Planning together, insured separately
When a couple shops for final expense insurance, they often end up with two policies, one for each person. Each policy has its own face amount, its own premium and its own beneficiary. That lets you size each policy to what that person wants, rather than forcing one plan to fit both.
Each policy is a smaller whole life plan built for funeral costs and final bills. As with any final expense coverage, premiums are usually level and the policy doesn't expire as long as premiums are paid. For each spouse, face amounts often run from a few thousand dollars up to about $50,000, depending on the insurer, age and state.
Each of you answers your own health questions
Even if one spouse is doing the shopping, the person being insured must agree to the policy and usually takes part in the application by signing it and answering the health questions. The buyer also needs an insurable interest, which the agent can explain.
Because the questions are about each person, the results can differ. One spouse may qualify for a level benefit plan, where the full benefit is usually paid from the first day. The other may be offered a graded plan, with a reduced benefit for natural death in the first two or three years, or a guaranteed issue plan, which asks no health questions but usually pays a limited benefit for natural death in the first two years.
Talk to a licensed agent: (949) 807-3995
Choosing amounts for two
The National Funeral Directors Association's 2023 General Price List Study put the national median cost of a funeral with viewing and burial at $8,300, and with viewing and cremation at $6,280. Those figures leave out cemetery, plot, monument and marker costs. A couple may want different amounts if one prefers burial and the other cremation, or if one already has money set aside.
- Decide whether each of you wants burial or cremation.
- Check whether you already own cemetery plots.
- Name each other as beneficiary, and consider a grown child as a second choice.
- Pick premiums you can both keep paying for the long run.
Getting quotes for both of you
It helps to call together. The agent asks each of your ages, the amounts you'd like and the health questions for each person, then compares quotes from several insurers. The plan that suits one spouse may come from a different insurer than the plan that suits the other. You can apply by phone for one or both. The quote is free and there's no obligation.
For couples, working with an independent agency means you aren't limited to one company for both policies. Eterna's licensed agents help Indiana residents compare plans from several insurers, and each policy is issued by the insurer that spouse chooses. Plans, prices and availability vary by state, insurer, age and health.
Agents take calls every day, 9am to 9pm Eastern time for most of Indiana, or 8am to 8pm in the few northwest and southwest counties on Central time. To check an agent's license, you can use the Indiana Department of Insurance at https://www.in.gov/idoi/, which licenses agents, regulates insurers and takes consumer questions and complaints.
