Burial insurance no exam policies offers you the ability to get life insurance coverage without a medical exam or blood and urine test. If you have a pre-existing medical condition that would prevent you from passing a medical exam, or if you need coverage very quickly and easily, burial insurance no exam policies are a handy and affordable alternative.
There are many good reasons to buy burial insurance. We know that life insurance is important to protect our families from financial burdens and stress when we pass away.
One great benefit of no exam policies is that your current medical conditions will often not affect the premium you will pay for your coverage. Also, with no exam policies, you can get approved instantly.
In this article, we will explore everything you need to know about burial insurance no exam and how you can get the best plan at the best price.
WHAT IS A MEDICAL EXAM?
A medical exam is one of the insurance underwriting processes done by the life insurance companies to classify applicants based on the risk they pose to the company. It also determines how much each applicant will pay in premiums based on their risk classification.
The medical exam usually takes about 20 to 30 minutes. It can be scheduled at home or workplace in your free time. The nurse or paramedical practitioner will measure your height and weight. The nurse will also take your pulse and blood pressure, and collect blood and urine samples. They do this to verify your current health status.
The paramed exam will also confirm your answers on the health questionnaire as part of the underwriting process. They will also review your personal and family health history. In some cases, an EKG is needed to test your heart, especially if you’re 50 years old or older. Some insurance companies also conduct a prostate-specific antigen test on male applicants over age 50.
Because of the medical exam, those who have specific health issues may not be able to qualify for traditional life insurance. But the good news is there is an alternative route in getting life insurance. One option is to apply for a no medical exam burial insurance policy.
A burial insurance policy with no exam has no medical exam and saves time in the application process. You and your family will be protected much sooner. Seniors who apply for final expense insurance will find that there is a variety of plans to choose from that don’t require a medical exam to be approved.
WHO CAN QUALIFY FOR NO MEDICAL EXAM BURIAL INSURANCE?
Anyone ages 50-85 can qualify for no medical exam life insurance since there is no medical exam.
Even people with a pre-existing condition who may be considered high-risk applicants can qualify for no medical exam life insurance.
Pre-existing conditions that will only qualify for no medical exam life insurance:
- HIV, AIDS or AIDS-related complex
- Terminal illness (if you’ve been given a life expectancy of 24 months or less)
- Currently, have cancer
- Heart attack within the last 12 months
- Full blown stroke within the previous 12 months (TIA mini-strokes do not count)
- Alzheimer’s or dementia
- Undergoing kidney dialysis
- Heart surgery within the previous 12 months
- Angina (chest pain) within the last year
- A circulatory surgery within the last 12 months
- Insulin shock or diabetic coma within the last 24 months
- Been recommended or have had an organ transplant
- Currently in the hospital, nursing home, skilled nursing facility, or hospice care
- Confined to bed or wheelchair
- Needing help with activities of daily living such as eating, bathing, dressing, toileting, transferring and continence
No medical exam life insurance often provide same day coverage. Traditional policies often take weeks to months to get approved.
WHO WILL BENEFIT FROM BURIAL INSURANCE WITH NO EXAM?
- People who suffer from needle phobia or extreme fear of needles and injection will benefit from no exam policies. No one enjoys being poked with a needle. If you are one of these people, no medical exam burial insurance is just for you.
- Purchasing traditional life insurance can be expensive or impossible for people who have chronic health conditions like diabetes that is not under control. However, they can easily qualify for burial insurance with no exam at affordable rates.
- People who have multiple minor health issues may be rated resulting in a higher premium. A no exam life insurance uses brief medical history to check your current health, and guaranteed issue policy doesn’t even check it all so you will easily qualify for coverage.
- Seniors who have a severe medical condition like cancer and want to help their loved ones pay for final expenses, no medical exam policy will give peace of mind and financial protection.
- If you need life insurance instantly and cannot wait to purchase a fully underwritten policy, a no exam final expense insurance may be a good option for you. These policies can be approved within 15-30 minutes.
- If you have multiple DUI or DWI or other significant issues on your driving history in the past two years, a burial insurance plan with no exam may be your best option.
- If you have a record of alcohol or drug abuse in the past five years or a history of a felony, no medical burial insurance could be your option for life insurance coverage.
- If you haven’t seen a doctor in the last two to five years and you don’t know if your laboratory result will be normal or not. If you’re one of those people who believe they are perfectly healthy and haven’t seen a doctor in the last few years, then it may be better to take no medical exam insurance.
- If you have mobility issues and you are confined to a bed or wheelchair. Also if you need help with activities of daily living such as eating, bathing, dressing, transferring and continence your only option for life insurance coverage is to take a no medical insurance policy.
HOW NO MEDICAL EXAM BURIAL INSURANCE WORKS
A burial insurance policy with no exam never requires an applicant to take a medical exam to qualify for insurance coverage. This means that you don’t need to submit a blood and urine sample as part of the application process. Because there is no medical exam, even those with severe medical conditions can qualify for life insurance protection.
Usually, there are only a few health questions to answer on the application, depending on the type of policy being applied for. You can even choose a no health question policy where your approval is guaranteed if you meet the age requirement.
In more ways than one, whole life burial insurance that has no medical exam works the same as a traditional life insurance policy. The coverage will be in force as long as you keep paying the premiums on time.
The main difference between traditionally underwritten policies and burial insurance is that there is no exam required to qualify. Because there is no medical underwriting required, these policies can be issued within a few minutes.
The other significant difference is the way the death benefit is paid out. With no medical exam burial insurance, some policies have 100% face amount payout regardless of when the insured pass away.
However, some policies have a graded death benefit where a certain percentage of the face amount will be given to the beneficiary if the insured die during the first two years. After the two-year waiting period, the full death benefit will be given to the beneficiary.
TYPES OF BURIAL INSURANCE WITH NO EXAM
SIMPLIFIED ISSUE WHOLE LIFE
No exam life insurance that asks a few health questions that is easy to answer. The application process, underwriting, and approval are designed to be easy and quick. This life insurance product has immediate coverage and does not have any kind of waiting period.
Simplified issue life insurance will require you to answer a medical questionnaire.
Some of the questions may include the following:
- Have you used tobacco in the last 12 months?
- Are you currently hospitalized, confined to a wheelchair or bed, are you in a nursing home or hospice care?
- Have you been tested positive for HIV or AIDS?
- Have you been treated for congestive heart failure, insulin shock or diabetic coma?
- During the past 18 months have you been diagnosed with a stroke, angina, aneurysm, cardiomyopathy, heart attack or failure?
- During the past 24 months have you been diagnosed with cancer, leukemia, Alzheimer’s disease, dementia, kidney failure or liver disease?
- Do you have a medical condition that may result in death within 12 months?
- During the past 24 months have you been diagnosed with COPD, epilepsy, Parkinson’s disease, Lou Gehrig’s disease?
When you fill out the application for coverage, you will need to provide your basic information such as:
- Tobacco usage
- Overall health history
The following may be checked as part of the underwriting process:
- Medical Information Bureau – insurance database service that keeps a record of your health information from your previous life insurance applications including your approval and denials.
- Prescription History – the prescription database will be checked to see what medications you have taken.
Depending on the insurance company you are applying, they may approve your application immediately sometimes after a few minutes.
GRADED BENEFIT WHOLE LIFE
This is permanent life insurance with no medical exam designed for people who are in less than perfect health. This plan is the next best option if you cannot qualify for simplified issue whole life insurance. This policy is called “graded” because it doesn’t immediately provide the full death benefit during the first two years.
The death benefit grows in increment for example:
Death in year 1 = 30% of the death benefit paid
Death in year 2 = 70% of the death benefit paid
Death after 24 months and beyond = 100% of the death benefit paid
Some companies have three years of graded benefits before the full death benefit is eligible in year 4 (we recommend avoiding these).
To get a graded death benefit, you would have to answer a few basic health questions to qualify. Some policy may have as few as 3-4 questions or as many as 10-12 questions depending on the insurance provider. To qualify for the best rates, you need to pass all the health questions by answering “no.”
Common questions asked may include:
- Have you been diagnosed with a terminal illness like cancer?
- Do you have HIV or AIDS?
- Are you currently confined in a hospital, hospice or nursing facility?
Health issues which may be approved for this plan include stroke, type 1 diabetes, substance abuse and history of health disease. A final expense policy provides lifetime coverage at a fixed premium.
A graded death benefit has a higher coverage amount than a guaranteed issue policy. The coverage for a graded benefit is usually capped at $50,000 vs $25,000 for guaranteed issue.
GUARANTEED ISSUE BURIAL INSURANCE
The guaranteed issue also called guaranteed acceptance is a no medical exam, no health question asked policy. It is available to any applicant age 50-85. You can be approved for coverage regardless of your current health. People with a pre-existing medical condition will not be denied coverage.
The rate you will pay is based on age, gender, and state of residence. The death benefit is available in the $2,000 to $25,000 range. The death benefit can be helpful to pay funeral and final expenses.
The short application time is the most significant advantage of guaranteed issue policy. Some companies will approve your policy in less than 15 minutes.
The death benefit is graded for the first two years, which means the company will only pay 100% death benefit if you die from an accident. If you die from natural death in the first 2 years, your beneficiary will receive all premiums that were paid plus interest (which is typically 7 to 10%). If you die after the waiting period, the full death benefit will be received by your beneficiaries.
Guaranteed issue life insurance is best for:
- People with severe medical conditions that may prevent them from getting traditional life insurance
- People who need less than $25,000 of life insurance coverage
WHAT TO LOOK FOR IN A NO EXAM LIFE INSURANCE POLICY
- Insurance company – It is important to review the insurance provider before application because they can make a big difference. Look for financial strength and stability. They must have an “A” or better rating from A.M. Best. This means they can meet their financial obligations in the future.
- Level premiums – your premiums must be locked in at your current age and will not increase as you get older.
- Benefits – make sure that the death benefit is fixed for life and will never decrease for any reason.
- Payout method – ask how your death benefit will be paid after your death. Will the full death benefit be paid regardless of when you die, or there will be a waiting period before the full death benefit will be released to your beneficiary?
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy with no medical exam needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you’re looking for no exam policy, 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 no exam funeral insurance, or no exam burial insurance, or no exam 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.