Colorado Burial Insurance: 8 Insider Questions

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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In The Centennial State, life is lovely. Colorado has so much beauty, from The San Juan National Forest to Browns Park National Wildlife Refuge.

The expenses that come at the end of life are not always on the top of the mind of Coloradans. This is a significant financial predicament for family members attempting to process the loss of a loved one.

Fortunately, this is where senior burial insurance can help.

8 Insider Questions About Colorado Burial Insurance

1. What is Colorado Final Expense Insurance?

Colorado final expense insurance is designed for seniors to make an easy and affordable monthly payment, and in return, they will receive three guaranteed plan benefits.

Coverage Lock: The coverage amount will never decrease or expire. This will give the beneficiary peace of mind knowing the financial payout will be there when needed.

Price Lock: The price will never rise. Seniors on a fixed income can be assured they can afford this plan well into the future.

Builds Cash Value: A portion of every payment will go towards the cash value. Over time this will allow the policy owner to borrow against the plan if needed.

2. What Can the Beneficiary Use the Payout For?

No rules or regulations say what the beneficiary must use the payout for. However, there are typical items purchased by beneficiaries utilizing this money.

  • Funeral
  • Cremation
  • Memorial/Celebration of Life
  • Credit Cards
  • Charity Donations
  • Leaving an Inheritance
  • Medical Bills
  • Legal Expenses
  • Remaining Balance on a Mortgage
  • Remaining Car Loan Balances
  • Post-Mortem Expenses
  • Other Final Expenses

3. How Old Can I be and Still Get Coverage?

Burial insurance for seniors over 60, 70, and 80 can all be acquired. The typical cut-off age for initial coverage is 80 – 85. However, select companies will award initial coverage until 90 years old.

4. How is the Price Determined For Colorado Funeral Insurance?

There are four key factors when determining the price.

Heath: Your health will significantly affect the monthly premium price. Each carrier has a different risk tolerance, so finding which company will accept your medical condition will save you money and give you a better plan.

Age: Your initial age when you receive coverage will be the price paid moving forward. The younger you are when you receive initial coverage, the lower the price point will be.

Gender: Males and females pay different prices for coverage. Females, on average, live longer than males, which makes women lower risk to insure. Lower risk to insure means cheaper premiums.

Policy Amount: The more coverage you take out, the more your monthly premiums will be.

 5. What is a Waiting Period?

Waiting periods are time restrictions that a carrier places on higher-risk cases before the person is fully insured. This restriction period typically lasts two years from when the policy was taken out.

If the insured passes away before the waiting period ends, the beneficiary will receive a portion of the coverage amount. The beneficiary will be awarded the entire coverage amount if the insured dies after the waiting period.

6. How Do I Receive Immediate Coverage?

Each carrier has different health concerns that they will provide day-one coverage. The best way to find which insurance provider is right for you is by working with a highly rated independent agent who has access to multiple companies.

Not every person will be approved for immediate coverage. Due to their health, seniors who do not qualify for immediate coverage will have to get modified burial insurance or a guaranteed issue plan.

7. Can I Purchase Colorado Final Expense Insurance for My Parent?

You can purchase Colorado funeral insurance for parents. However, there are a few rules that need to be followed. The applicant receiving the coverage will need to sign their name and be a willing participant. They will also need to be in a healthy state of mind to understand what they are signing.

You are unable to buy coverage on someone else without their permission.

8. How do I receive a Colorado Funeral Insurance Quote?

The simplest way to receive a quote is by using the online quote tool on this page. Once you enter your information and click “Get Quotes Now,” prices will display.

What Is The Average Funeral Cost In Colorado?

Burial and cremation costs can range over a wide variety of price points depending on where you live in the state of Colorado. The average burial service in CO is $7,398 and $5,974  for cremation service.

Location Burial Cremation
Boulder
$8,121
$6,583
Castle Rock
$8,825
$7,155
Colorado Springs
$6,836
$5,559
Denver
$7,402
$6,060
Fort Collins
$7,850
$6,295
Grand Junction
$6,992
$5,495
Greeley
$7,933
$6,296
Idaho Springs
$6,225
$5,050
Pueblo
$7,451
$6,081
Rifle
$6,340
$5,070
State Average
$7,398
$5,974

Not included in the price estimates:

  • Cost of Headstone, Monument, or Marker
  • Cemetery Property, Plot of Land, Columbarium, etc.

Lifespan Statistics in CO

The average age upon death in the state is 80, which is well above the national average of 78.8.

Listed below are the top 10 leading causes of death in Colorado, according to the CDC.

  1. Cancer
  2. Heart Disease
  3. Covid-19
  4. Accidents
  5. Chronic Lower Respiratory Disease
  6. Stroke
  7. Alzheimer’s Disease
  8. Suicide
  9. Diabetes
  10. Chronic Liver Disease/Cirrhosis

No one knows when their health will start to fail, making it even more critical for seniors to be proactive in creating a financial plan for their funeral. Burial insurance will allow loved ones to celebrate your life and mourn, not be burdened with financial obligations.

Final Thoughts About Colorado Final Expense Insurance

a. Colorado burial insurance is a simple and affordable way to leave family members money that can cover funeral costs and other expenses left behind.

b. Every policy comes with a price-lock, coverage lock and builds a cash value, giving you certainty when preparing for end-of-life costs.

c. Work with a specialized insurance agent to find the best policies at the lowest possible cost.