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Top 10 Highest Ranked Burial Insurance Plans in 2019

Burial insurance plans have benefits which are similar to traditional life insurance policies, but also have some notable differences as well. Seniors often worry about expenses that will be passed onto their loved ones when they pass away – which is why many seniors look into insurance plans to cover fees when it’s their time to go. Life insurance coverage for seniors will at times not meet their needs or budgets, but burial insurance can often fit better and at lower premiums. 

 

Cost-effective burial insurance options for seniors is readily available from many providers, it just comes down to what factors matter the most and what needs have to be properly addressed. Every provider offers information about their burial insurance plans, and it’s then up to potential customers to determine which provider and plan make the most sense to invest in. Before any burial insurance paperwork is signed, the fine print needs to be thoroughly understood before pen is put to paper. Questions should be asked when clarification is needed, and sales agents are usually pretty good about providing legitimate answers. 

 

Whether you as a senior or a loved one is conducting research on your behalf regarding burial insurance – we have compiled a quality list of top providers to learn about here, and then research further via their websites and marketing materials for a deeper set of information.

  • Foresters – Foresters offers burial insurance plans that are affordable for individuals aged 50 to 85.

 

  • Royal Neighbors – Eight women founded Royal Neighbors of America in the late 1800s, and to this day it remains a strong female-owned and managed company. They offer affordable burial insurance and other products that appeal to seniors. 

  • AIG – American International Group (AIG) provides seniors with burial insurance plan options with its Guaranteed Issue Life Insurance plan – featuring coverage for final expenses with no health questions or medical exam required.

 

  • Transamerica – Have been serving customers for more than 100 years – Transamerica offers three burial plan options for seniors.

 

  • United Home Life – United Home Life provides simplistic life insurance, including for seniors that purchase a Guaranteed Issue Final Expense Whole Life Insurance plan.

 

  • Gerber – Gerber offers the Guaranteed Acceptance Life Insurance plan for seniors that want burial insurance to cover their final expenses.

  • Mutual of Omaha – Mutual of Omaha offers burial insurance plans of up to $25,000 for seniors who are looking for coverage of their final expenses.

 

  • Americo – Americo offers final expense coverage with no medical exams needed, and this is all backed up by more than 100 years of serving customers. 

 

  • State Farm – State Farm started their journey in 1922 and sells roughly 100 different products today, including Final Expense insurance policies.

 

  • Nationwide – Nationwide offers burial insurance coverage for final expenses with policy face values of up to $100,000.

How We Selected Our Top 10 Burial Insurance Providers List

So you have created a budget for burial insurance, and now you need to determine which provider and plan make the most sense for you at this time. Our top 10 provider list was designed for seniors by having our experts doing the heavy lifting research. Some factors we took into account were company history, policyholder benefits, plans and pricing, features offered, member discounts, and other impactful criteria. Planning for end-of-life has never been easier thanks to burial insurance provider’s efforts and their distinct plans that they offer. 

 

14 Providers Examined

4 Experts Consulted

10 Providers Selected

 

17 Hours of Research Conducted

1. Foresters

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

With more than 130 years of business experience in the financial industry, Foresters certainly has a long history of success to draw upon. They offer an affordable option for burial insurance through its Plan Right Whole Life Insurance. To qualify to buy burial insurance – individuals must fit within the 50 to 85 age bracket, and no medical exam is required. 

 

Plan Right options come in the form of three different plans, we briefly break them down below. 

 

  1. Modified Plan – Offer a death benefit to named beneficiaries which includes a return of premiums, and 10% of interest is provided if the policyholder passes away within the first two years of the plan being purchased. 100% of the face value is given beginning in year three of the plan. 

  2. Graded Plan – Year one provides 30% of benefits, 70% of the face value in year two, and full value for year three and beyond. 

  3. Level Plan – 100% of the face value’s death benefit of the policy is always paid out. 

Pros
  • The company has a rich, long history, and strong financial strength

  • Provides lifetime coverage up to age 121

  • Features guaranteed level and fixed premiums

  • Plan Right Policy includes a Common Carrier Accidental Death Rider, paying an additional death benefit if the policyholder’s death takes place as a paid customer while traveling on a plane, train, bus, or another public mode of transportation 

Cons
  • No pricing information is available on their website, they require seniors to contact them directly for price options 

  • Information on their website is limited – forcing potential customers to contact them for more detailed information 

  • Questions must be answered to determine which plan options are available for each applicant

  • Not every state has all three plans available

Pricing

Plan Right policy options vary in their features, as do premiums associated with the face value of each policy.

 

The site does not provide information about the pricing of the Plan Right burial insurance policies, but we do know that they range from $2,000 to $35,000.

The Bottom Line

Foresters offer seniors the opportunity to have their final expenses covered – easing the burden of the affected families – all through affordable burial insurance plans.

 

The deep financial strength of the company and great depth of experience serving customers are positive elements when looking at this company for burial insurance options.

 

2. Royal Neighbors of America

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

Royal Neighbors of America’s claim to fame is that they were one of the early companies to offer insurance products that were targeted towards women and children. The company has been around since the late 1880s and was founded by eight women entrepreneurs. Their product line is well put together and has an offering aimed at individuals in the 50 to 85 age range named the Simplified Issue Whole Life Plan. 

 

This service plan covers final expenses for the policyholder, the coverage never expires and the benefits don’t decrease over time. A fixed premium is paid by policyholders for the entire duration of the policy. 

Pros
  • Have a strong financial standing

  • Maintain an A+ rating from the Better Business Bureau

  • Have been successfully operating for over 120 years

  • Premiums never increase, and benefits don’t decrease

  • Offers member discounts for dental, vision, and retail stores 

Cons
  • No medical exam required, but certain medical conditions can disqualify an applicant from being approved for a policy

  • Have interactive website tools and a calculator to play around with but these elements aren’t overly helpful 

  • Doesn’t provide pricing details or exact policy face value information on their website

  • Their website claims to have lots of resources available, but the navigation and experience is not user-friendly and can be frustrating when trying to conduct preliminary research 

Pricing

Policy pricing varies from policy to policy for the Simplified Issue Whole Life Plan, and face value starts at $5,000 and goes as high as $25,000. 

The Bottom Line

Royal Neighbors of America has a strong financial position, the Better Business Bureau love what they bring to the table for customers, and they are focused on well serving their members and communities. 

 

Their website is unfortunately not very helpful or useful when conducting research, so you will have to give them a call to get the information and pricing numbers you need to see if what they offer makes sense for you. 

 

3. AIG

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

AIG life insurance for seniors includes these various categories:

  • Term life

  • Whole life

  • Universal life

  • Variable universal life

  • Quality of life

Term life insurance from AIG is available with 18 term lengths:

  • 10 years

  • Any number of years from 15 to 30

  • 35 years

All term life insurance from AIG is convertible to permanent coverage at any time during the term, with the maximum coverage being available – set at $2 million.

 

The basic term plan is named Select-a-Term life insurance, but a more complete plan named Qol Flex Term adds on the option for early payout in case critical illness occurs.

 

Looking at whole life insurance – AIG guarantees $5,000 to $25,000 plans for individuals who are in the age range of 50 to 85. For permanent coverage, they have universal, variable universal, and index universal plans.

 

Customer service is an ongoing concern with AIG as they get lots of complaints both publicly and privately. They stated in 2017 that they would look to improve customer service and their software to make things more favorable for their members. 

Pros
  • Good variety of plans to choose from

  • Term life is convertible to whole-life

  • Guaranteed whole-life acceptance for individuals up to age 85

  • An accelerated death benefit

  • Have a strong A+ credit rating

Cons
  • AIG vows to improve customer service, but it’s still poor for the most part 

Pricing

Typical AIG life insurance rates are posted on the company website, but for 40-year-olds only, so it’s disappointing for seniors. You can receive a customized quote online, or you may be best served by calling AIG directly. 

The Bottom Line

AIG has a wide range of life insurance products for seniors who can be based anywhere in the world. Up to age 85, they guarantee one version of whole-life coverage without an exam, though the maximum is just $25,000. Other AIG life insurance policies that require answers to health questions have $2 million limits. Customer service is reportedly improving over time, but don’t expect a perfect experience if you need some assistance. 

 

4. Transamerica

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

Transamerica originated from humble beginnings with just a single owner and operator and built a brand known for doing business with local merchants and immigrant farmers. Fast forward to today and the company is now one of the world’s most sizeable organizations and has plans in place to help seniors with burial insurance. 

 

Transamerica sells three different burial plans – including the Immediate Solution, 10-Pay Solution, and the Easy Solution, we briefly outline each one below. 

 

  1. Immediate Solution – Anyone up to the age of 85 can purchase this plan, and it offers coverage up to 121 years of age. 

  2. 10-Pay Solution – Available up to 85 years of age, the policyholder pays either monthly or annually for a duration of 10 years. 

  3. Easy Solution – Gives a death benefit up to $25,000, it’s a graded policy, and it’s an alternative back up plan for those who don’t qualify for other coverage. 

 

All plans offer fixed premiums, and the coverage doesn’t expire at any point in time. 

Pros
  • Have three final expense plans available

  • Face amounts start as low as $1,000 or $5,000 in some areas

  • Benefits do not decrease over time 

  • Premiums do not increase as the years go on 

  • Allows the ability for seniors to pay their premiums from their Social Security benefits Direct Express card

Cons
  • All three final expense policies have different criteria for qualifying

  • Answers to some health questions can disqualify seniors for coverage 

  • Final expense plans may come off as confusing to some seniors, especially considering the qualifications needed and benefits offered between each plan

  • Speaking to an agent to get a quote or to receive other detailed information is required 

Pricing

Unfortunately, Transamerica doesn’t publicly share any plan pricing on its website, there is only a link that allows people to find an agent to speak to. 

 

We can really only say that pricing is determined by the final expense burial insurance plan selected, and the face value of the policy. 

The Bottom Line

Transamerica is now well known as a company and has a successful track record of taking care of its customers. They have three burial insurance plans available for purchase, but the pricing is unclear until an agent can be spoken to about those particular details, and their website is limited in scope for information provided. 

 

5. United Home Life

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

United Home Life requires no medical exams to be done, no health questions are asked, and no complex forms need to be filled out when seniors apply for burial insurance from this company. Their premise is to make the process simple to gain new customers and make the experience a good one for customers. 

 

How it works is seniors receive a benefit payment on the maturity date of the policy, or whenever the person who’s insured passes away before reaching the age of 100. Their plan is open to those between the ages of 45 to 75. 

 

Payout structure

 

  • If the policyholder passes away within the first year of the policy going into effect, the company pays a benefit of the premiums paid plus 6%

  • If the policyholder passes away within the second year of the policy going into effect, the company pays a benefit of 100% of premiums plus 12%

  • If the policyholder passes away in year three, then 118% of the premium amount is paid out in the event of a death occurring 

Pros
  • No medical exam is needed and no health-related questions are required to be answered 

  • The company has a solid financial presence 

  • The premiums don’t increase year over year  

  • Benefits paid do not decrease

Cons
  • Full face value of a policy isn’t paid until after three years

  • Pricing can’t be found on their website 

  • Have higher monthly premiums than some other insurance company burial plans

  • All other policies require answering health questions, limiting seniors to the Guaranteed Issue Whole Life plan

Pricing

Pricing can’t be located on the United Home Life website, so individuals have to contact the company to learn firsthand what the price structure is. 

 

Policies range from $5,000 to $10,000 through their burial insurance plan.

The Bottom Line

Simplicity is what they provide in an application process – no health questions or medical exams are required, so the approval decision can come fast to get the policy in place. Website information is scarce, forcing individuals to call the company and deal with an agent. 

 

6. Gerber

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

Gerber has a strong insurance sales track record with families and individuals, and in fact, have in excess of $45 billion in life insurance policies currently in effect. A.M Best gives Gerber a solid A rating. 

 

Gerber has the Guaranteed Acceptance Life Insurance plan in place – offering burial insurance that helps families pay for an individual’s final expenses. One’s health condition isn’t a factor and guaranteed acceptance is provided to seniors who fit between 50 to 85 years of age. 

 

Policy amounts vary within this plan, premiums never increase, and benefits don’t drop over the course of time. The option for adding additional coverage is there for seniors, up to the maximum allowed if a lower amount of coverage was initially selected. 

Pros
  • Have lots of name recognition 

  • Boast a strong financial position

  • Guaranteed Acceptance Life Insurance policies build cash value

  • No required medical exams or health questions to address 

  • A policy remains in effect as long as the insured pays their premiums

  • No increase in premiums or decrease in coverage

Cons
  • Maximum age that qualifies for a policy is 80 years of age – some 5 years less than a typical insurer offers 

  • Graded death benefit limitation – 110 percent of premiums paid to the beneficiary if the insured dies within the first two years

  • Some reviews signal more than double interest on loans against a policy

  • A customized online quote requires providing personal information

Pricing

Gerber offers no pricing information on its website for its burial insurance policy. Premium amounts range from $5,000 on the low side to $25,000 on the high side, giving seniors multiple burial insurance coverage options.

The Bottom Line

Gerber has a deep history of providing insurance to people of all ages – from babies to older seniors. The company provides affordable burial insurance for seniors who are seeking out coverage for their final expenses.

 

Gerber also offers the option of taking a loan on the cash value of a policy once a policy builds up some cash value.

 

7. Mutual of Omaha

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Mutual of Omaha is a market-leading company when it comes to long-term care insurance, and offer a product named MutualCare Secure Solution. The policy has numerous optional benefits that can be configured to a customer’s liking. 

Pros
  • 30% savings are provided if you and your partner are issued under the same policy form, 15% savings are given if you’re married but your partner doesn’t purchase a policy, and 15% savings are provided for those in good health standing 

  • There’s an option to elect a cash benefit instead of a reimbursement

  • Standard benefits include waiver of premium – you don’t need to pay your premium while receiving long-term care services, home health care, facility care, care coordination, respite care, hospice care, international benefit for up to 12 months and alternate care – services that don’t exist today may be covered in the future if recommended by your care coordinator

  • Optional benefits include inflation protection, shared care, security benefit, the return of premium, and waiver of elimination period for home health care benefits

  • Choose among monthly maximum benefit amounts from $1,500 to $10,000

Cons
  • 90, 180 or 365 calendar-day elimination periods – unless cash benefits are paid or the policyholder opts for the waiver of elimination period for home health care benefits

  • As with most every insurer in this industry, benefits won’t be paid if the policyholder requires care resulting from self-inflicted injuries, or if care is needed as a result of alcohol or drug abuse

  • The policy doesn’t cover doctor’s fees, lab charges, prescriptions, transportation or personal expenses

Pricing

By inputting your age, gender, ZIP code, marital status, and the monthly benefit amount you want the policy to pay, you can get an estimated cost of a policy from Mutual of Omaha’s website. There’s also a spot for indicating if you’re married and if so, whether your partner is also potentially interested in coverage. 

 

An example – A single female who’s 55 years of age, and living in the 98926 ZIP code. This person has premium estimates at $87 per month for a future $1,500 monthly benefit, $146 per month gets a $2,500 benefit, and $204 per month gets a $3,500 benefit. 

 

As a general rule for insurers – total premiums are less the younger someone is when initially taking out a policy. 

The Bottom Line

Mutual of Omaha provides a diverse set of coverage thanks to several optional riders, and all are offered a market competitive rate. Standard policies are certainly available to purchase, but many seniors appreciate the ability to add optional benefits into a configured plan. It’s important that everything is well understood with regards to the standard and optional benefits before making a commitment to purchase, and multiple quotes should be entertained from other providers before making a final decision. 

 

8. Americo

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

Americo has been committed to serving its customers for more than a century, and maintain a positive outlook and an A rating from A.M. Best. Some of the offerings that the company sells are burial insurance plans which assist to cover an individual’s final expenses. 

 

The Americo website offers a decent amount of information about their coverage – The Americo Final Expense Plan or the Ultra Protector Series of Coverage provides three different products to accommodate various individual’s needs. Great aspects about any of these plans include no medical exams required, no rate increases, and as long as premiums are paid then they can’t be canceled by the company. 

 

The first three years of a policy payout structure is limited for the graded death benefit – to clarify, the beneficiary receives a benefit of paid premiums plus a small interest percentage if the policyholder passes away within the first three years of the policy going into effect. 

 

Some of the Americo burial insurance offer coverage right from the beginning of the policy, while some don’t, so it’s imperative that individuals go over every tiny detail of a policy before signing, and asking questions for any clarification needed is strongly encouraged. Those who smoke should be aware that the company asks for that bit of information in the application, and that can potentially impact their approval decision. Smoking can be characterized as using cigarettes, a pipe, or smokeless tobacco, but if there’s any uncertainty then asking some questions can help to firm up that grey area for applicants. 

 

Seniors up to 85 years of age are eligible to apply to final expense coverage, and most states are supported by Americo. 

Pros
  • No need to worry about premiums ever-increasing and benefits don’t decline in value 

  • Optional riders for children and grandchildren are available 

  • Have successfully been doing business for over 100-years

  • Have an A rating from A.M. Best 

  • Individuals can be up to 85 years of age to pick up a policy 

Cons
  • Challenging to find comprehensive details about burial insurance on their website

  • Graded benefit within the waiting period to receive the full face value of a policy

  • Their website’s messaging is more suited for agents who sell burial insurance versus for seniors looking to do their preliminary research on final expense coverage 

  • Unfortunately, no plan pricing information is shared on their website 

Pricing

As previously mentioned, the Americo website isn’t helpful with regards to pricing details. The face values of policies range from $2,000 to $30,000 in coverage. Age is a cost factor when the policy is purchased, as is the face value desired. Answers to their questions can influence pricing, and which policies an individual qualifies for.

The Bottom Line

Americo has built a fairly solid track record amongst those who have purchased insurance coverage. Their website isn’t too helpful for individuals who are in the market to buy some final expenses coverage, so connecting to and consulting with an agent to get more specific information is necessary. 

 

9. State Farm

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

State Farm is a large insurance company, and it’s possible that you may already have a business relationship with them – if so, then getting coverage for burial insurance may be a natural fit for your needs. Medigap quotes can be obtained online regardless if you’re currently a State Farm customer or not though – just choose your state under their website’s “Get a Health Quote” bar, and complete the short form. 

 

With regards to their higher than average pricing – let’s use an example of a 65-year-old woman who doesn’t smoke, and resides in the 24016 ZIP code, on a monthly basis she would pay $122.82 for Plan G. If the quoted rate sounds fair, but more information is needed or questions arise, then a form can be filled out and an agent will get in touch to help. A local agent can also be located with their contact details, and a call can be placed to him or her to advance the process. 

Pros
  • Agents are available to meet within person, can be engaged with online, or can be called on the phone to have a verbal conversation

  • Your agent may take a genuine interest in you and your life

  • They offer other insurance products including life insurance, homeowners, small business, renters, and vehicle

  • They have six diverse plans and they are offered in many areas of the country – they label them A, D, N, G, C and F

Cons
  • Many plans are available but no coverage for prescription drugs, vision, or dental

  • Medigap plan pricing is readily higher than other average coverage options 

Pricing

You’re advised to check with your agent on which pricing category your local office fits into, and age is a factor in pricing across the board. Taking the above example of the 65-year-old lady who pays $122.82 per month – a similar woman who fits her profile but is 75 years old, would pay $177.22, a monthly increase of $54.40 for 10 years of difference. 

The Bottom Line

A Medigap policy purchase from this insurer makes a lot of sense if you’re already a customer with State Farm, and enjoy working with your particular agent. It’s recommended to get additional quotes from at least two or three competing insurers though, to see how price points fluctuate from one insurer to the next. Medigap rates from State Farm will be a little bit more on average in comparison to other insurers, so you have to determine if the value of dealing with a company you’re familiar with and most likely trust is worth the extra premium each month. 

 

10. Nationwide

Ease of Use

Excellent

Service & Response

Excellent

Features & Tech

Excellent

Pricing

Excellent

Overview

There are 85 years of experience under the belt for Nationwide’s business – offering numerous insurance products – including coverage for those looking for a solution for final expense needs. A proud attribute of the company is that they are very involved with community giving – in excess of 40,000 meals they put towards America’s food banks, and offer support for the American Red Cross. Seniors and other potential customers can certainly appreciate their generosity for helping charitable organizations, and everyone can feel good when they pay their monthly premiums knowing that some of that is helping others in need. 

 

The company is rock-solid from a financial strength perspective – Nationwide’s assets total more than $236 billion. Policy face values range from $2,500 to $100,000 in coverage for final expense insurance. No medical exam is required, so seniors who are living with health issues can take solitude knowing that the company doesn’t need an exam to be done before an approval decision can be made. A policy can be obtained immediately or within 48 hours of purchase, it can be received. Optional riders provide policyholders with the ability to gain additional benefits when the policy’s benefits are eventually paid out. 

Pros
  • Nationwide is well managed and has lots of financial power

  • Burial insurance is available to purchase, with a face value that goes up to $100,000

  • Have been offering final expense insurance for 33 years

  • Pursue a mission of giving back to communities in need

Cons
  • Their website offers a limited amount of information, which unfortunately seems to be quite common in the industry 

  • A portion of the death benefits are potentially taxable

  • To get an online quote requires providing personal information – height, weight, and smoking status all really matter to them 

Pricing

Accurate pricing on their website isn’t provided by Nationwide for their final expense policies, and that’s frustrating for those who want a firm number in real-time. The policy’s face value and the individual’s current age are two key factors that move the needle on premium pricing. An agent needs to be engaged with in order to get the pricing information for a policy. 

The Bottom Line

 

Nationwide has been a reliable insurance product provider for more than eight and a half decades and has been in the burial insurance industry for almost three and a half decades. The company’s website is lacking pertinent information regarding pricing – agents have those details at their disposal and communicate it directly to potential customers. They have an online quote feature on their website but require personal information to get one and some seniors may be reluctant to offer those details. 

What is Burial Insurance?

Burial insurance is aimed at covering one’s final expenses when they pass away so their loved ones aren’t on the hook for paying out of pocket. This type of insurance typically has a smaller policy face value than other types – some companies max theirs out at $10,000, others will go as high as $25,000, and a few will go above and beyond that number. 

 

Burial insurance and other whole life policies will put their coverage in place until an insured individual passes away, or until a maximum age is reached. Whole life policies have components that are different in comparison to other life insurance, the biggest one is term life insurance which spans over a specific term and can be renewed whenever one ends. When a renewal is done though, the price is often higher because the company views you as being more riskier to pass away in comparison to the previous policy in place, due to an increase in age and fitting into a new bracket as a result.

Why Should Seniors Consider Purchasing Burial Insurance?

Seniors often contemplate getting burial insurance if they didn’t purchase life insurance previously due to high premiums, believed they were going to live long-term and would consider it at a later date, were turned down for some reason, or for other possible reasons. Burial insurance policies are far less strict than life insurance policies and often come with guaranteed acceptance – taking many health factors out of the equation in that decision-making process. 

 

Some burial insurance companies require health information on applicants, and others aren’t focused on this topic and don’t ask any such questions. Premiums for the most part, don’t increase as the policyholder ages. The younger an applicant is when purchasing a policy, the less that he or she will have to pay for premiums. Burial insurance provides the ability for individuals to have their final expenses paid – alleviating the worry of the policyholder’s family having to cover funeral and burial or cremation costs.

Where Can I Purchase Burial Insurance?

A high number of insurance companies have burial policies available to buy – frequently at affordable rates, no price increase for premiums, no decrease in coverage benefits, and as long as the premiums are paid regularly by the policyholder, the policy won’t be canceled or terminated otherwise. 

 

Our top 10 list of burial insurance companies as options for seniors was carefully put together to aggregate as much key information as publicly was made available. Once the terms of burial insurance policies are understood, then comparing policies in terms of coverage and price can be effectively done. Once a policy is found that fits the individual’s needs and budget, it can be easily purchased and goes into effect either right away or shortly after.

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