Is Guaranteed Burial Insurance Available For My Parents?

“Guaranteed burial insurance” or “no medical exam final expense,” or even “no questions asked” – they are all referring to the same thing.

This is a guaranteed issue burial insurance plan that will be issued. This policy will be issued in all cases, even with significant health issues your parents may have or had in the past. There are two significant problems with these plans; one is, the premiums will be much higher and the death benefit lower – usually $5,000 to $25,000 thousand.

2 year Waiting Period

The second problem is these plans have a 2-year waiting period. This means that even if you start the program and make the first premium payment today, the death benefit will not be fully paid till after the 24th premium payment. If your parents pass away before the 24 months are up the full death benefit will not be paid. You will in most cases only get back premiums paid with interest.

It’s the most common policy advertised on tv and issued to elderly people. Its often marketed directly in the mail and is promoted to pay for expenses like funeral expenses, medical bills, or other outstanding debts. AIG Burial Insurance and Mutual of Omaha are only two of these examples.