Burial insurance with no waiting period is available for most final expense shoppers. If you are in the habit of listening to all the misleading television and magazine advertisements, you would think you would have to settle for a substandard policy with the two-year waiting period – DON’T BE FOOLED by such nonsense!
Most folks shopping for a funeral insurance policy for seniors should be able to qualify for immediate coverage and the best pricing.
In this “no waiting period burial insurance article” we’re going to give you the lowdown on how to qualify for and get approved with immediate day one coverage.
What features are available for burial policy waiting periods?
- No waiting period – This is the preferred option for all funeral funding and burial plans, as it gives you immediate coverage with 100% payout of the funds from day one.
- Partial waiting period – These plans give you immediate partial coverage. The first 12 months of coverage will be 30 to 40% of the face amount, the following 13 to 24 months will be 60 to 70% of the face amount, and after 24 months you will have 100% coverage.
- Two-year waiting period (or Modified waiting period) – The best plans offer immediate coverage if accidental death occurs, a return of premiums, 8 to 10% interest on these premiums if a death occurs in the first 24 months, and a guaranteed payout of funds after 24 months.
All insurance companies have different eligibility and waiting period criteria. Here is one example of insurance companies waiting period:
Why do the insurance companies make burial insurance so confusing?
It may seem confusing if you are a new funeral policy shopper, especially if you watch television or read senior magazines.
The television and magazine advertisers often prey on the uninformed. They make it sound like a two-year waiting period is a STANDARD option with burial policies; nothing could be further from the truth!
Because the TV and magazine advertised burial policies don’t require a licensed agent and ask no medical questions, is it any wonder that these policies are 33% to 367% higher than a final expense policy that asks folks a few simple health questions?
By simply answering a few health questions, you won’t be left high and dry without critical burial coverage in the first two years. You also won’t be paying boatloads extra in money in the form of higher premiums.
These substandard policies with their overcharged premiums shouldn’t needlessly drain your bank account!
You can save money with a better plan and have the savings be in your bank account rather than the insurance company’s bank account!
The reality is that 95% of folks should qualify for immediate coverage burial insurance with no waiting period.
Be sure to keep your eyes peeled for the rotten apple burial policies being sold on TV and in magazines.
Why is a no waiting period burial policy for seniors important?
Your guess is as good as mine when you will kick the bucket and walk out of this world. We can be in great health one day and on our deathbed the next day.
Illnesses can come out of left field, and leaving our loved ones behind with no final expense funds can seem irresponsible.
Most folks purchase these policies when they are older and their health is starting to deteriorate.
There’s no reason to tough it out for two years with no insurance coverage when you could have immediate coverage from day one.
How do I get the best funeral or final expense policy?
It’s as easy as ABC! Have lot’s of insurance companies to work with that accept people of all ages and health conditions. Also, work with a company like Funeral Funds to get you the best eligibility and pricing.
What health problems may result in a graded policy recommendation?
Even if you have some significant health problems, rather than requiring an immediate 24 month waiting period for your funeral policy, many insurance companies will slowly phase in your coverage over 12 to 24 months.
Don’t feel that you’re getting the short end of the stick with a policy like this!
The key here is that you have coverage from day one, and it will increase after 12 months and be at 100% coverage after 24 months (continuing with full coverage for life).
You should be on cloud nine that you don’t have to settle for a rotten apple guaranteed issue policy as you see on TV and in magazines.
Think of it this way…because you qualify for a graded policy, the insurance companies are optimistic about your health in the coming years!
Don’t look a gift horse in the mouth; get what you qualify for right now!
What health problems would result in a two-year waiting period policy?
These would be more significant health issues you have experienced in the last one to three years.
Even if you do have to get one of these policies, you can get better pricing by going through a licensed broker like Funeral Funds, rather than talking to an unlicensed agent who advertises on television or in magazines.
So you don’t want to answer a few health questions?
Sometimes you just can’t teach an old dog new tricks… both in life and in life insurance!
The ball is in your court on what to do here, but our recommendation is to answer a few health questions in order to get the best pricing available with no waiting period (for most folks).
Many of the advertisements shown while surfing the Internet are misleading and dishonest. What these “creative marketers” are peddling is substandard policies to pickpocket you out of your hard-earned money.
Seen any misleading internet advertisements?
Yeah, the old “bait and switch” is still alive and well in America….buyer beware!
Here’s the scoop
Purchasing the best final expense policy isn’t rocket science, but it’s confusing enough that you want a burial insurance specialist helping you get qualified for the best policy.
It’s a hard pill to swallow when folks purchase an inferior policy, and then later talk with us and find out that they qualified for a burial insurance policy with no waiting period and immediate coverage.
Folks get upset knowing that they could have saved money if they had just phoned Funeral Funds right from the start!
How do I get the best pricing with health issues?
Here’s an insider secret – all insurance companies don’t ask the same health questions!
Here’s an example – depending on the insurance company, a COPD diagnosis could result in a denial, a two-year waiting period, or a much more preferable immediate graded coverage deal.
Choose the wrong company for a burial insurance policy with no waiting period, and you will pay more…evidently, ignorance is not bliss!
Why do insurance companies have three different plans for burial policies?
It is important for insurance companies to stay in business. Avoid, at all costs, the ‘bottom of the barrel’ insurance companies that may be out of business before you need to use your policy.
You should be hoping to live a long, long time. Most folks buy a burial policy for when they die, but they don’t want to use it anytime soon!
Because you may live a long time, you want a burial policy company to have a strong financial track record; the insurance company needs to be in business the day you die.
If insurance companies gave immediate coverage to everyone who applied, some rather sickly folks on their deathbed would sign up just before they pass away to get their final expenses and funeral expenses covered.
Insurance companies would go belly up in a flash if they approved policies like this.
It is simply not a sustainable business model to have people paying one premium payment, and 30 days later to have the insurance company pay out thousands of dollars.
Insurance companies are in the business of staying in business.
Insurance companies know statistically when we will die.
By spreading the financial risk out over a large group of people, insurance companies can offer affordable burial policy premiums, knowing that some policy owners will die sooner than expected, and some will die later than expected.
Buying from Funeral Funds vs. buying directly from the insurance company.
It would be easy to assume that buying directly from an insurance company would be the most affordable option.
That’s what some insurance companies want you to think, hoping that you’ll take the bait – hook, line, and sinker.
The reality is that by not having to employ thousands of people within the insurance company to help sell these policies, insurance companies save money by selling their products through licensed life insurance agencies like Funeral Funds.
Doing it this way, the insurance companies get to do what they’re best at (issue policies and managing death claims) while the insurance agencies like Funeral Funds get to do what we are best at (price shopping and underwriting expertise).
So, what’s the catch?
We do not mind readers, but we know what you may be thinking. You’re thinking it must cost more to go through an independent insurance agency.
Again, you’re barking up the wrong tree.
The pricing is the same for all independent insurance agencies. You see, what differentiates the great agencies from the bad agencies is simply expertise and service.
So if you’re looking for the best pricing for a final expense or burial policy, talk to an independent agency that only sells final expense and burial policies.
Going to a general “jack of all trades” insurance agency will often be an expensive mistake for most folks.
Most “jack of all trades” insurance agents are not well-versed in final expense or burial policies. Most only have a few final expense insurance companies they work with. This means that you will unnecessarily overpay or be denied coverage if you have many health problems.
Over 95% of all insurance policies are sold through independent agencies like Funeral Funds.
What kind of burial policies should I avoid?
TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.
In reality, most of these policies rely on you having NO BRAIN to purchase them.
Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.
To make a long story short, it is better to shop with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends ba-zillions of dollars each month advertising on television and in magazines.
Increasing Price Policies
Those TV and magazine final expense policies may increase in price every five years or have a two-year waiting period before your benefits kick in! What in tarnation!?!
These policies aren’t all they’re cracked up to be, and you often end up at the short end of the stick by purchasing burial insurance this way.
These tricky television magazine snake oil salesmen lure you in with an attractive rate, only to have the cost of your insurance increase every five years until you cannot afford the premiums, then you must cancel your policy.
What happens after you cancel the policy? You’ll die and will have wasted all that money because you bought a policy that increases in price as you get older. These policies just don’t cut the mustard for most folks!
Avoid policies that increase in price every year or end at a certain age. You don’t want your family to get hung out to dry when they need this coverage the most.
Why choose Funeral Funds for my burial policy?
Most life insurance agents are fine, respectable people. There are, however, the classic “snake oil” life insurance agents, who will sell you the easiest and most expensive policy possible. The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait 2 years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.
Avoid these people at all costs!
For the rest of the life insurance agents, who are fine respectable people, they are most often generalists. They deal with all kinds of life insurance policies. They are Jack of all trades and Masters of none. They are nice people, but they are not the logical choice if you want the best pricing and a burial insurance policy with no waiting period.
We work with 20+ final expense companies, so we can get you qualified for the best price plan with the intent of getting folks like you immediate coverage when possible.
We have to admit that, for the average burial insurance final expense insurance shopper, all the companies and options will often leave you more confused than a woodpecker in a concrete forest.
How can Funeral Funds help me?
Most insurance agents don’t cut the mustard when it comes to getting you a burial insurance policy with no waiting period and the most affordable coverage. Getting affordable burial insurance doesn’t have to cost an arm and a leg.
Our job at Funeral Funds is to be the most knowledgeable burial insurance experts available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.
Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that are the best fit for you.
The reality is that most inexperienced and less knowledgeable insurance agents just don’t cut the mustard and will cost you loads of money by selling you more expensive policies.
It is always in your best interest to work with an independent brokerage, such as Funeral Funds. With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.