Finding burial insurance with a pre-existing condition can be a challenge. It is often frustrating to find life insurance coverage as some companies tend to flat out decline those with pre-existing conditions or classify them as high risk and offer them a high premium.
Despite these challenges, finding burial insurance with a pre-existing condition is still possible. Most applicants with pre-existing conditions are surprised to know how affordable their policy can be.
Regardless of your pre-existing medical conditions or how poor your health is, there are life insurance options open for you. There are many insurance companies on the market today that specialize in insuring different types of high-risk applicants with pre-existing conditions.
Most companies understand your conditions and have experience with high-risk applicants, and they will give you affordable protection.
For the majority of pre-existing conditions, it is relatively easy to qualify for burial insurance.
This article is your comprehensive guide to burial insurance
with a pre-existing condition. Click on the link to read more about each
medical condition and how you can find affordable insurance coverage.
CAN I BE APPROVED FOR LIFE INSURANCE WITH PRE-EXISTING CONDITION?
YES! Finding life insurance even with a pre-existing medical condition is possible. In fact, the majority of all health conditions are generally accepted by most life insurance companies.
Your current health history is one of the determining factors that burial insurance companies use to determine what plans to offer you and how much you pay.
In the rare event that you cannot qualify for life insurance (typically a terminal illness or high-risk condition), there is always a guaranteed issue life insurance plan available.
WHAT IS A PRE-EXISTING MEDICAL CONDITION?
A pre-existing medical condition is a health problem that is present before you apply for a policy. There are different policies available for people with certain health or medical conditions.
Life insurance companies rate each condition differently based on the level of risk you present to the company.
When you apply for burial insurance, you will typically be required to complete a health questionnaire. Your answer will give the life insurance provider some insights about your health. Your information will be used to assess the risk of dying prematurely.
The lower your level of risk, the lower your premiums will be. Below you will find different high-risk conditions listed in alphabetical order.
- Abdominal Aortic Aneurysm
- AIDS Acquired Immunodeficiency Syndrome
- ALS – Lou Gehrig’s Disease
- Alzheimer’s Disease
- Atrial Fibrillation
- Brain Tumor
- Cerebral Palsy
- Chronic bronchitis
- Congestive heart failure
- COPD – Chronic Obstructive Pulmonary Disease
- Coronary artery disease
- Diabetic amputation
- Diabetic coma
- Down syndrome
- Heart attack
- Heart bypass
- Heart Infection – Endocarditis
- Heart Murmur
- Heart transplant
- Heart valve surgery
- Hepatitis B
- High blood pressure
- HIV Human Immunodeficiency Virus
- Hodgkin’s Disease
- Huntington’s Disease
- Insulin shock
- Insulin use
- Kidney Disease/ Failure
- Liver Disease
- Lung disease
- Multiple sclerosis
- Muscular dystrophy
- Organ Transplant
- Parkinson’ Disease
- PTSD – Post-traumatic Stress Disorder
- PVD Peripheral Vascular Disease
- Sickle Cell
- Sleep Apnea
- Terminal Illness
- TIA Mini-stroke
- Valvular heart disease
If you have a pre-existing condition and you want to purchase a new insurance policy, it’s important to be aware of what types of plans you will qualify for, and what your pricing will be
HOW LIFE INSURANCE COMPANIES VIEW PRE-EXISTING MEDICAL CONDITIONS
A pre-existing medical condition can take many forms.
Your condition can be treatable, or it could be terminal. Your condition could be with you since birth, or you may just be recently diagnosed.
Pre-existing conditions that can affect life insurance eligibility can range from high blood pressure, diabetes to cancer, or anything in between.
A wide range of health issues can be considered a pre-existing medical condition, and it can either increase your premium or cause you not to qualify for coverage.
Insurance companies will assess your medical condition according to the seriousness of your pre-existing condition and your risk of dying prematurely. The worse your health is, the less likely the insurance company will offer you the lowest priced life insurance coverage.
There are plenty of insurance providers that offer coverage to high-risk applicants.
While some companies would deny you coverage because of your condition, some companies understand your condition and have experience with the high-risk application, and they will offer affordable protection.
The type of plan you will qualify, and your insurance premium will be based on your level of risk.
However, depending on what pre-existing condition you have, you can always find an insurance company that will provide affordable burial insurance coverage.
HOW BURIAL INSURANCE COMPANIES DETERMINE ELIGIBILITY
Every life insurance company will assess your health to determine your level of risk.
The good news is, there is no medical exam needed to qualify for burial insurance. The companies will look at three things for you to be eligible for a plan with instant coverage.
- Your answers to the health questions
- Your prescription history
- Your Medical Information Bureau file
ANSWERS TO HEALTH QUESTIONS
Burial insurance companies’ health questions are simple yes or no.
When you want to apply for burial insurance with a pre-existing condition, your answer to the health questions will carry the most weight. Your answers to the health questions will determine what plans you will qualify for and how much your premium will be.
If you answer yes to any health question, it doesn’t mean you will be automatically denied coverage, and it will mean two things. First, it may result in a higher monthly premium. Second, it may mean a higher premium and a two year waiting period.
Here are some sample health questions that most burial insurance companies will ask:
- Are you currently hospitalized, in a nursing facility, confined to a bed, or receiving hospice care?
- Do you have a terminal illness like cancer that may cause you to die within 24 months?
- Are you currently using oxygen for any lung or respiratory disorder?
- Do you need help with activities of daily living like eating, bathing, dressing, toileting, transferring or continence?
- Within the last 24 months, have you been diagnosed or treated by a doctor or had surgery for any of the following: health attack, heart blockage, heart valve disorder, stroke or transient ischemic attack?
Different companies use different wording on their questions. They also have a different look back period to medical conditions.
Some companies may ask if you’ve been treated for cancer in the previous four years, while others will ask if you’ve been treated for cancer in the past two years only. If you have a history of cancer, look for a company with a shorter look-back period.
It is important to note that if a burial insurance company does not ask about a health issue, it means they are accepting of it.
For example, you have high cholesterol. You will never see any burial insurance companies ask about high cholesterol. They don’t ask high cholesterol because they are okay with it.
The same principle applies to any other health issue.
PRESCRIPTION HISTORY CHECK
Every final expense company will perform a prescription history check. They will look at all the prescription medications you’ve been taking in the past few years.
They do this to validate your answers on the health questionnaire. If you say NO to the diabetes question, but the insurance company sees that you are taking Metformin, they will know that you are not being honest.
Each prescription you take gives the company a better knowledge and understanding of any underlying medical conditions. If they see a prescription they will assume that you are taking it to treat the condition it is meant to cure.
Even if you answer no to the health question, if you’re taking drugs for it, they will assume that you have a pre-existing health or medical condition.
Every insurance company has a different set of prescription medications that they will or won’t accept. One company may deny you coverage for taking Heparin (a blood thinner), while another will accept your application.
Medical Information Bureau Review
Every final expense insurance company that offers immediate coverage will look at the MIB.
Your MIB records contain information from life insurance companies that you have applied for in the past. This report is being reviewed when you apply for coverage.
Insurance companies will look for any information that is conflicting with your application. For example, if you tell one company that you had a stroke six months ago and you were declined, the next company you apply will see this.
If you tell the new company that you haven’t had a stroke in the last two years, they will know that you are not being truthful on the application, and they deny you coverage.
If you are honest in the application, the Medical Information Bureau review will never be a problem.
After reviewing all this information, the insurance company can give you a decision regarding your eligibility and how much you will pay.
Most companies today will give a decision within minutes of submitting the application. However, some of them may take up to three days before you will know if your application has been accepted or not.
BURIAL INSURANCE WITH PRE-EXISTING CONDITION
The greatest advantage of burial insurance is how quickly you can get life insurance coverage for your loved ones.
Unlike traditional life insurance with medical exam, burial insurance won’t have you to wait several weeks to get coverage. Instead of waiting for up to a month, you could get burial insurance in a matter of minutes to several days.
Burial insurance with no medical exam is a simplified issue process with limited underwriting. There are no physicals or medical exam, and some plans don’t even have health questions.
Simplified Issue Burial Insurance
You will get immediate coverage if you qualify for simplified issue burial insurance. You will be covered from day one, and your beneficiaries will receive the full death benefit if you die for any reason.
When applying for simplified issue burial insurance, you’ll be asked several health questions to determine if you will qualify for coverage, and how much your premiums will be.
Depending on the company, you might be disqualified for immediate coverage if:
- You’re in a nursing or assisted living facility.
- You have impaired mobility, and you need a wheelchair.
- You’ve been diagnosed with a terminal illness like cancer or kidney failure.
- You have cognitive impairments like dementia or Alzheimer’s disease.
- You need assistance with ADL – activities of daily living.
- You need oxygen because of COPD or any lung disease.
Simplified issue burial insurance is a good alternative if you can’t qualify for fully underwritten life insurance because of your pre-existing medical condition.
Guaranteed Issue Burial Insurance
Guaranteed issue policies are whole life insurance policies that will last your entire life.
You are not required to take a medical exam or answer any health questions to qualify. The insurance company will not look at your prescription history or MIB. You will be approved for coverage regardless of your pre-existing medical condition.
This is an excellent plan if you cannot qualify for a simplified issue policy because of your health.
The death benefit for guaranteed issue policies is generally limited to a maximum of $25,000. If you only need insurance to cover your funeral and final expenses, guaranteed issue life insurance is best for you.
Additionally, guaranteed issue policies have a two-year waiting period where your beneficiary will not receive the full death benefit payout if you pass away from natural causes during this period. However, you will be fully covered for accidental death.
If you die from a natural cause such as a consequence of an illness during the two-year waiting period, your beneficiary will only receive all the premiums you paid into the policy plus 7-10% interest depending on the insurance company.
WHAT IF I HAVE BEEN DECLINED BECAUSE OF MY PRE-EXISTING CONDITION?
If you have been declined for life insurance coverage, don’t give up hope.
All too often the company you applied with is not the right company for you. We could help you get approved for life insurance coverage. We can shop your case to multiple life insurance companies to get the best plan for your needs.
If you are considered uninsurable because of your pre-existing condition, we can get you a guaranteed issue life insurance plan. This plan does not require a medical exam or health questions.
You will be approved for coverage regardless of your pre-existing medical condition.
HOW CAN FUNERAL FUNDS HELP ME?
If you’re looking for burial insurance with a pre-existing condition, 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 for 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 pre-existing condition funeral insurance, or pre-existing condition burial insurance, or pre-existing condition 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.