Can you get burial insurance if you are hospitalized? Absolutely! The good news is that being hospitalized does not necessarily disqualify you from getting a burial insurance policy. However, you need to understand that your options may be very limited.
If you are in the hospital for a temporary illness or terminal illness, you can get a whole life insurance policy. Even if you’ve been turned down in the past because you’re in a hospital, nursing home or retirement home you still have an option for life insurance coverage and peace of mind.
Burial insurance is designed to cover the cost of a funeral and other final expenses. It can provide your family with the funds needed to cover your funeral expenses. This coverage is essential since the average funeral can cost more than $10,000.
There is no specific burial insurance if you are hospitalized, but there is a life insurance policy that you can qualify even if you are in the hospital. It’s called a guaranteed issue whole life insurance.
With guaranteed issue life insurance, you will be approved for coverage regardless of your health or current situation. Guaranteed issue policies are common nowadays, especially among those who are in the hospital.
If you are currently hospitalized, we can help you find affordable burial insurance.
BURIAL INSURANCE IF YOU ARE HOSPITALIZED
People are in hospital due to different medical conditions and circumstances. Some are hospitalized temporarily while others are due to terminal illness. The thing here is whatever reason you’re hospitalized, and there is a life insurance coverage option for you.
Insurance companies look for certain types of illnesses that caused you to be hospitalized when they issue burial insurance with an existing medical condition.
Some medical conditions that can cause hospitalization are considered high risk by the insurance company because of lower life expectancy. Applicants with these health issues may be deemed uninsurable because insuring them would cause financial loss to the company.
If you have any serious medical conditions, you are considered high risk and uninsurable for medically underwritten life insurance.
If you are dealing with any of the following conditions, guaranteed acceptance burial insurance with no health questions asked is your only option for life insurance coverage.
- Terminal illness (your life expectancy is 24 months or less)
- You have cancer within the last 24 months
- End-stage kidney disease requiring dialysis
- Diagnosed with AIDS or HIV
- Alzheimer’s or dementia
- Congestive heart failure (CHF)
- Heart attack within the previous 12 months
- A circulatory surgery within the previous 12 months
- Full blown stroke (TIA mini-strokes do not count) within the previous 12 months
- Diabetic coma or insulin shock within the last 24 months
- Amputation due to diabetes
- Angina (chest pain) within the last 12 months
- Had a heart surgery within the previous 12 months
- Been recommended to have or had an organ transplant
- Oxygen use (only okay for sleep apnea)
- Currently in the hospital, skilled nursing facility, or hospice care
- Confined to a wheelchair or bed because of chronic illness
- Taking treatment for alcohol or drug abuse within the last 24 months
- Needing assistance with any activities of daily living such as eating, bathing, dressing, transferring and continence
No life insurance company with first-day coverage would accept your application under these medical conditions.
That is why taking a guaranteed acceptance life insurance with no health questions is your best option. Guaranteed issue policies have no health questions, so even with these high-risk conditions, your application will be approved.
REQUIREMENTS TO QUALIFY FOR BURIAL INSURANCE IF YOU ARE HOSPITALIZED
AGE –Most companies offering guaranteed issue burial insurance accept applicants who are 50-85 years old, although some companies have their own age requirements.
STATE AVAILABILITY –Some insurance companies are not licensed in every state. Make sure that the company is licensed in your state before applying for coverage.
ABILITY TO ENTER A LEGAL CONTRACT – Mental capacity to enter into a legal contract is one of the requirements to qualify for burial insurance.
If you have any cognitive impairment such as Alzheimer’s disease or dementia and unable to give legal consent to an agreement, the company may reject your application.
Most guaranteed acceptance life insurance companies will only require your age, gender, resident state information, and whether or not you use tobacco products. The application process is simple and straightforward.
WHAT YOU MUST UNDERSTAND ABOUT BURIAL INSURANCE
A standard part of every guaranteed issue burial insurance policy is a graded death benefit or limited benefit period.
Every company has a two to four year waiting period for natural causes of death before the 100% death benefit will be available to your beneficiaries.
WHAT IS A GRADED DEATH BENEFIT?
A graded death benefit or limited benefit period is something every company includes in their plans to protect the company from having to pay large sums of money to people on their death bed (those who will not be paying much into their policy).
A graded death benefit means there is a two to four year waiting period before they will give the full death benefit payout to the beneficiary.
If death occurs during the waiting period, the beneficiary will only receive a return of premium plus 7% to 10% interest. If death occurs from accidental causes during the waiting period, 100% death benefit will be paid out.
HOW DOES A GRADED DEATH BENEFIT WORK?
Death from accidental cause will not have a waiting period. The full death benefit amount will be paid to your beneficiaries.
If you die from natural causes or any reason other than an accident during the waiting period, your beneficiary will receive all premiums paid plus interest.
For example, you’re a 60-year-old female, and you pay $1,000 annually for your $25,000 guaranteed issue policy. If you are hospitalized for breast cancer and died one year after taking your policy, your beneficiaries will get $1,100.
If you pass away after the waiting period, your family will get the full $25,000.
WHAT IF I OUTLIVE THE GRADED DEATH BENEFIT PERIOD?
If you outlive the waiting period even for a day, your beneficiary will receive the 100% death benefit that you signed up for.
WHY SHOULD I GET BURIAL INSURANCE WHEN I’M IN A HOSPITAL?
Buying a GI policy may mean you need to live for two years before you are fully covered for a natural cause of death. If you purchase coverage now, you start working on the waiting period immediately, and chances are you will outlive the waiting period.
If you outlive the waiting period even by a single day, then your beneficiaries will get the full death benefit from the life insurance company. While your family may not receive a large amount of cash from the policy, it will be enough to cover the funeral cost.
Having a life insurance policy to cover the cost of your funeral, as well as other medical bills and debts that you may have, can be the best gift you can leave to your family. Ensuring that your family won’t struggle financially when you pass away can offer peace of mind to all.
Postponing your application for burial insurance if you are hospitalized is not a wise decision. Your health may decline at any moment, and you could develop other serious medical conditions in the future.
Buying burial insurance makes more financial sense because it has little risk and you will never lose money with this plan. Even if you live less than the waiting period, your beneficiaries will still receive the entire amount you paid into the policy plus interest.
A guaranteed acceptance life insurance may be a little expensive than other plans with full medical underwriting, but you don’t need to worry about being denied coverage because you’re in a hospital.
Your approval is guaranteed, and whatever happens to you tomorrow, you have insurance protection.
BENEFITS OF GUARANTEED ISSUE LIFE INSURANCE
NO MEDICAL EXAM OR HEALTH QUESTIONS
Guaranteed issue life insurance plan will be your best option if you are hospitalized because you are not required to answer health questions; there’s no medical exam either!
All you have to do is sign on the application over the phone or your computer or laptop, we will send it to the insurance company, and in a couple of minutes, it’s approved.
EASY TO QUALIFY – SIMPLE APPLICATION PROCESS
When you apply for a guaranteed issue plan, you will only need to provide your personal information, beneficiary and the payment information only. You will easily qualify for this plan, and all you need is the ability to sign your name on the application for coverage.
The company will not check your health history, check your prescription history, or pull your medical records. Your policy will be issued and mailed to you within a couple of days.
One of the best benefits of a guaranteed acceptance policy is that the monthly premium is fixed. Your monthly insurance bill will never increase because you locked in your premium at your current age and will remain for the rest of your life.
As long as you pay the monthly premiums on the time it will never increase for any reason.
YOUR DEATH BENEFIT WILL NEVER DECREASE
Your death benefit is a fixed amount and is guaranteed to never decrease. Your beneficiaries will receive the 100% death benefit payout when you pass away after the waiting period.
Some policyholders complain about their life insurance canceling because of age or worsening health condition. Guaranteed issue burial insurance, if you are hospitalized, will never cancel because of advancing age or declining health, as long as premiums are paid on time.
CASH VALUE ACCUMULATION
Guaranteed acceptance burial insurance is whole life insurance that accumulates cash value over the years. This accumulated cash value can be used for premium payment, or you can borrow the cash value to be used for whatever purpose you want.
YOU CAN PURCHASE MINIMAL COVERAGE
If you want to buy burial insurance to pay for your funeral and burial expenses, guaranteed issue policies allow you to buy as little as you need. You can choose between $2,000 to a maximum of $25,000.
HOW MUCH CAN YOU GET FROM A GUARANTEED ISSUE POLICY?
There is a wide range of guaranteed issue coverage option starting from $2,000 to a maximum of $25,000. Your death benefit is fixed, and it will never decrease for any reason.
This death benefit is also not subject to Federal tax if paid to your beneficiary when you pass away.
Qualifying for guaranteed acceptance life insurance is simple due to no medical exam and ease of application,
We highly recommend that you let us compare premiums from several insurance companies before deciding to purchase a plan, as premiums among insurance carriers can differ significantly.
AVOID THESE COMMONLY ADVERTISED GUARANTEED ISSUE BURIAL INSURANCE IN TV AND MAGAZINES
- Policy termination after age 80 – some plans marketed as burial insurance terminate when you reach 80 years old. Guaranteed acceptance final expense insurance is a whole life insurance policy that lasts a lifetime.
- Increasing premium – many of the life insurance companies seen on TV offer premium increase every five years. Real guaranteed burial insurance has a fixed premium for the life of the policy.
- 3-year waiting period – Avoid these companies offering 3-year waiting period. The best-guaranteed issued life insurance has only a two-year waiting period. It is important to work with an independent life insurance agency that will prevent you from being led into agreeing to buy a guaranteed issue burial insurance with a 3 or 4-year waiting period.
HOW TO CHOOSE THE BEST GUARANTEED ISSUE BURIAL INSURANCE COMPANY
- Shop around to able to compare rates from different top-rated insurance companies to find the best-guaranteed life insurance policy. Fill in the instant quote form on this page to get actual quotes for your age.
- Check the insurance company’s ratings from A.M. Best and other rating agencies like Moody’s or Fitch to be sure that the company you will choose is financially stable and have the ability to pay insurance claims on time.
- Make sure you understand about the waiting period or the graded benefit clause of the GI policy you will purchase. Consider these significant factors when you are making a purchasing decision.
- Consult an independent life insurance agency like Funeral Funds before making a decision. We can help you find the affordable burial insurance coverage that fits your budget.
THE BEST GUARANTEED ISSUE LIFE INSURANCE POLICY
The best-guaranteed acceptance burial insurance policy will not have you wait more than two years to take effect. Some plans have three or even four-year waiting periods. It’s totally insane! Avoid these plans at all cost.
Two years is the shortest period possible before your coverage is in full force. You don’t have to wait for more than that.
If you are hospitalized or residing in a nursing home due to any severe medical conditions, then GI policy is your best option. Your application will be easy because there are no medical exam or health questions. Guaranteed acceptance insurance has a two-year waiting period only.
If you die in the first two years as the consequence of your illness, your beneficiaries will get your premiums back plus 10% interest.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy if you’re hospitalized needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have a health history and confined in a hospital, 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 hospitalized funeral insurance, or hospitalized burial insurance, or life insurance hospitalized. Fill out our quote form on this page or call us at 888) 862-9456 and we can give you an accurate quote.