Are you looking for burial insurance with retinopathy? Getting final expense insurance with diabetes can be a challenge, let alone with diabetic complications like retinopathy. However, it’s not as difficult as you think.
As treatments improve, more and more life insurance companies are becoming more relaxed with their underwriting (reviewing ou health) for people with diabetes. In fact, we work with insurance companies that accept people with diabetes and diabetic retinopathy.
And here’s the good news.
Burial insurance with retinopathy does not require you to take a medical exam or submit a blood and urine sample. You only need to answer some basic health questions.
If you or someone you love suffer from diabetic retinopathy, keep reading because we will discuss your options in this article so that you can find affordable coverage with diabetic retinopathy.
THE EFFECT OF RETINOPATHY TO LIFE INSURANCE ELIGIBILITY
Retinopathy is a diabetic complication that affects the eyes. This condition is caused by damage to the blood vessel of the retina or the light-sensitive tissue at the back of the eyes. It usually affects both eyes.
At first, retinopathy may not cause any symptoms except for mild vision problems. Eventually, however, retinopathy can cause blindness if untreated.
Retinopathy can develop in people with type 1 or type 2 diabetes. The longer you have diabetes with less controlled blood sugar, the more likely you will develop this eye complication.
The risk of developing retinopathy can increase as a result of:
- Long duration of having diabetes – if you have diabetes for a long period, it will damage your eyes
- Poor control of blood sugar level
- High cholesterol
- High blood pressure
- Tobacco use
Finding final expense insurance with diabetic retinopathy can be frustrating if you try to do it on your own, especially if you have been declined coverage in the past.
But, don’t let retinopathy discourage you from trying to obtain affordable burial insurance. You can be eligible for life insurance even with diabetic retinopathy or blindness.
Having diabetic complications like retinopathy does put you in a higher risk category. Some life insurance companies don’t want to deal with this kind of risk. However, we have some insurers that accept this kind of condition.
The time since your retinopathy diagnosis will affect the type of plan you will qualify for and the amount you’re going to pay.
UNDERWRITING BURIAL INSURANCE WITH RETINOPATHY
Underwriting is a process by insurance companies to determine how risky you are to insure.
They use different methods of underwriting, including:
- Asking health questions on the application
- Checking your prescription history
- Analyzing your Medical Information Bureau file
Guaranteed issue life insurance does not have any form of underwriting.
Guaranteed issue life insurance is uniquely designed to approve people with severe medical conditions. It guarantees approval to all applicants that will pass the age requirement. However, this plan is a bit more expensive than insurance plans with underwriting.
All other final expense policies ask health questions that will be used to help determine your eligibility and pricing.
Burial insurance plans with underwriting ask health questions on the application. You must answer these questions to qualify for coverage.
Every burial insurance company asks a different set of health questions.
Here are some common ways diabetic retinopathy is asked in the health questions:
- In the past two years, have you been diagnosed, treated, tested positive for, taken medications or been prescribed medications for, or been advised by a licensed physician or other health care provider for Insulin shock, diabetic coma, eye or kidney problems due to complications from diabetes?
- In the previous 12 months, have you been medically diagnosed or treated for diabetes or uncontrolled diabetes or diabetes complications, including circulation, amputation, coma, insulin shock numbness, eye or kidney disorder?
- Within the previous two years have you had, or been diagnosed or advised to receive treatment or medication for diabetic complications such as insulin shock, diabetic coma, neuropathy (nerve, circulatory) retinopathy (eye), or nephropathy (kidney).
- Have you been treated for insulin shock, diabetic coma, or ever taken insulin shots before the age of 50, or were you diagnosed with diabetes before age 30?
- Has the proposed Insured been diagnosed with, been treated for or advised to receive treatment for diabetes (other than gestational diabetes) before the age of 18?
- Have you been treated for insulin shock, diabetic coma, or ever taken insulin shots before the age of 50, or were you diagnosed with diabetes prior to age 30?
You will notice that there is a time frame tied to the health questions.
The health questionnaire will generally use two-time references when they ask about retinopathy.
Some will ask if you have it within the last 12 months, but most companies ask if you have it within the previous 24 months, or if you ever had retinopathy.
Your time of diagnosis with retinopathy will determine what life insurance plans are open for you and how much premium you will pay.
Burial insurance companies only ask about medical conditions they care about. If you don’t see retinopathy in the health questionnaire, that means the company is okay with it, and they will approve your application even if you have this condition.
PRESCRIPTION HISTORY CHECK
There are no specific prescription medications that would indicate retinopathy.
Some of the prescription medications for retinopathy include:
If you are taking any of these drugs, it will not affect your eligibility for burial insurance. These prescription medications are not a red flag to most life insurance companies.
OTHER FACTORS THAT MAY AFFECT UNDERWRITING
If your retinopathy progressed to blindness, you might require home health care or help in performing different activities of daily living.
Most life insurance companies will typically ask these questions:
- Are you currently receiving home health care?
- Do you require assistance from anybody with activities of daily living such as eating, bathing, dressing, toileting, transferring, or continence?
You’ll find these health questions on the “knockout section” of the application (meaning you will not qualify for that particular company’s plan).
NEEDING HELP WITH ACTIVITIES OF DAILY LIVING
Some diabetes patients may become blind due to retinopathy and may need help with activities of daily living. ADLs include eating, bathing, dressing, toileting, transferring, and continence.
Every life insurance company with underwriting will ask if you need help with ADL in their knockout section.
If you can perform these activities independently, then your retinopathy will have little to no effect on your burial insurance eligibility.
However, if you need help with any of the ADL, then your options are limited. You can either apply to one company that does not ask about it.
Most life insurance companies will decline anyone who needs help with activities of daily living if you are in this situation; your best choice for insurance coverage is a guaranteed issue burial insurance.
Both level and guaranteed issue life insurance will get you quality insurance coverage, but the first option will have a lower premium.
HOME HEALTH CARE
Every life insurance company asks about home health care, just like the activities of daily living.
Some diabetes patients with retinopathy may require home health care when their retinopathy progressed to blindness. If this is your condition, it would be best to take out a guaranteed issue burial insurance.
In addition to these questions, the insurance company will also ask about your other health conditions.
Some companies may accept all your other health conditions, but others might not take the other conditions your doctor is treating you for. We are experts at evaluating your health to determine which company will accept you based on your health.
BURIAL INSURANCE WITH RETINOPATHY
Having retinopathy will not prevent you from obtaining burial insurance. In fact, there are some affordable insurance options for you if you have this condition.
The type of plan you will qualify for will depend on how long you have diabetic retinopathy.
YOU WERE DIAGNOSED WITH RETINOPATHY LONGER THAN TWO YEARS
Most life insurance companies only ask about retinopathy in the last 24 months.
If your diabetic retinopathy diagnosis occurred more than two years ago, you will have the best options to choose from. Thankfully, there are a select few final expense insurance companies that offer level death benefit with first-day full coverage.
Level Death Benefit Plan
The best thing about level death benefit plan is full coverage from the very first day. Your beneficiary will receive your total death benefit when you pass away from the minute you are approved.
To get the best burial insurance with diabetic retinopathy, you need to work with an independent life insurance agency like Funeral Funds. We know the diabetic-friendly companies that offer first-day coverage and lowest rate.
BETWEEN 1 AND 2 YEARS SINCE DIAGNOSIS
If your retinopathy diagnosis is less than two years, most burial insurance companies will offer you a graded benefit plan. It means you are partially covered from the first day. This plan is better than a plan with a two-year waiting period.
Graded Death Benefit Plan
A graded death benefit plan offers partial coverage during the first two years before the policy will pay the full death benefit.
A graded death benefit works this way:
If you purchased a $10,000 face amount and you pass away during the first year of the policy, your beneficiary would receive 30-40% of the death benefit.
If you die in the second year, the company will payout 70-80% of the death benefit.
The 100% death benefit will be paid if you die in the third year onwards.
A graded benefit plan is your next best option if you cannot qualify for first-day coverage because of retinopathy or other diabetic complications.
LESS THAN 1 YEAR SINCE DIAGNOSIS
It is rare for life insurance companies to look back one year on retinopathy. If your diabetic retinopathy diagnosis occurred one year or less than one year ago, your best life insurance option is a guaranteed issue burial insurance.
You can always get life insurance coverage with a guaranteed issue whole life insurance regardless of your diabetic retinopathy or even blindness. With this plan, you won’t have to answer any questions about your health or take a medical exam to qualify for insurance coverage.
While it will cost a bit more than first-day full coverage, you will not have to worry about being declined due to your medical condition. Your approval is guaranteed, but there is a waiting period for a natural cause of death during the first two years of the policy.
Guaranteed Issue Burial Insurance
Guaranteed issue whole life insurance does not even ask how mild or severe your diabetic complications such as retinopathy, nephropathy, neuropathy, diabetic coma or insulin shock is because you will be approved with no health questions asked.
Patients who became blind due to retinopathy can get guaranteed issue policy.
If you are between the ages of 50 to 85 years old and a U.S. citizen and have the mental capacity to enter into a contract, you will easily qualify for this plan.
Guaranteed issue policy is graded during the first two years for natural causes of death. It comes with a two-year waiting period. The good news is that the policy will pay a 100% death benefit if you have an accidental death during the waiting period.
If you die from an illness, the insurance company will pay your beneficiary the return of all your premiums plus an additional 10% interest (a terrific return on investment!). If you pass away after the waiting period, your beneficiary will receive 100% of your death benefit.
WHAT IF YOU’RE DECLINED FOR LIFE INSURANCE DUE TO RETINOPATHY?
If you are declined for first-day coverage due to retinopathy and blindness, don’t get discouraged and think that you can’t get affordable life insurance with a different company.
We can get you approved for coverage in some select life insurance companies that do not ask about diabetic retinopathy as long as you don’t have other health issues that will prevent you from qualifying with them.
Even if you aren’t eligible with some companies, you can purchase a guaranteed issue burial insurance policy.
We recommend a 2-year waiting period policy option as a last resort because GI policy is the most expensive form of coverage. You are guaranteed coverage, and whatever happens in the future your family is protected.
When applying for burial insurance with diabetic retinopathy, it’s best to work with an independent life insurance agency like Funeral Funds. We know the underwriting guidelines of many companies, and we can get you the lowest rate.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy if you have diabetic retinopathy 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 retinopathy, 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 retinopathy funeral insurance, or retinopathy burial insurance, or retinopathy 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.