Finding burial insurance with Leukemia can be a challenge for the average person looking to purchase burial insurance coverage because cancer is one health condition that almost every life insurance company asks about. Most people think, if you have leukemia or cancer of the blood, you could face some difficulties in the insurance application process.
Want to know something great? Burial insurance plans don’t require a medical exam. All you have to do is answer some health-related questions. Some plans don’t even have health questions at all.
Over the years, Funeral Funds helped many clients with leukemia obtain affordable burial insurance coverage. We are experts at helping you get approved and we know what companies will provide the best rates and coverage. Contact us today to get started.
CAN I GET BURIAL INSURANCE WITH LEUKEMIA?
Contrary to traditional life insurance, leukemia has no negative impact on getting burial insurance.
As a matter of fact, if you’ve just been diagnosed with leukemia, you can still qualify for an affordable burial insurance policy. But, you must be aware that you cannot escape a waiting period. It is unavoidable with every burial insurance company.
WHY DO INSURANCE COMPANIES CARE ABOUT LEUKEMIA?
Leukemia is a cancer of the blood cells where the body makes more white cells than it needs. It is most likely to affect those people over the age of 55, but it is also common in those under the age of 15.
Chronic leukemia grows slowly while acute leukemia develops quickly.
There are four main types of Leukemia that insurance companies want to know about:
- Acute Lymphocytic Leukemia
- Acute Myelogenous Leukemia
- Chronic Lymphocytic Leukemia
- Chronic Myelogenous Leukemia
The insurance companies know that Leukemia is often curable. Survival rates for leukemia increase every year, and it is now considered to be one of the most curable types of cancers.
Although Leukemia has a good prognosis, insurance companies are still wary of leukemia because of the recent survival rates.
Leukemia is the 4th most common cause of cancer death in U.S men and the 6th among women.
According to the Leukemia & Lymphoma Society, in 2018, 24,370 people are expected to die from leukemia (14,270 males and 10,100 females).
Some insurance companies prefer clients with no health problems, but don’t worry different companies will still offer you funeral or burial insurance coverage even if you are a cancer patient who has leukemia. We can match you up with them and we know which companies will provide the best rates.
WHAT DO WE NEED TO KNOW ABOUT YOU IF YOU HAVE LEUKEMIA
When applying for burial insurance coverage with leukemia, it is crucial that you provide as much information as possible.
Not only will the information help us understand your health but it will also help us provide you with an accurate quote. We will ask you a series of health questions to get a better idea of your condition.
These questions include:
- When were you initially diagnosed with leukemia?
- What type of leukemia were you diagnosed with?
- What stage of leukemia are you currently in?
- What type of treatments did you receive for leukemia?
- When did you complete your treatment for leukemia?
- Is there a recurrence of leukemia?
- Do you have secondary cancer?
It is important to be completely honest in answering these questions. The more information you give, the better your chances of finding affordable coverage.
UNDERWRITING BURIAL INSURANCE WITH LEUKEMIA
Underwriting is the process life insurance carriers go through to determine your risk level. They will ask about your health and perform a prescription history check to verify your health condition.
Every burial insurance company asks about your cancer in different ways.
Here are the most common ways Leukemia or blood cancer will be asked in the health questionnaire:
- Do you currently have any type of cancer such as brain tumor, melanoma, or Hodgkins Disease?
- Have you been advised by a physician to have treatment for cancer?
- In the last two years, have you been diagnosed with cancer or received chemotherapy or radiation for cancer?
- In the last two years, have you been treated for any internal cancer?
Since Leukemia is a form of blood cancer, you will have to answer yes to the cancer question.
Having blood cancer disqualifies you from obtaining traditional term or whole life insurance. But, just because you do not qualify for traditional life insurance policy does not mean you are out of options.
Burial insurance is often the best option for individuals with leukemia!
Every burial insurance company has a two-year look-back period for blood cancer. There are no companies that only asks about it within the last 12 months.
PRESCRIPTION HISTORY CHECK
To get the best rates for burial insurance, some insurance companies will check your prescription records and history.
Here’s a list of drugs used to treat Leukemia:
- Arzerra (Ofatumumab)
- Bosulif (Bosutinib)
- Busulfex (Busulfan)
- Campath (Alemtuzumab)
- Copiktra (Duvelisib)
- Gazyva (Obinutuzumab)
- Hydrea (Hydroxyurea)
- Imbruvica (Ibrutinib)
- Leukeran (Chlorambucil)
- Mustargen (Mechlorethamine Hydrochloride)
- Rituxan (Rituximab)
- Rituxan Hycela (Rituximab and Hyaluronidase Human)
- Tarabine PFS (Cytarabine)
- Tasigna (Nilotinib)
- Treanda (Bendamustine Hydrochloride)
- Venclexta (Venetoclax)
- Zydelig (Idelalisib)[/su_list]
If you have filled any of these drugs within the last two years, burial insurance companies will assume that you are undergoing treatment for Leukemia.
LEUKEMIA HAS A 2-YEAR LOOK BACK PERIOD
If you were diagnosed with Leukemia, many insurance companies would require you to be in complete remission for at least two years.
This means that if you have leukemia within the last two years, you are subjected to a waiting period and a higher premium.
It is possible to apply and get coverage after two years of successful treatment!
Many final expense companies will require you to be in remission for 2-3 years before they will grant you a policy with immediate coverage.
The longer you have been in remission for leukemia the more positive life insurance companies will consider your application.
POLICY OPTIONS FOR LEUKEMIA PATIENTS
IF YOU ARE CURRENTLY BEING TREATED FOR LEUKEMIA (LESS THAN TWO YEARS)
Unfortunately, if you are presently diagnosed or treating your leukemia, you will not be eligible for first-day burial insurance coverage until you have beaten your blood cancer and you have gone into remission for a minimum of two years.
If you are currently diagnosed or currently treating your leukemia most, it just means that you will have a two-year waiting period. It is completely unavoidable. No life insurance carrier will offer you immediate coverage because of your health condition.
Your best and lowest priced option if you have leukemia is to take out a guaranteed issue burial insurance policy.
This type of policy has no medical exam and no health questions. Many carriers offer this plan the only difference is the amount they charge. You will find that some insurers provide the most affordable guaranteed issue policy and they will not ask about your current leukemia diagnosis.
IF YOU ARE IN REMISSION FOR TWO YEARS
If you have been in remission, without symptoms for 2 years or longer, you have better options.
Every final expense company has a two-year look-back period on leukemia. There are burial insurance companies out there that only ask about leukemia or blood cancer within the last two years. Because it has been two years for you, you can now answer “NO” to their cancer question.
You can now qualify for a burial insurance plan with a level death benefit in some burial insurance companies we know. You will be covered from the first day and have no two-year waiting period.
CANCER FREE FOR THREE YEARS OR LONGER
If you’ve been cancer free for more than two years, you will have the best options to choose from.
It’s pretty much uncommon for burial insurance carriers to ask about Leukemia or cancer of the blood beyond the two-year mark. The great news is you will now qualify for level death benefit with many burial insurance companies and you got to pick the best plan at the lowest rate.
BURIAL INSURANCE WITH LEUKEMIA
There are two burial insurance plans available for people with Leukemia:
LEVEL DEATH BENEFIT
If your leukemia has been in remission for two years or longer, you can qualify for a level death benefit.
This is a simplified issue burial insurance plan with health questions and no medical exam needed. You will be fully covered from the first day, and there is no waiting period.
Your death benefit payout is fixed; it will not decrease and will remain the same throughout the duration of your policy. Your beneficiary will receive the full payout whenever you pass away.
A level death benefit policy option has better pricing than guaranteed issue burial insurance. We always try to get our clients level death benefit as possible if no other medical condition will disqualify them for this plan.
Sometimes this is not possible with a leukemia diagnosis is very recent or the treatment is less than two years.
GUARANTEED ISSUE LIFE INSURANCE
If you’ve recently been diagnosed with leukemia or you have been taking treatments like chemotherapy, biological therapy, targeted therapy, radiation therapy, stem cell transplant, t-cell treatment or other supportive treatments in the last two years, there is only one option open for you. And, this is a guaranteed issue burial insurance policy.
Guaranteed issue burial insurance has no medical exam required and no health questions to answer.
Your approval is guaranteed because the insurance carrier will not ask about your blood cancer. These no-exam no-questions burial policies are the next best choice for leukemia patients who will not get through traditional underwriting.
BENEFITS OF GUARANTEED ISSUE LIFE INSURANCE
- Guaranteed approval when you apply. You will be approved regardless of your medical condition.
- There are no medical exams, no needles urine or blood samples.
- There are no health questions to answer.
- Fixed monthly premiums, it will not increase due to age or health condition.
- Guaranteed fixed death benefits to your beneficiaries
- Policy not cancelable by the insurance company as long as you pay the premiums on time.
- The policy will last a lifetime. Your plan will not terminate or expire.
- You can accumulate cash value you can borrow against.
- The death benefit is tax-free.
You must be aware that there are some drawbacks to guaranteed issue burial insurance.
#1. Waiting period
Every guaranteed issue life insurance has a two to three-year waiting period.
You will need to be alive for at least two years after you purchase your plan before it covers you for natural causes of death. During the waiting period, your beneficiary would not receive the full death benefit if you died from leukemia or other illness – they would only receive the refund of your premiums plus interest which is typically 10%.
If you die from an accident during the waiting period, guaranteed issue policies will pay 100% of the full death benefit. Once the two-year waiting period had passed, even if it’s a day after, your beneficiaries would receive your death benefit in full if you die for whatever reason.
#2. Limited death benefit
Unlike life insurance policies that have medical underwriting, guaranteed issue burial insurance policies usually have a maximum death benefit amount of $25,000 to $50,000 depending on the insurance carrier.
So, if you’re buying life insurance for mortgage protection if you pass away, that goal may not be accomplished with a single burial insurance policy.
You may need to get multiple plans to achieve your goal, but it will be expensive. Guaranteed issue policies are just enough to pay for your funeral cost or other end-of-life expenses.
#3. It’s a little more expensive
Guaranteed issue life insurance is more expensive compared to plans that have health questions.
You will typically pay 15 to 40% more on your policy because of the added risk the life insurance carrier takes for approving your policy without asking for your medical condition. You can technically be in your death bed when you bought the policy, and the life insurance company will not know about it.
Even with these restrictions, guaranteed issue life insurance is still your best option for coverage if your leukemia diagnosis is very recent or your treatment is less than two years. You will need to compare quotes and coverage options from multiple companies to get the best rate.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy with leukemia 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 of leukemia, 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 leukemia funeral insurance, or leukemia burial insurance, or leukemia life insurance, we can help. Fill out our quote form on this page or call us at (888) 862-9456 and we can give you an accurate quote.