Step one: decide what the policy should do
Final expense insurance is a smaller whole life policy meant for funeral costs and final bills. Before you look at quotes, think about what you want it to pay for. Some people plan for burial, some for cremation, and some want a cushion for other bills too.
The National Funeral Directors Association's 2023 General Price List Study gives a national guide: a median of $8,300 for a funeral with viewing and burial and $6,280 for one with viewing and cremation. Cemetery, plot, monument and marker costs are not included in those medians.
Step two: compare plans that fit your health
Your health answers decide which plans you can apply for. Many insurers ask about diagnosis dates, recent treatment, medications such as insulin, oxygen use, tobacco use and whether you need help with daily activities. A level benefit plan, with no medical exam and a short list of health questions, usually pays the full benefit from the first day if you qualify.
If the questions turn up something an insurer is wary of, you may be offered a graded or modified plan instead, which pays only part of the benefit for a natural-cause death during the first two or three years. When health questions would rule you out entirely, guaranteed issue accepts you within its eligible ages, though the benefit stays limited for the first two years if death is from natural causes. In both cases an accidental death is usually paid in full right away.
Talk to a licensed agent: (949) 807-3995
Step three: the call and the application
On the call, the agent asks what you want covered, your date of birth, tobacco use and the insurers' health questions. Quotes from several insurers are compared so you can choose the plan and face amount, and if you are ready, the agent takes the application by phone on the same call. You will name a beneficiary and set up how premiums are paid. The quote is free and there is no obligation to apply.
Face amounts often run from a few thousand dollars up to about $50,000, and premiums are usually level, so the amount you choose on the call is the amount you plan around for good.
Step four: the insurer's decision and your policy
After you apply, the insurer reviews your application, often checking prescription history and medical records, and decides whether to issue the policy. No agent can promise approval in advance. If the policy is issued, it comes from the insurer you chose, and coverage does not expire as long as premiums are paid.
- Read the policy papers when they arrive
- Check that your name, face amount and beneficiary are correct
- Ask the agent about the free-look period, since its length depends on the state
- Tell your beneficiary where the papers are kept
Help and calling hours in Wyoming
Wherever you live in Wyoming, the calling hours are the same: every day, 7am to 7pm Mountain time. Eterna's licensed agents use that time to help Wyoming residents compare plans from several insurers. Keep in mind that plans, prices and availability vary by state, insurer, age and health.
If you want to look up an agent's license or have a question about insurance, the Wyoming Department of Insurance is at https://doi.wyo.gov/.
