Are you looking for burial insurance with first-day coverage? For some people looking for life insurance that starts immediately can be challenging.
The good news is getting people qualified for burial insurance with first-day coverage is our specialty!
In this article, we will show you the five ways to get burial insurance with first-day coverage.
FOR EASIER NAVIGATION:
- 5 Ways to Get Burial Insurance with First-day Coverage
- #1 Answer the Health Questions
- #2 Avoid Insurance Companies Offering Burial Insurance On TV
- #3 Avoid Junk Mail Burial Insurance
- #4 Never Settle For 2-Year Waiting Period If You Can Qualify for First-Day Coverage
- #5 Work with An Independent Life Insurance Agency
- The Best Way to Get First-day Coverage Life Insurance
- What Are the Different Insurance Benefit Periods?
- Benefits of Having First-Day Coverage Insurance
5 WAYS TO GET BURIAL INSURANCE WITH FIRST-DAY COVERAGE
#1 ANSWER THE HEALTH QUESTIONS
The number one way to get burial insurance with first-day coverage is to answer health questions. Simplified issue life insurance that asks health questions offers first-day coverage.
You don’t need to undergo a medical exam, but you will have to answer the health questions. Asking health questions is the insurance companies’ way of gauging your risk. It is important, to be honest about your health condition. Lying on an insurance application constitutes fraud. Insurance fraud is a serious crime, and it may cause the insurance company to deny the beneficiary of your death benefits.
By answering the health questions, you can qualify for first-day coverage and save on your monthly premium.
Most insurance companies are lenient on underwriting, and many health issues are considered for first-day coverage. However, some health issues are such a high risk that the insurance companies don’t want to take the risk of offering first-day coverage.
The following health issues are accepted for 1st-day coverage or benefits with most policies:
- Blood clots
- Cancer in the past
- COPD with some companies
- Diabetes & diabetic medications like Metformin, Insulin, and others
- Diabetic neuropathy
- Heart defiblilator or pacemaker
- High Blood Pressure & HBP medications
- Pain medications
- Ulcerative colitus
- Urinary issues
The following health issues may result in a waiting period:
- AIDS, ARC, or HIV
- Alzheimer’s disease
- Angina within the last 12 months
- Recent cancer and cancer treatment
- Confined to hospital, hospice care, or nursing home
- Diabetic coma within the last 24 months
- Heart attack within the previous 24 months
- Heart or circulatory surgery within the last 24 months
- Oxygen Use except for sleep apnea
- Organ transplant or been advised to receive an organ transplant
- Renal failure, dialysis
- Terminal illness
If you have some health issues, the best way to get life insurance with first-day coverage is to find an insurance company that never asks about your health issue. Unfortunately, you can’t do it on your own.
You need to speak to an independent insurance agent who is knowledgeable in insurance underwriting. Your agent will ask about your health information to determine the company that is accepting of multiple health conditions and will give you first-day coverage.
#2 AVOID INSURANCE COMPANIES OFFERING BURIAL INSURANCE ON TV
The number two way to get burial insurance with first-day coverage is to avoid insurance companies that offer burial insurance on TV.
Most insurance companies that have insurance commercials on television typically offer insurance that comes with a two-year waiting period.
To guarantee insurance coverage for everybody regardless of their health conditions, these companies with television commercials offer guaranteed issue life insurance with a two-year waiting period.
Guaranteed issue life insurance only offers first-day coverage for accidental death. However, it does not cover the natural causes of death for the first two years. You must live for the first two years before your beneficiary will receive the full death benefit.
#3 AVOID JUNK MAIL BURIAL INSURANCE
The number three way to get burial insurance with first-day coverage is to avoid junk mail burial insurance.
Junk mail burial insurance doesn’t require a licensed agent and asks no health questions. No wonder these policies are 30% to 367% higher than burial insurance that asks health questions and offer first-day coverage.
Burial insurance companies that advertise through the mail never ask health questions, and when an insurance company never ask health questions, it means they only sell guaranteed issue life insurance with a two-year waiting period.
If you want to get first-day coverage on life insurance, avoid burial insurance in the mail. Always go for life insurance that asks health questions. By simply answering health questions, you will be able to qualify for first-day coverage. You also won’t be paying extra money in higher premiums.
#4 NEVER SETTLE FOR 2-YEAR WAITING PERIOD IF YOU CAN QUALIFY FOR FIRST-DAY COVERAGE
Always request first-day coverage insurance to your life insurance agent. Even if you have some health issues, do not settle for a two-year waiting period if you can qualify for first-day coverage.
The television and junk mail life insurance advertisers often prey on uninformed seniors. They make people believe that the two-year waiting period is a standard part of burial insurance. I’m here to tell you that nothing can be further from the truth.
Every life insurance company has different underwriting criteria. Some health issues will be declined by one, while others will accept it. The secret to getting first-day coverage then is knowing which life insurance company will accept your health issues, which lead us to the next tip.
#5 WORK WITH AN INDEPENDENT LIFE INSURANCE AGENCY
The number five way to get burial insurance with first-day coverage is to work with an independent life insurance agency like Funeral Funds. My agents and I can help you secure senior life insurance with first-day coverage and better pricing.
We work with a large selection of A-rated insurance companies. This gives us the best chance of finding you a company that is accepting of all your health issues. If there is a life insurance company that will cover you with first-day coverage, we will find it for you.
It is always in your best interest to work with an independent life insurance agency, such as Funeral Funds. With access to companies that offer first-day coverage, we will help you find the best company, given your current age, health, and financial situation.
THE BEST WAY TO GET FIRST-DAY COVERAGE LIFE INSURANCE
The best way to get first-day coverage in life insurance is to buy a life insurance policy when you are young. The younger you are, the healthier you are likely to be, the more you are able to qualify for life insurance with first-day coverage.
Buy life insurance now. Do not wait until you have chronic illness before buying life insurance. Having chronic or terminal illness may disqualify you from getting first-day coverage life insurance.
Don’t forget to work with an independent insurance broker like Funeral Funds. My agents and I can let you know which companies will offer you first-day coverage life insurance.
I will get you the best insurance rates and show you the advantages of each policy. I will walk you through the whole application process to help you decide which policy works best for your particular situation.
WHAT ARE THE DIFFERENT INSURANCE BENEFIT PERIODS?
1. NO WAITING PERIOD
This is the best burial insurance option, as it gives immediate coverage with a 100% benefit payout from day one. If you qualify for burial insurance with no waiting period, your beneficiary will receive the full death benefit even after making only one payment on your policy.
The good news is many people qualify for burial insurance with first-day coverage no waiting period even when they have some health issues.
2. PARTIAL WAITING PERIOD
Burial insurance with a partial waiting period offers immediate coverage but with a phase-in benefit schedule. This plan is also called a graded benefit.
The graded benefit plan works this way:
The insurance company will pay 30-50% of the coverage amount if you die during the first year. If you die during the 13-24th months, your beneficiary will receive 60-70% of the coverage amount. After 24 months, they will pay 100% death benefit to your beneficiary.
There are some health issues where a partial waiting period is your best option for insurance coverage.
These health issues may result in a partial waiting period or graded plan:
- Amputation due to diabetics
- Cancer within the last 24 months
- Congestive heart failure
- Treatment for alcohol or drug abuse
3. TWO-YEAR WAITING PERIOD (Guaranteed issue life insurance)
Guaranteed issue life insurance offer immediate coverage for the accidental cause of death. However, it has a two-year waiting period for the health-related or natural cause of death.
If you die during the two-year waiting period, your beneficiary will only receive a return of premium plus 7-10% interest.
With guaranteed issue life insurance, the insurance carrier will not ask health questions. Your application is guaranteed to be approved regardless of your health condition.
If you have been diagnosed with a chronic illness, terminal illness, or you are in poor health. This plan may be your only option for coverage.
BENEFITS OF HAVING FIRST-DAY COVERAGE INSURANCE
- Full coverage starts upon first payment – you will be fully covered after your first payment. Your beneficiary will receive 100% of your coverage amount, whether you die in an accident or due to health problems.
- Premium amount will never increase for any reason – your monthly premium will remain the same trough the life of the policy. It will never increase due to worsening health condition or your age because you lock the price at the age you bought the policy.
- The death benefit never decreases – your death benefit is level and guaranteed to never decrease. Your beneficiary will receive the full amount when you pass away.
- Lifetime coverage, you can never outlive your policy – whole life insurance will never terminate or end. You are covered your whole life or until age 121. You will never outlive your policy.
- The policy cannot be canceled except for non-payment – whole life insurance cannot be canceled due to age. It will stay in force as long as you keep paying the premium.
- It has a cash value component that grows over time – whole life insurance with first-day coverage comes with an investment component. Your cash value grows over time. You can withdraw from it or file a policy loan if you need funds.