New Jersey Burial Insurance: 10 Proven 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 Garden State, New Jerseyans are fortunate with the beauty that their state has to offer. There is much to see and explore, from the fun of Atlantic City and the Boardwalk down to Cape May and back up to High Point State Park.

However, most people do not think about who will pay for their final arrangements once they are gone. This can be a high cost for family members when grieving.

Fortunately, this is where burial insurance for seniors can help.

10 Proven Questions About New Jersey Final Expense Insurance

1. What is New Jersey Funeral Insurance?

Final expense insurance is a type of life coverage with three main features. This coverage is also referred to as burial and funeral insurance.

Coverage Never Decreases: Your coverage amount will never go down, giving your beneficiary the total payout amount they are entitled to.

Price Never Increases: This is important for seniors on a fixed income. You will be assured of having the same price after 30 years of the policy as year 1.

Builds Cash Value: A portion of every payment goes into the cash value, allowing you to borrow against the policy if you need funds to pay for something urgent.

2. What Can the Burial Insurance Payout be Used for in New Jersey?

There are no specific rules or guidelines on how the beneficiary needs to spend the money. However, here is a list of the items for which this tax-free payment is typically used.

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

3. What is the Oldest Age Someone can Receive Final Expense Coverage in New Jersey?

The standard age that insurance companies will provide initial coverage is 80 or 85 years old. Although some carriers will only offer initial coverage up to 75, some will provide coverage until 90.

4. What Does a Waiting Period Mean in New Jersey Burial Insurance?

A waiting period is a carrier’s restriction on high-risk policyholders before paying out the coverage amount. If the insured were to pass away before the waiting period ends, the beneficiary would receive a predetermined partial payout.

The waiting period for New Jersey funeral insurance is typically two years from the policy issue date and is stated during the application process.

5. How Does Someone Qualify for First-Day Coverage in New Jersey?

The best way to find funeral insurance with no waiting period is to speak with an independent agent representing multiple carriers. Working with someone with a wide range of coverage options gives you the choices when finding coverage.

6. Is New Jersey Final Expense Insurance Worth the Price?

Burial insurance is designed for seniors to make an easy and affordable monthly payment. In return, they are provided with peace of mind knowing that the policy will cover their end-of-life expenses after they pass.

7. Can I Purchase a Policy for a Family Member Who Lives in New Jersey?

Yes, you can purchase a burial insurance plan for parents, grandparents, or other loved ones with an insurable interest. However, there are a few things to note.

Your family member must be involved in the application process by signing their name and being mentally healthy enough to understand the life insurance contract.

8. How Can I Qualify for New Jersey Burial Insurance?

The simplest way to qualify is to contact an independent agency. Avoid direct mail promotions from AARP, Colonial Penn, or other big brand name insurance companies. This is typically the worst way to purchase life insurance due to higher costs and unfavorable plan structure.

Also, stay away from”state-regulated life insurance programs.” This is a way for insurance agents to cleverly get your contact information, commonly leading to agents calling your phone or showing up on your doorstep.

9. What Is The Best Burial Insurance For New Jerseyans?

There are several top funeral insurance companies, each with different underwriting standards. Since the underwriting standards for health vary, your best company will heavily depend on your pre-existing conditions. Work with an insurance expert with access to multiple highly-rated carriers to get the best policy to meet your needs.

10. How do I Get a Quote for New Jersey Funeral Insurance?

The fastest way to receive a quote is by using our quote tool on this page.

What Is The Average Cost For A Funeral In New Jersey?

Funeral costs range over various price points and depend on many factors, including geographical location and service type.

The average traditional burial service in New Jersey is $8,009.

The average traditional cremation service in NJ is $6,448.

Location Burial Cremation
Asbury Park
$7,670
$5,750
Atlantic City
$7,630
$6,128
Cape May
$7,460
$6,090
Cherry Hill
$8,133
$6,652
Edison
$8,556
$6,833
Newark
$7,923
$6,237
Sussex
$8,040
$6,842
Toms River
$8,847
$7,196
Trenton
$7,693
$6,144
Vineland
$8,142
$6,612
State Average
$8,009
$6,448

Not included in the price estimates:

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

New Jerseyan’s Lifespan Statistics

The average age at death in the state is 80.1, which is longer than the national average life span of 78.8.

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

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

Final Thoughts About New Jersey Burial Insurance

a. New Jersey final expense insurance offers whole life benefits, including coverage is locked in, the monthly premium does not increase, and a cash value will build.

b. To qualify for day one coverage, you must answer a series of medical questions. If you do not medically qualify, your plan will likely have a two-year waiting period.

b. Always speak with an independent agent who can check and compare multiple companies’ prices against each other. Let your agent do the shopping for you.