If you’ve ever been told that you can’t get burial insurance with schizophrenia, don’t believe them. Even with schizophrenia, you can get the affordable burial insurance coverage that you deserve.
Because schizophrenia is a mental health condition that is frequently misunderstood and misrepresented in our society, people with this condition often feel intimidated by the prospect of applying for insurance. A burial life insurance application can be daunting if you do it all by yourself, given the underwriting process required to be approved.
Every life insurance carrier sets its own approval guidelines, and some companies are more lenient with applicants who have been diagnosed with schizophrenia than others. We know those best companies and applying with them will save you time and money and prevent your request for coverage from getting declined.
We have helped many clients with schizophrenia find the lowest cost of burial insurance, and we can help you too. Many life insurance companies look at schizophrenia applicants favorably. We can help you get the most affordable burial insurance with immediate coverage.
Here’s a detailed guide on what you need to expect when applying for burial insurance with schizophrenia.
WHY DO BURIAL INSURANCE CARE ABOUT SCHIZOPHRENIA?
Schizophrenia is a severe mental disorder that affects how a person feels, thinks, and behaves. People with schizophrenia interpret reality abnormally experience frightening symptoms, such as hallucinations (hearing internal voices) and delusions (believing that others are plotting to harm them).
There are approximately 2.4 million adults in the U.S with schizophrenia.
Schizophrenia is a chronic and disabling mental illness. People with schizophrenia require lifelong treatment. Early treatments keep the symptoms under control and stop the development of complications.
While some can control their condition easily with therapy and medication, the symptoms can be more severe with others. Many patients need ongoing supportive care from a psychiatrist, and some may require periodic hospitalization when the symptoms become unmanageable.
People with schizophrenia die at a considerably younger age than the rest of the population. Reasons for this include late diagnosis, metabolic side effects of antipsychotic medication, poor treatment of physical illness, unhealthy lifestyle and high risk of suicide.
Schizophrenia is correlated with suicide risk, with the vast majority of suicide victims suffering from schizophrenia.
A new study shows that the average life expectancy of men is 15 and women 12 years shorter than for those who do not suffer from the disease. Insurance underwriting is based on risk assumption, for this reason, applicants living with schizophrenia often have trouble finding coverage.
Insurance carriers do not necessarily disqualify applicants with schizophrenia because of potentially life-threatening symptoms, but the overall effect of the disease on the applicant’s ability to function in normal daily activities can lead to denial.
Applicants may have difficulty keeping a job or taking care of their physical health. Some of them may be at higher risk for suicide or have high-risk coping behaviors. It is for these reasons that insurers have a hard time offering coverage for those more severe cases.
BURIAL INSURANCE WITH SCHIZOPHRENIA
While in the past it was hard for anyone with schizophrenia to get life insurance, modern medical treatments available today have made the condition much less of a risk to carriers. If you’ve just been diagnosed, you can get a no-exam burial policy and get coverage immediately.
The path to the lowest rates on burial insurance is to qualify for a policy that has underwriting. You will find that having a schizophrenia diagnosis is never a cause of concern for most burial insurance companies. In fact, some of them never ask about it in their health questions.
So here’s the bottom line.
If insurance companies don’t ask about your health condition, it means they don’t care, and you will qualify for level death benefit with the lowest price and no waiting period.
If you are looking for funeral insurance with Schizophrenia, you will find that the companies we work with will never care about your condition. They will look at your health condition favorably even if your condition is acute, even if you have been hospitalized within the last two years due to schizophrenia. You will easily qualify for level rates, and you will have no waiting period.
Did you know that burial insurance plans don’t require medical exams?
Yes, it’s true! And it gets even better!
When applying for a final expense plan with any of our carriers, you will not have to submit to a medical examination. You will only have to answer some questions about your health.
There are many effective treatment options available for schizophrenia patients which will allow you to lead a normal life. Fortunately, having schizophrenia will not disqualify you from getting affordable burial insurance.
UNDERWRITING BURIAL INSURANCE WITH SCHIZOPHRENIA
If you want to pay the least and be covered immediately go for an insurance plan with non-medical exam underwriting. The underwriting includes health questions and prescription history check to determine your level of risk and amount of premium.
Some insurance companies do ask about schizophrenia in their health questions. You can see it asked in different ways because every company is different.
Here are some examples of the various ways schizophrenia appears in the health questionnaire:
- In the last two years, have you been diagnosed or treated for schizophrenia?
- In the last two years, have you been diagnosed or treated for a mood disorder like bipolar or severe depression?
- In the last two years, have you been diagnosed for any form of psychosis?
- In the last two years, have you been hospitalized due to depression, anxiety, or any other mental health disorder?
Different insurance companies use different lookback times but two years is the most common. Some companies may ask about schizophrenia using a lookback time of 3 to 5 years or even in your entire life.
Other Question that may knock you out of Level Death Benefit:
Some insurance companies will not specifically ask about schizophrenia or any mental health condition, but there are some questions on the application that may knock you out of level death benefit or immediate coverage.
You will often see questions on the life insurance applications such as:
- Are you currently working?
- In the past two years, have you been admitted to a hospital or treatment facility for any reasons?
- In the last 12 months, have you applied for or receive any form of disability benefits?
These questions are designed to learn more about how you are functioning in normal daily activities which will disqualify you for from getting immediate coverage.
Answer the questions honestly.
Trying to hide your mental health history could make the insurance company impose a penalty. The insurance company will perform investigation during the contestability period, and if they find evidence of fraud (like lying about your mental health history), they can lessen the death benefit due to your beneficiary or outright deny it.
Most policies contain a suicide clause that stops the insurance company from releasing the death benefit to your beneficiary within the first two years of the policy. Schizophrenia increases your risk of suicide, by not telling your condition to the insurance carrier, you put your beneficiaries at risk too.
It’s entirely possible for a schizophrenia patient to experience an episode that leads to a temporary hospitalization. Some insurance carriers have a health question that asks if you have been hospitalized within the last 6 or 12 months. Any company that asks about your hospitalization history will flat out decline your application outright.
If you have been hospitalized because of an episode, it will have no effect on your eligibility for burial insurance. Since there are so many other insurance carriers that do not ask this question, we will place you on the insurer that does not ask about hospitalization.
You will notice most health questionnaires don’t even mention schizophrenia in their health questions. Remember, the insurance company is accepting of any health condition they do not ask about. Since most carriers don’t ask about schizophrenia, they will not count it against you.
PRESCRIPTION HISTORY CHECK
Aside from the health questions, the insurance companies will conduct a prescription history check as part of their underwriting process. They do prescription history check to verify your health.
Here’s a list of common medications for schizophrenia that most insurance companies are on the lookout for.
If you are taking any of these prescription drugs, it will indicate that you are being treated for schizophrenia.
- Aripiprazole (Abilify)
- Asenapine (Saphris)
- Brexpiprazole (Rexulti)
- Cariprazine (Vraylar)
- Chlorpromazine (Thorazine)
- Clozapine (Clozaril)
- Fluphenazine (Prolixin)
- Haloperidol (Haldol)
- Iloperidone (Fanapt)
- Lurasidone (Latuda)
- Olanzapine (Zyprexa)
- Paliperidone (Invega)
- Perphenazine (Trilafon)
- Thiothixene (Navane)
- Trifluoperazine (Stelazine)
- Quetiapine (Seroquel)
- Risperidone (Risperdal)
- Ziprasidone (Geodon)
These drugs may help control your symptoms. If you are taking any of these to keep your schizophrenia under control, you can still get a good rate on your life insurance.
The only way these medications would be an issue is if you apply with a company that is not fond of schizophrenia because there are so many carriers that are welcoming of your condition.
We know what company to apply and what to avoid, we will point you to the company that is okay even if you are taking any of these medications. If you have schizophrenia with no other severe medical conditions, you will still qualify for immediate coverage.
POLICY OPTIONS FOR SCHIZOPHRENIA PATIENTS
LEVEL DEATH BENEFIT
There are insurance companies that care less about schizophrenia. For these companies, schizophrenia patients are the same as people with no health issues. These companies allow you to secure immediate coverage at low rates. They provide full face amount coverage from the date they issue the policy.
Every burial insurance company with health questions or underwriting offers the lowest rate.
With today’s high medical cost, any money saved on premiums will help reduce your overall monthly expenses in managing your schizophrenia health condition.
LEVEL BENEFIT ADVANTAGES
If you are diagnosed with Schizophrenia and undergoing treatment for this condition you may qualify for level death benefit with the following guarantees:
- Instant coverage. You are fully protected from the first day your coverage goes into effect, and there is no waiting period.
- Easy to qualify. You skip the medical exam. You only need to answer some health questions.
- Level premium. Your monthly premium is fixed as long as you continue paying your premium on time. It is guaranteed to never increase because of advancing age or worsening health condition.
- The death benefit will never decrease. Your beneficiaries will receive the amount on your policy when you pass away.
- Tax-free. Your death benefit will be paid to your beneficiaries free of tax. They will generally not owe any income tax on the death benefit.
- Not cancellable. Your policy can never be canceled by the life insurance company as long as premium payments are made on time.
- Common Carrier Accidental Rider included in the plan which provides an additional death benefit if you die due to accidental injuries that happen while riding as a fare-paying passenger on a common carrier, such as bus, train or plane.
GUARANTEED ISSUE LIFE INSURANCE
We know about the insurance companies underwriting guidelines and requirements for life insurance coverage with Schizophrenia. If you have other medical conditions that will disqualify you from level death benefit, guaranteed issue life insurance is your best option.
You can always qualify for a guaranteed issue insurance policy. It only costs a bit more than the level death benefit and you will never have to worry about the possibility of being rejected due to schizophrenia.
It’s important to understand that guaranteed issue policies will have their advantages and drawbacks which you will definitely need to be aware of before deciding to purchase one.
Guaranteed issue life insurance is whole life insurance that never expires due to age or worsening health condition.
You are not required to take a medical exam nor would you need to answer any health questions. The company will also not require you to submit your medical records, and your prescription history will not be checked either.
Your monthly insurance premium is fixed and will remain the same for the life of the policy. Your death benefit amount will never decrease for any reason. Your policy will last your lifetime and will never be canceled by the insurance carriers as long as payments are made on time.
THINGS TO CONSIDER WITH GUARANTEED ISSUE LIFE INSURANCE:
The coverage of guaranteed issue life insurance policies is going to be limited to a maximum of $25,000 or less depending on your age. If you’re looking for more than $25,000 of coverage you are out of luck. Your other option is to buy several guaranteed issue life insurance policies, but it can become pretty expensive over time.
Guaranteed acceptance life insurance policies typically cost more than traditional life insurance policies. It doesn’t mean that your premium will be overly expensive than other life insurance plans, it only means that dollar for dollar it may be a bit higher compared to the amount of coverage you get.
Every insurance company is different.
Some companies may charge an extra 30%, and some may charge up to 60% more.
Either way, they all have a graded death benefit or waiting period that lasts 2 years. It means that the company will not pay out any benefits on your policy if you die during the first two years from the natural cause of death. If that happens, they will refund all your premiums paid plus interest which is usually 10%.
We always strive to get our clients to qualify for the level death benefit. However, if you have some health issues that may prevent you from qualifying if you answer their health-related questions, guaranteed issue no-questions policies that contain a waiting period may still be your best bet.
FINDING AFFORDABLE BURIAL INSURANCE WITH SCHIZOPHRENIA
To find the most affordable burial insurance with schizophrenia, one of the most important steps you make toward getting coverage is to work with an independent life insurance agency like Funeral Funds that has sufficient experience and have access to multiple burial insurance companies.
We will shop your case to different carriers to determine that one that looks at schizophrenia favorably. We know those companies that never ask for schizophrenia in their health question. Those that never ask will offer level death benefit with instant coverage and the lowest monthly premium.
If you or a family member is being treated for schizophrenia and looking for burial insurance with immediate coverage, call us at (888)862-9456 or drop us a message at the chatbox below. We work with insurance carriers that offer first-day coverage at the lowest rate for those being treated for schizophrenia. If you are on guaranteed issue plan, we can save you money and get you first-day coverage.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy with a Schizophrenia 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 Schizophrenia, 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 Schizophrenia funeral insurance, or Schizophrenia burial insurance, or Schizophrenia 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.