Burial insurance for 3M retirees will be cut nearly in half starting on August 1, 2019, and ending the program altogether for future retirees. The maximum life insurance payout would be cut to $8,000 from $15,000. The change affects about 28,000 retirees, according to the company spokeswoman.
3M Co., a Maplewood, Minnesota based company, has more than 90,000 employees worldwide. They are known for Post-its notes, but they make a wide variety of goods.
The move is reported to have followed careful consideration and evaluation of their current benefits plan, which they routinely review to ensure they strike a balance among their obligations to employees, retirees, and shareholders.
In April, CEO Michael Roman said the company had “a disappointing start to the year and would look for ways to drive productivity, reduce costs, and increase cash flow.”
3M said earlier this year it would cut about 2,000 jobs worldwide after the disappointing first quarter.
If you’re a looking for burial insurance for 3M retirees to supplement your plan because of the cut in benefits, you’ve come to the right place. We have the best insurance companies that cater to retirees seeking affordable burial insurance coverage.
Read on, and we will explore the different insurance options open for 3M retirees. We can help you compare different quotes to get the best deal.
WHAT IS BURIAL INSURANCE FOR 3M RETIREES?
When your employer-provided life insurance policy was lost, you may want to look into purchasing coverage of your own. Having individual burial insurance is a good idea if you’re going to take care of your burial and final expenses.
Choosing a burial life insurance plan that works with your current retirement budget can be easy if you found the right company.
3M retirees looking for burial insurance should always purchase a whole life insurance policy that has a relaxed medical underwriting. You don’t need to take a medical exam, and retirees with a pre-existing medical condition can still qualify.
Life insurance for 3M retirees works like other forms of life insurance policies. The death benefit is designed to pay for burial and other final expenses. The death benefit amount ranges between $2,000 and $50,000.
BENEFITS OF BURIAL INSURANCE
Easy to qualify – the application process is easy and straightforward. You will need to answer a few health questions to be eligible for the best rates. Underwriting is accepting of high blood pressure or high cholesterol.
No medical exam required – You can now apply for life insurance without having to go through a medical exam with urine and blood samples.
With a burial insurance policy, medical exams is not necessary.
Quick application process – because there is no medical exam, and there is a relaxed underwriting, the application process becomes faster. You don’t have to wait a couple of weeks to a month to get your policy.
You can now get burial insurance coverage within 15 minutes to a couple of days instead of several weeks.
Death benefit amount is fixed – your coverage amount is guaranteed to never to decrease when you pass away. Your beneficiaries will receive the full face amount and your benefit is paid right away if you die from an accident, or any medical reasons.
Fixed premium – One of the benefits of burial life insurance for 3M retirees is that your monthly insurance premium is fixed. Your insurance bill will never increase because you locked the premium at your age when you apply, and it will remain the same for the life of the policy.
Burial insurance plans are a form of whole life insurance that will last your entire lifetime (up to age 121 years old). The policy will not expire as long as you keep paying your monthly premiums on time.
Not cancellable – Some people are complaining that their insurance policy was canceled because of age or declining health condition. You don’t need to worry because burial insurance is permanent life insurance that will never cancel due to your age or declining health condition as long as you pay your premiums on time.
Cash value accumulation – burial insurance has a savings element that accumulates cash value over time. The accumulated cash value amount can be used to pay your premiums, or you get it out as an insurance policy loan if you have any emergencies.
The cash value accumulation normally happens after five years because most of the premiums in the beginning years get eaten up with the cost of insurance.
For guaranteed issue policy – You will only have to supply your personal information, payment, and beneficiary information when you apply for coverage. You will easily qualify for burial insurance no- questions asked plan because you only need the ability to sign your name on the application.
You can even apply over the phone, tablet or through your computer then wait a few minutes, and your policy will be approved, it’s that easy.
BURIAL INSURANCE POLICY OPTIONS FOR 3M RETIREES
SIMPLIFIED ISSUE BURIAL INSURANCE
Simplified issue whole life insurance is a burial insurance policy that you can buy if you’re 50 to 85 years old. It has a level death benefit with instant coverage starting on day one, no waiting period. You can skip the medical exam and only need to answer a few simple health questions.
Since there’s no medical examination, the application process is quick. You can get approved after several minutes, and you don’t have to wait 3-8 weeks to get your application approved.
When you fill out the application, you will be asked to provide your basic information such as:
- Marital status
- Tobacco usage
- Alcohol usage
- Overall health
- Medical history
Generally, health issues such as high cholesterol, high blood pressure, or other minor health issues are okay.
Typical questions asked in a simplified issue burial insurance:
There are typically four or more health questions when you apply for simplified issue whole life insurance for retirees.
- Do you have a terminal illness like cancer?
- Do you have HIV or AIDS?
- Are you currently residing in a hospital or nursing home?
- Do you use tobacco products?
These are examples of the underwriting questions you will find on the application. Some insurance companies will ask more questions, and some will have a slightly different set of questions since it’s simplified, you will encounter fewer health questions compared with traditional term life insurance.
Your response to the health questions will determine whether your application will be approved or rejected, as well as how much you will have to pay for the policy.
If you answered “no” to all the health questions, you will easily be approved for coverage.
If you answer “yes” to the tobacco question, you may still be able to get coverage, but you will have the smoker rate, and it will be a little bit expensive.
If you answer “yes” to any of the health questions, your application for insurance coverage would be rejected, and your only option for coverage is to get a guaranteed issue burial insurance.
You might be INELIGIBLE for simplified issue life insurance if:
- You’ve been diagnosed and having treatment with a terminal illness like cancer or kidney failure.
- You need supplemental oxygen because of COPD or any lung disease.
- You have severe cognitive impairments like dementia or Alzheimer’s disease.
- You’re in a nursing home or assisted living facility.
- You have impaired mobility, and you need a wheelchair.
- You need assistance with any ADL’s (activities of daily living).
GUARANTEED ISSUE BURIAL INSURANCE
Guaranteed issue whole life insurance requires no medical exam and health questions on the application. Most 3M retirees with health issues will qualify for this policy because they will be approved for coverage regardless of their health.
A guaranteed issue burial insurance with no health questions asked is your best option for insurance coverage if you have any of the following:
- Terminal illness (your life expectancy is less than 24 months)
- You have any type of cancer within the last 24 months
- Alzheimer’s or dementia
- Diagnosed with AIDS or HIV
- End-stage kidney disease requiring dialysis
- Heart attack within the previous 12 months
- Congestive heart failure (CHF)
- Angina or chest pain within the last 12 months
- Oxygen use (only okay for sleep apnea)
- Full-blown stroke within the past 12 months (TIA mini-strokes may also be considered)
- Diabetic amputation
- Insulin shock or diabetic coma within the last 24 months
- Had a heart surgery within the past 12 months
- Any circulatory surgery within the previous 12 months
- Been recommended for or waiting for an organ transplant
- Currently in the hospital, hospice care or nursing facility
- Confined to a bed or wheelchair because of chronic illness
- Taking treatment for drug or alcohol abuse within the past 24 months
- Needing assistance with any activities of daily living such as eating, bathing, dressing, transferring and continence
- High-risk hobbies and occupations
- Multiple DUI or moving violations
- Marijuana, drug, and alcohol abuse in the last 12 months
There are no life insurance providers that would accept your application with these health conditions and issues. That’s why taking a guaranteed issue burial insurance with no medical exam, and the no-health question is your best option.
Guaranteed acceptance policies have no health questions asked, so even with these high-risk conditions, you will get approval on your insurance application.
GRADED DEATH BENEFIT
Are you wondering how the insurance companies make money if they offer life insurance without even asking any health questions? These insurance companies impose a waiting period instead of having a medical exam and regular medical underwriting.
The waiting period lasts from two to four years, depending on the insurer. They do these to discourage those who are on their deathbed from purchasing a policy and benefiting from it.
HOW DOES IT WORK?
Guaranteed issue burial insurance works this way. If you die from an accidental cause, there will be no waiting period on your plan. Your beneficiaries will receive 100% face amount from day one.
If you die during the waiting period from natural causes or any reason other than an accident, your beneficiaries will get all the premiums paid into the policy plus 7-10% interest.
But, even if your beneficiary can’t get the 100% death benefit during the waiting period, they will still benefit from all the money that you put into the policy.
The company will pay the 100% face amount of the policy if die for any reason after the graded death benefit or two-year waiting period.
REQUIREMENTS TO QUALIFY FOR GUARANTEED ISSUE LIFE INSURANCE
Every burial insurance company has their age requirement for applicants, but most guaranteed issue final expense insurance companies accept applicants who are 50-85 year old.
Not every insurance provider have their life insurance products licensed in every state. Make sure the company you choose to apply has guaranteed acceptance life insurance policy available in your state of residence.
Ability to Enter into a Legal Contract
You need to possess the mental capacity to enter into a legal contract. Having severe cognitive impairment like dementia or Alzheimer’s disease and being unable to give legal consent to an agreement may cause your application for life insurance to be rejected.
Most guaranteed issue burial insurance companies only require your age, gender, resident state, and if you use any tobacco products. There’s nothing more when applying for insurance coverage, it’s very simple and convenient.
COMMONLY ADVERTISED GUARANTEED ISSUE BURIAL INSURANCE IN TV AND MAGAZINES TO AVOID
Increasing premium – many of the burial insurance companies seen on TV offer premium increase every five years…avoid these companies!
A real guaranteed acceptance burial insurance has a fixed premium that never increases throughout the life of the policy.
Policy termination after age 80 – some policies expire when you pass 80 years in age. Guaranteed issue burial insurance is a whole life insurance policy that lasts a lifetime (up to age 121).
3-4 year waiting period – Avoid these GI plans that have more than a two-year waiting period. The best-guaranteed issue whole life insurance has a two-year waiting period only.
It is important to work with an independent life insurance agency like Funeral Funds that will prevent you from being led into buying a guaranteed issue burial insurance with a 3-year waiting period.
THE BEST GUARANTEED ISSUE LIFE INSURANCE POLICY FOR 3M RETIREES
The best-guaranteed issue burial insurance policy will not have you wait more than two years to have full coverage.
Some companies offer three or four-year waiting periods. It’s totally insane! Avoid these companies at all cost.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy if you’re 3M retiree needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have any health issues, let us help you; we will work with you side by side to find a plan that fits your needs.
We will work with you every step of the way to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time anymore searching for multiple insurance companies because we will do the dirty work for you.
We will shop your case to different insurance carriers and get you the best price.
We work with many A+ rated insurance carriers that specialized in covering high-risk clients like you. We will search all those companies to get the best rate. We will match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for 3M retiree funeral insurance, or 3M retiree burial insurance, or 3M retiree life insurance. Fill out our quote form on this page or call us at 888) 862-9456 and we can give you an accurate quote.