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As we age our health will, obviously , change. Most Burial Insurance or fInal expense companies offer immediate benefit plans for those with minor health impairments. These plans are excellent options for people that are in less than perfect health, or have any severe health complications, but how does your health impact your premiums?
Burial insurance policies are a great way to give your family financial protection, regardless of what happens to you. There are several advantages to these plans, but the biggest one is that just about anyone can be accepted for coverage.
Burial Insurance plans do not require a medical exam and only require the applicant to answer a few simple questions, but how are these health questions going to impact your burial insurance costs? They could play a huge role in how much you pay and your chances of being accepted for coverage.
This article is going to look at the different factors that the insurance company is going to look at when you apply for burial insurance. We are also going to look at some different ways that you can get lower insurance premiums for your burial insurance plan. Life insurance is one of the most important purchases that you’ll ever make for your loved ones.
What Questions Are Asked On The Application?
I have put together a list of common questions. remember that these plans are for seniors 50+ – to about 84 years of age.
Each carrier is different and each carrier may handle a health impairment in a different manner. For example , I have one carrier that will offer someone with COPD ( Minor) who does NOT use tobacco products. Most carriers will flat out decline this condition.
Here are some common questions that are found on applications. Remember you must be able to answer NO to the health questions in order to qualify for a plan: I am using the carrier that offers those with COPD , a plan.
- Have you ever had or have you taken medication for:
a) Amyotrophic Lateral Sclerosis (ALS), Huntington’s Disease or Systemic Lupus?
b) AIDS or HIV positive?
c) Alzheimer’s Disease, or dementia?
d) Amputation due to disease, kidney failure, liver failure, organ transplant or cirrhosis of the liver?
- Have you been diagnosed with a terminal illness which is expected to end your life
within the next 12 months?
- Are you confined to a bed or wheelchair, in a hospital, a Nursing Home, other long term care facility,
or are currently receiving Home Health Care?
- Are you currently waiting for a medical diagnosis or the results of medical tests which have not been
received or been advised to have surgery requiring general anesthesia which has not been completed?
- Do you have or are you currently receiving treatment for internal cancer?
In the past 12 months have you:
- Had or have you taken medication for:
a) Cardiomyopathy, congestive heart failure, atrial fibrillation or defibrillator?
b) A combination of Diabetes and; stroke or TIA, heart disease or heart surgery (including angioplasty), decreased circulation or any procedure to improve circulation?
c) Complications of diabetes (such as eye or kidney disorder) or diabetes that is not under control?
d) Hepatitis C, chronic hepatitis, chronic pancreatitis or psychosis?
- Had a Transient Ischemic Attack (TIA), had surgery for aneurysm or heart surgery (including angioplasty)?
- Used oxygen equipment to assist in breathing (except when hospitalized)?
In the past 2 years have you:
- Had or have you taken medication for:
a) Chronic Obstructive Pulmonary Disease (COPD) or emphysema and smoked cigarettes?
b) Internal cancer, melanoma, leukemia, multiple myeloma or lymphoma (including Hodgkin’s disease)?
c) Parkinson’s Disease or Multiple Sclerosis?
- Been arrested 2 or more times for Driving Under the Influence (DUI) violations or had your
driver’s license revoked?
- Been confined to a hospital more than 2 times?
- Had treatment or been advised to have treatment for alcohol or drug abuse?
- Had a heart attack, stroke or a procedure to improve circulation?
If you get through these questions with No answers you can qualify for most general plans. However if you do get a Yes answer then we would review other carriers and see how they handle your health condition.
Are Burial Insurance Plans Right for You?
Burial insurance plans are a unique type of insurance plan, which means that they aren’t a great option for everyone. There are several factors that you will need to consider before you purchase one of these plans. These plans are a lot smaller coverage that is typically designed for senior applicants, but not every senior should purchase one of these plans.
The first thing that you should look at when you’re shopping for insurance coverage is your debts. If you don’t have any major debts, like a mortgage loan, then you should consider purchasing one of these burial plans. The primary goal of your life insurance coverage is to pay off your debts, and if you don’t have a massive mountain of debt, then you can get a smaller plan.
The next number that you should look at is your annual income. The secondary purpose of your life insurance plan is to replace your paycheck if something tragic were to happen to you. If you have several people that rely on your income, but you don’t have a large life insurance plan, then your family could struggle to pay for any basic expenses. If you no longer have children or a spouse that relies on your paycheck, then you can consider getting a smaller life insurance policy, like a burial insurance plan.
Every company is different, some of them have experience working with high-risk applicants, while others are going to decline you for severe health problems. It’s vital that you find the perfect company for your situation. Because there are thousands of companies on the marketplace, you could spend weeks looking for the best company, or you can let us do the work for you.
We are independent agents, which means that we represent dozens of the highest-rated insurance companies across the United States. Working with our agents will save you both time and money. It’s vital that you find the best company that is going to offer you the lowest insurance rates for you and your family. You should be able to get the best protection for your loved ones without breaking your bank.
If you tried to get all of the quotes yourself, without the help of an independent agent, you could spend weeks and weeks calling different companies. Don’t waste your valuable time calling all of those companies yourself. Let one of our agents do all of the hard work for you. We can bring a personalized set of quotes directly to you.
If the standard carriers will not offer a level plan, the other option is to go with a guaranteed issue life insurance plan. These plans offer a modified benefit. The good news is that you cannot be turned down and are guaranteed to get the plan. Read more about guaranteed issue life insurance plans.
As you can probably guess from the name, guaranteed issue life insurance plans are exactly what they sound like. Regardless of your health or any pre-existing conditions that you have, you can get life insurance coverage. There are several disadvantages that you can read about to ensure that you’re getting the best plan possible.
Giving your family the insurance protection they need should be the first thing on your list. Not having coverage could leave them with thousands of dollars of debt, and no money to pay it off. Funeral expenses can put them in a financial tight spot. Don’t let your family struggle after you pass away. Consider getting a funeral insurance plan today.
Contact me today for a no hassle , no pressure quote. You can use the form on this page to get started or call toll free 1-888-839-8676. I would love to answer any questions that you have about life insurance and ensure that you’re getting the best life insurance coverage available.
I know that shopping for insurance coverage is not a fun task, nobody wants to think about his or her death. But, not planning for the inevitable is one of the worst mistakes that you could ever make. Don’t wait another day to get the insurance protection that your family deserves.