Getting burial insurance for nursing home residents is possible. Being confined to a nursing home, hospital, long-term care facility does not disqualify you from getting a burial insurance policy, even if you’ve been turned down in the past because of your medical or health condition.
Burial insurance is designed to cover the cost of a funeral and final expenses. It can provide your family with the funds needed to pay for your funeral and other outstanding debts. This coverage is important since the average funeral can cost more than $10,000.
Burial insurance doesn’t require you to take a medical exam or answer any health questions. Your acceptance is guaranteed which means you can be approved regardless of your health or confinement to a nursing home.
If you need burial insurance for a nursing home resident, you may find affordable burial insurance by comparing the premium amount from different A-rated companies and choosing the lowest price you can afford.
BURIAL INSURANCE FOR NURSING HOME RESIDENTS
Nursing home or skilled nursing facilities provide services to people who don’t need to be in a hospital but have trouble receiving proper care at home. These services include nursing care for 24 hours, three meals a day, medical care, physical, speech, and occupational therapy.
Some people stay at a nursing home facility for a short time after being in the hospital. After they recover, they go home. However, most nursing home residents live there permanently because they have ongoing mental or physical conditions that require constant care and supervision.
There is no specific insurance policy designed for nursing home residents, but there is only one life insurance policy that you can be eligible since traditional term or whole life insurance is not available for nursing home residents.
Nursing home residents who want to protect their loved ones and family financially have the option to get burial insurance with no medical exam and no health questions to cover the cost of a funeral and other final expenses. It will provide their family with the funds needed to cover burial expenses.
This coverage is important since the average funeral can cost more than $10,000.
Guaranteed issue life insurance is a great relief to nursing home residents who can’t get traditional life insurance coverage because of their medical condition. You will qualify for this plan regardless if you need help with “activities of daily living”. With a guaranteed issue policy, it doesn’t matter if you are in a nursing home because it is a non-issue with these burial insurance companies.
Nursing home residents can easily get guaranteed issue burial insurance. The minimum age requirement to qualify is 50 to 85 years old. If you’re a U.S. citizen and you qualify on the age requirement, you will be eligible for this policy.
While a guaranteed issue policy may cost a bit more than level death benefit with immediate coverage, you won’t need to worry about the possibility of being denied coverage due to residing in a nursing home.
REQUIREMENTS TO QUALIFY FOR GUARANTEED ISSUE LIFE INSURANCE
Every burial insurance company has their own age requirement, but most companies are offering guaranteed issue whole life insurance accepts applicants who are 50 to 85 year old.
Not every insurance company have their guaranteed issue plans licensed in every state. Make sure the insurance company you are applying for has guaranteed acceptance life insurance policy available in your state before applying for coverage.
ABILITY TO ENTER INTO A LEGAL CONTRACT
You must possess a mental capacity to enter into a legal contract to qualify for this plan. For example, if you have a severe cognitive impairment like dementia or Alzheimer’s disease and may not be able to give legal consent to an agreement, the insurance company may reject your insurance application.
Most guaranteed acceptance life insurance companies only
require your gender, age, resident state, and whether or not you use tobacco
products. As simple as that, there’s nothing more when applying for coverage
and it’s very convenient.
ABOUT GUARANTEED ISSUE BURIAL INSURANCE
Guaranteed issue policy does not require medical exam or health questions to qualify. Your approval is guaranteed if you qualify on the age requirement.
A standard part of guaranteed issue burial insurance is a graded death benefit or a limited benefit period. There is a two to four year waiting period before the full death benefit will be available to your beneficiary if you die from natural causes.
WHAT IS A GRADED DEATH BENEFIT?
Are you wondering how the companies make money if they offer everybody life insurance coverage without even asking any health questions? Instead of having a medical exam and regular medical underwriting, the insurance companies impose a waiting period.
The insurance companies impose a waiting period that lasts from two to four years depending on the company. The companies do these to keep those who are terminally ill or those on their death bed from purchasing a policy and benefiting from it.
A graded death benefit means there is a two to four-year waiting period after the policy is issued.
HOW DOES GRADED DEATH BENEFIT WORKS?
This means that if death is due to an accidental cause, there will be no waiting period. The full death benefit amount will be paid to the beneficiary from day one of the policy.
If the insured dies during the waiting period from natural causes or any reason other than an accident, the beneficiary will receive all premiums paid plus 7 to 10% interest. Even if the beneficiary can’t get the full death benefit during the waiting period, you will still not lose any money that you put into the policy.
For example, you’re a 65-year-old male, and you pay $1,000 per year for a $25,000 guaranteed acceptance policy. If you have prostate cancer and you may not live for another two years. If you live a year and die, your beneficiary will get $1,100 [$1,000 annual premium plus 10% interest]. If you live for over two years, your family will get a $25,000 death benefit.
If you die by suicide during the waiting period, the only amount payable to your beneficiary will be the premiums you paid plus 7 to 10% interest, less any debt against the policy.
WHAT IF I OUTLIVED THE GRADED DEATH BENEFIT?
Your beneficiary will receive the 100% death benefit that you’ve signed up for if you live past the graded death benefit period. After the waiting period, if you die for any reason the full face amount of the policy will be given to your family.
If you outlive the waiting period even by a single day, then
your beneficiaries will receive the full death benefit from the life insurance
company. While your family may not receive a significant amount of cash from
the policy, it will be enough to cover the funeral cost.
WHY DO YOU NEED GUARANTEED ISSUE LIFE INSURANCE IF YOU ARE IN A NURSING HOME?
We recommend buying guaranteed issue life insurance if you are in a nursing home with or without severe medical conditions because this is the only insurance coverage you will qualify for.
Even if you have a terminal illness and expected to expire in the next 24 months, this plan is still best for you.
Buying a guaranteed issue burial insurance may mean you will need to live two years before you are fully covered for a natural cause of death. But, if you buy guaranteed issue life insurance now, you start working on the waiting period immediately, and chances are you will outlive it, and your beneficiary will receive the full death benefit when you pass away.
Postponing your application for insurance coverage is not a wise decision if you are in a nursing home. Your health may decline at any time, or you could develop other chronic condition like diabetes or high blood pressure.
A guaranteed issue life insurance plan may be a little
expensive than plans with full medical underwriting, but you don’t need to
worry about being declined for coverage because you are in a nursing home. Your
approval is guaranteed, and whatever happens to you in the future, you have
BENEFITS OF GUARANTEED ISSUE LIFE INSURANCE
Guaranteed issue whole life insurance will be your best insurance coverage option if you are hospitalized or a nursing home resident.
EASY TO QUALIFY – when you apply for guaranteed issue policy, you will only need to fill out your personal information, beneficiary and your payment information.
If you look at the application, you will not find any health-related questions on it. The insurance company will not check your health history, check your prescription history, or pull your medical records.
You will easily qualify for this policy, and all you need is the ability to sign your name on the application for coverage. You can apply over the phone or your computer, and in a couple of minutes, it’s approved. It’s very easy to apply!
LEVEL PREMIUM – one of the great benefits of a guaranteed acceptance policy is that the monthly premium is locked in for the duration of the policy. Your monthly insurance amount 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 time it will never increase because of age or declining health.
NOT CANCELLABLE – some people complain about their life insurance policy canceling because of their age or worsening health condition. Guaranteed issue burial insurance for nursing home residents will never cancel because of advancing age or declining health, condition as long as premiums are made on time.
YOUR DEATH BENEFIT AMOUNT WILL NEVER DECREASE – your death benefit payout is a fixed amount and it is guaranteed to never decrease for any reason. Your beneficiaries will receive 100% death benefit when you pass away after the two-year waiting period.
YOU CAN PURCHASE MINIMAL COVERAGE – if your purpose for getting burial insurance is to pay for your funeral and burial cost, guaranteed acceptance policies allow you to buy as little or as much as you need. You can choose to buy between $2,000 to a maximum of $25,000.
CASH VALUE ACCUMULATION – guaranteed issue burial insurance for nursing home residents is whole life insurance that accumulates cash value over time. This cash value can be used to pay your premiums, or you can borrow against it to be used for whatever purpose you want.
HOW MUCH CAN I GET FROM A GUARANTEED ISSUE POLICY?
There is a wide range of guaranteed issue coverage option starting from $1,000 to a maximum of $25,000. Your death benefit amount is fixed, and it will never decrease for any reason. This death benefit amount is not subject to Federal tax if paid to your beneficiary.
Qualifying for guaranteed issue burial insurance is easy. Due to no medical exam and ease of application, the premium that is charged will be higher than the traditionally underwritten policies. It is due to the risk that the life insurance company is taking by offering a no health question policy.
COMMONLY ADVERTISED GUARANTEED ISSUE LIFE INSURANCE IN TV AND MAGAZINES TO AVOID
- INCREASING PREMIUM – most life insurance companies advertising on TV offer premium increase every five years. A real guaranteed issue burial insurance has a fixed premium for life.
- POLICY TERMINATION AFTER AGE 80 – some insurance policies terminate after you pass 80 years old. Guaranteed issue final expense insurance is a whole life insurance policy that lasts a lifetime.
- 3-YEAR WAITING PERIOD – Avoid these guaranteed issue companies that have more than two-year waiting period. The best-guaranteed issue burial insurance only has a two-year waiting period. It is important to work with an independent life insurance agency that will prevent you from agreeing to buy a guaranteed issue burial insurance with a 3 or 4 year waiting period.
THE BEST GUARANTEED ISSUE LIFE INSURANCE POLICY
The best-guaranteed issue life insurance policy will not have you wait more than two years to take full coverage. Some insurance 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 confined to a nursing home, then guaranteed issue burial insurance is your best choice. Your application will be easy because there are no medical exam or health questions.
Guaranteed issue whole life insurance has a two-year waiting period only if you pass away during the first two years because of natural death, your beneficiaries will get all your premiums back plus 10% interest.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy if you’re a nursing home resident 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 history of being in a nursing home, 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 a nursing home funeral insurance, or nursing home burial insurance, or nursing home 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.