Indiana Burial Insurance: 8 Insightful 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.

Read Full Bio>>

Some of the products featured on this page may be from our partners who compensate us. This might influence which insurance products we review, write about, and the companies placement on the page. 

However, Policy has a core mission to demand transparency from the insurance industry, and we expect our readers to demand the same from us.

This is why we disclose the following:

How we Make Money>> 

Our Partners>>

Editorial Guidelines>> 

This state has so much to offer, from The Indiana Dunes National Park to The Hoosier National Forest.

The item not always thought about is the funeral cost associated with one’s death. Families can incur a massive unexpected financial burden if you’re not adequately prepared.

This is where a burial insurance policy for seniors can help!

8 Insightful Questions About Indiana Funeral Insurance

1. What is Indiana Burial Insurance?

Burial insurance is designed for seniors to make a simple and affordable monthly payment. In return, their family will receive the financial resources needed to celebrate their life once they pass away.

Funeral insurance is also known as burial and final expense insurance. This product is a type of whole life coverage, meaning your policy will come with three key benefits.

Coverage Lock: Your coverage will never decrease or expire. When you take out a policy, your family will be financially protected if you make the payment each month.

Price Lock: The price will never increase. This allows those on a fixed income to budget for expenses moving forward with no surprise rate hikes.

Builds Cash Value: A portion of each premium paid will go towards your cash value. This will allow you to borrow against the policy if you need financial assistance.

2. What Makes Indiana Final Expense Insurance Different From Other Whole Life Coverage?

Traditional whole life plans have larger death benefits and are meant to replace income. They also come with a significant monthly premium.

Indiana final expense insurance plans are designed to cover funeral expenses. These plans come with all the benefits of a traditional whole life policy but at a more affordable price.

3. What Can the Beneficiary Use the Payout for in Indiana?

There are no regulations on what the payout has to be used for. However, there is a list of common items that the financial distribution is spent on.

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

4. How Old Can I be and Still Receive Indiana Final Expense Insurance?

The majority of carriers will initially insure applicants until the age of 80. There are select companies that will provide burial insurance for seniors over 80.

Reminder: Coverage never expires. This section is only speaking about the initial age upon receiving your policy.

5. What Does a Waiting Period Mean for Indiana Burial Insurance?

A waiting period is a timeframe that the provider places on high-risk cases. If the insured were to pass away during this restricted coverage period, the beneficiary would receive a portion of the coverage amount. If the policyholder passes away after the waiting period, the beneficiary will receive the full coverage amount.

Waiting periods are typically two years, but each company determines this timeline.

6. How do I Get Immediate Coverage as an Indiana Resident?

Your best chance of receiving burial insurance with no waiting period is by speaking with an independent agent willing to learn your health history and then pair you with the best plan.

Specific health conditions will not permit you to receive immediate coverage. Speak with your agent to better understand what you can qualify for.

7. Can I Purchase A Plan for My Parent Who Lives in Indiana?

Yes, you can, although there are a few items to remember. The insured will need to sign their name and agree to coverage. Also, they will need to be in a healthy enough state of mind to understand what they are agreeing to. There also needs to be insurable interest for the contract to be valid.

8. How do I Get an Indiana Burial Insurance Quote?

The fastest way to receive final expense insurance quotes online is by using the price tool on this page, which will give pricing from multiple companies.

How Much Do Funerals Cost In Indiana?

Funeral prices can range over a wide variety of price points depending on where you live in the state.

The average burial service in Indiana is $8,242. The cremation average is $6,782.

Location Burial Cremation
Bloomington
$9,388
$7,835
Evansville
$8,485
$6,864
Fort Wayne
$8,809
$7,367
Gary
$6,891
$5,574
Indianapolis
$7,553
$6,057
Kokomo
$8,001
$6,527
Lafayette
$7,859
$6,519
Muncie
$7,600
$6,151
South Bend
$8,458
$7,078
Terre Haute
$9,379
$7,852
State Average
$8,242
$6,782

Not included in the price estimates:

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

Lifespan and Cause of Death in Indiana

The average age of death in the state is 77, this is slightly less than the national average lifespan of 78.8.

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

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

Final Thoughts About Indiana Burial Insurance

a. Indiana Funeral Insurance is both affordable and obtainable. You will receive all the benefits of a whole life insurance plan but at a more affordable price point.

b. Final expense insurance can be used for anything. There are no restrictions, giving the beneficiary more financial flexibility.

c. Work with a highly rated independent agent to find the best plan for your unique situation.