, and consider how these exclusions could affect your overall coverage. A professional insurance agent or broker can also help you navigate these exclusions.

Why do young people need long-term disability insurance?

Many young individuals underestimate the importance of long-term disability insurance. However, disabilities can strike at any age, and statistics show that disability incidence among younger demographics is more common than you might think. One in four of today’s 20-year-olds will become disabled before retirement age.

Enrolling in disability insurance early not only protects your future income but also typically results in lower premiums. Investing in your financial security while you’re young can provide peace of mind for years to come.

How does the application process work?

The application process for long-term disability insurance involves several steps. Once you’ve researched and chosen a policy, you or your insurance agent or broker will complete an application. Here is some information that may be required:

• Personal information such as name, date of birth, contact details.
• Employment information, including current occupation and employer.
• Income details, including gross annual income and any other income sources.
• Medical history, like current health status, present and past medical conditions, medications, surgical history, etc.
• Information about lifestyle, such as smoking and alcohol consumption.
• Financial information, like mortgage, rent and other debts.
• Additional documentation may be required.

It’s essential to be thorough and accurate in your application to avoid potential delays in the process. Once your application is submitted, the process can take two to six weeks, depending on the benefit amount selected and the complexity of your personal situation. Sometimes, the carrier may require you to get a medical examination or provide additional healthcare records so medical underwriting can be completed.

Once any documentation or requirements are met, the next step is review and approval or denial of your application, followed by a policy issuance if approved.

Conclusion

Long-term disability insurance is a critical component of financial planning, providing essential protection in the event of a disability. By obtaining LTD coverage, you can ensure that you’re prepared for the unexpected and can maintain financial stability in challenging times.

Visit the long-term disability insurance page to view instant quotes and apply online.