Burial insurance with no waiting period is available for most final expense insurance 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 cremation insurance or 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.
FOR EASIER NAVIGATION:
- What features are available for burial policy waiting periods?
- Why do the insurance companies make burial insurance so confusing?
- Why is burial insurance no waiting period important for seniors?
- How do I get the best funeral or final expense policy?
- What health problems would result in a two-year waiting period policy?
- How do I get the best pricing with health issues?
- Why do insurance companies have three different types of burial insurance?
- Buying from Funeral Funds vs. buying directly from the insurance company
- What kind of burial policies should I avoid?
- Why choose Funeral Funds for my burial policy?
- How can Funeral Funds help me?
- Additional Questions & Answers On Burial Insurance With No Waiting Period
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 a 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 an insurance company‘s waiting period:
WHY DO THE INSURANCE COMPANIES MAKE BURIAL 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.
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 30% to 100% higher than a final expense policy that asks folks a few simple health questions?
By simply answering a few health questions. You also won’t be paying extra money in the form of higher premiums.
These substandard policies, with their overcharged premiums, will 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 people should qualify for immediate benefit life insurance with no waiting period.
WHY IS BURIAL INSURANCE NO WAITING PERIOD IMPORTANT FOR SENIORS?
We can be in great health one day and on our deathbed the next day.
Illnesses can come out, and leaving your 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 endure the two-year waiting period with no insurance coverage when you could have immediate coverage from day one.
HOW DO I GET THE BEST FUNERAL OR FINAL EXPENSE POLICY?
We have lots of insurance companies to work with that accept people of all ages and health conditions. You can even secure senior life insurance without a medical exam. 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 happy that you don’t have to settle for guaranteed acceptance life insurance no health questions asked 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!
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 have to get one of these policies, you can secure life insurance for seniors with no waiting period and 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?
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 life insurance online no phone calls are misleading and dishonest.
Seen any misleading internet advertisements?
Purchasing the best burial insurance policy can be confusing, so you want a burial insurance specialist to help you get qualified for the best policy.
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 TYPES OF BURIAL INSURANCE?
It is important for insurance companies to stay in business.
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 cover their final and funeral expenses.
It is simply not a sustainable business model to have people pay one premium payment, and 30 days later, the insurance company pays 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 or getting immediate life insurance online would be the most affordable option.
That’s what some insurance companies want you to think, hoping that you’ll take the bait.
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?
You might think it must cost more to go through an independent insurance agency.
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, burial insurance, or funeral insurance for parents, talk to an independent agency that only sells final expenses and burial policies.
Most captive 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 insurance policies you see advertised on television or in magazines are sold as a guaranteed way to shop for this protection.
Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that more.
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 millions 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!
These tricky television magazine ads will 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 have wasted all that money because you bought a policy that increases the price as you get older.
WHY CHOOSE FUNERAL FUNDS FOR MY BURIAL POLICY?
Most life insurance agents are fine, respectable people. However, some life insurance agents 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.
We work with 20+ final expense companies to get you qualified for the best-priced plan to get folks like you immediate coverage when possible.
We have to admit that all the companies and options will often leave you more confused for the average burial insurance final expense insurance shopper.
HOW CAN FUNERAL FUNDS HELP ME?
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 expert available. We can get you the most accurate quote and affordable rates by doing so.
Once we know more about your age and health history, we can accurately give you burial insurance with no waiting period quotes from the final expense companies that best fit you.
Working with an independent brokerage, such as Funeral Funds, is always in your best interest. 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.
ADDITIONAL QUESTIONS & ANSWERS ON BURIAL INSURANCE WITH NO WAITING PERIOD
What is meant by the waiting period in life insurance?
The waiting period is the time between when a policy is purchased and when it becomes active. During this time, the insured person is not covered by the policy in case of death. The waiting period is typically 30 days but can be longer for some policies.
What is a waiting period notice?
A waiting period notice is a document that is provided to an insured person at the time of policy purchase, which outlines the waiting period for the policy.
Why do insurance companies have waiting periods?
Waiting periods exist so that insurance companies can verify that an applicant is insurable and not at a high risk of death. By waiting to issue a policy, the insurance company reduces its own risk of losses for insuring people with pre-existing terminal health conditions.
What is the difference between a grace period and a waiting period?
A grace period is a time after the due date of a premium payment during which the policyholder can still make the payment without losing coverage. A waiting period is a time between when a policy is purchased and when it becomes active. During this time, the insured person is not covered by the policy in case of death.
Do all life insurance policies have a waiting period?
No, not all life insurance policies have a waiting period. Some policies, such as first-day coverage life insurance, have no waiting period, and coverage begins immediately.
What are some of the things that can happen during the waiting period?
During the waiting period, the insurance company may require the insured person to undergo a medical exam, or they may review the applicant’s medical records. The insurance company may also ask the applicant questions about their health history and lifestyle choices. If the insurance company finds that the applicant is not insurable, they may deny coverage or charge a higher premium.
How do you get around a waiting period for life insurance?
There are a few ways to get around a waiting period for life insurance. One way is to purchase a policy with first-day coverage with no waiting period.
How does a waiting period work?
A waiting period for guaranteed issue whole life insurance is typically two years. We do not recommend these plans, but some people may only qualify for this type of plan (cancer, dementia, terminal illness, etc.)
Is there a way to avoid a waiting period?
Many companies and policies we offer at Funeral Funds have no waiting period, such as first-day coverage life insurance.
What is the purpose of a waiting period?
A waiting period aims to prevent people with serious medical or health conditions (cancer, dementia, terminal illness, etc.) from qualifying for first-day coverage. The insurance company reduces its own risk of losses by waiting two years for a policy to go into force.
What is a 2 year waiting period for life insurance?
A 2-year waiting period for life insurance is a period of time after the policy is purchased during which the policy does not cover the insured person in case of death.
Can waiting periods be waived?
Some insurance companies may be willing to waive the waiting period if the applicant can prove that they are in good health and not at a high risk of death.
What is another name for the waiting period?
A waiting period is also known as a conditional period.
What life insurance kicks in immediately?
A life insurance policy with first-day coverage kicks in immediately and has no waiting period.
When does a waiting period start?
A waiting period typically starts when the policy is purchased.
How long is a typical waiting period?
The typical waiting period is two years but can be longer for some policies.
Does life insurance start straight away?
First-day coverage plan life insurance starts immediately with no waiting period.
How do I know if my life insurance policy has a waiting period?
The policyholder can contact the insurance company to inquire about whether or not their life insurance policy has a waiting period.
How can I make my life insurance policy start immediately?
A policyholder can purchase a policy with first-day coverage to start their life insurance policy immediately with no waiting period.
What are the risks of having a long waiting period?
The risks of having a long waiting period are that the insured person may die during the waiting period, and their beneficiaries will not receive any benefits from the policy.
Is there a waiting period for pre-existing conditions?
There may be a waiting period for pre-existing conditions. Most significant medical conditions may have a waiting period of 12 to 24 months.
Which life insurance companies have no waiting period?
Some life insurance companies have no waiting period, such as first-day coverage life insurance.
What type of insurance has a waiting period?
Most insurance policies have a waiting period, such as life insurance, health insurance, and long-term care insurance.
Does whole life insurance have a waiting period?
Guaranteed issue policies do have a waiting period.
What is the 2 year waiting period for life insurance?
A 2-year waiting period for life insurance is a period of time after the policy is purchased during which the policy does not cover the insured person in case of death. This waiting period is typically put in place so that the insurance company can verify that the applicant is insurable and not at a high risk of death.
Does AIG life insurance have a waiting period?
AIG life insurance policies do have a waiting period.
Do all life insurance policies have a 2 year waiting period?
No, some life insurance policies do not have a 2-year waiting period. Some life insurance companies have no waiting period, such as first-day coverage life insurance.
When does the 2 year waiting period start?
The 2-year waiting period starts when your first insurance premium is paid.
How long does it take for a life insurance policy to kick in?
Most life insurance companies have no waiting period, such as first-day coverage life insurance, which starts upon the payment of the first premium.
What type of insurance has a waiting period?
Guaranteed issue policies have a built-in two-year waiting period.
How long does it take for coverage to start?
Life insurance coverage starts from your first premium payment date.
What is the effective date of an insurance policy?
The effective date is the date on which the insurance policy coverage starts.
How fast does life insurance kick in?
Some life insurance policies have a waiting period, while others, such as first-day coverage life insurance, start upon the payment of the first premium.
What is a pre-existing waiting period?
A pre-existing waiting period is a period of time that must pass before a life insurance policy covers a person with a pre-existing condition.
Why would someone want burial insurance with no waiting period?
First-day coverage insurance is important because it ensures that the policyholder’s beneficiaries will receive the death benefit from the life insurance policy even if the policyholder dies on the first day of coverage.
What are the benefits of having burial insurance with no waiting period?
There are several benefits to having burial insurance with no waiting period, including:
- The policyholder’s beneficiaries will receive the death benefit from the life insurance policy even if the policyholder dies on the first day of coverage.
- There is no waiting period for the coverage to start so that the policyholder can be covered immediately.
- There is no need to worry about pre-existing conditions because the policy will cover the policyholder regardless of any pre-existing conditions.