The four lines on every quote
A final expense quote can look simple, but each line tells you something important. When an agent reads you a quote, listen for four things: the face amount, the premium, the plan type, and the insurer that would issue the policy.
- Face amount: what your beneficiary receives, often a few thousand dollars up to about $50,000.
- Premium: what you pay, usually level for the life of the policy.
- Plan type: level benefit, or a graded or modified plan with reduced early benefits.
- Insurer: the company that issues the policy and pays the benefit.
Comparing quotes the fair way
To compare fairly, line up quotes with the same face amount. A smaller premium on a smaller face amount isn't a better deal, just less coverage. Then check the plan type. A level plan and a graded plan with similar premiums don't do the same thing in the first two or three years.
If a quote is for a guaranteed issue plan, it asks no health questions but usually pays a limited benefit for natural death in the first two years, often the premiums paid plus interest. Its premium is usually higher and its face amount smaller. That's worth knowing before you compare it to a plan with health questions.
Finally, remember that a quote is only as accurate as your answers. Many insurers check prescription history and medical records, so make sure your health answers and medication list are complete.
Talk to a licensed agent: (949) 807-3995
What a quote won't show
A quote doesn't show what the funeral will cost. For that, many people start with national figures. 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 medians don't include cemetery, plot, monument or marker costs.
A quote also leaves out the basics, so it helps to keep them in mind. Final expense insurance is a smaller whole life policy that doesn't expire as long as premiums are paid. Your beneficiary receives the benefit and decides how to use it.
Getting quotes from Maryland
On the call, the agent asks your age, the face amount you want and the health questions, then reads you quotes from several insurers. Ask the agent to give each one in the same order: face amount, premium, plan type and insurer. You can apply by phone if one stands out. The quote is free and there is no obligation.
Eterna is an independent insurance agency, so the quotes you hear come from several insurers, not one. Its licensed agents help Maryland residents line those quotes up and choose an insurer to issue the policy. Because plans, prices and availability vary by state, insurer, age and health, your quotes are specific to you. Calls are taken Monday to Friday, 9am to 9pm Eastern time.
The Maryland Insurance Administration, at https://insurance.maryland.gov/, licenses agents and regulates insurers. It is also where you can look up an agent's license or take a general question or complaint about insurance.
