Are you looking for life insurance policies with no waiting period? For many people looking for life insurance that doesn’t have a waiting period can be challenging. The good news is: Getting a life insurance policy with no waiting period is possible!
Affordable coverage is available without having to endure a waiting period for benefits to start. You pay the first premium installment, and you are entitled to get the full benefits of the policy even if you die within a few days.
We will help you find the best coverage burial coverage for your needs and help you qualify for a life insurance policy without a waiting period today.
WHAT DOES WAITING PERIOD MEAN?
Most people don’t realize that there is a waiting period that comes along with some life insurance plans.
The majority of policies we help people with won’t have a two-year waiting period!
If you bought your policy off of a television advertisement, or from a magazine advertisement, you probably have a two year waiting period (even though you qualify for immediate coverage).
If you were to pass away during the waiting period, your beneficiary wouldn’t receive the full payout from the policy. Instead, they will only receive the premiums that have been paid into the policy.
For example, if you bought $25,000 guaranteed issue life insurance policy that has a two-year waiting period and you die during the two years, your beneficiaries will not receive the full $25,000 payout.
With a 2 year waiting period, your loved ones will only receive the total of the premiums you have paid up to that point.
The waiting period means that the insurance companies withhold full coverage for health reasons for a period of two years. The premiums paid during that period will be considered only for partial benefits.
You will get the full benefits after you survive the waiting period. If you die during this period, your beneficiary will get the premiums that you paid and a percentage of the benefits as per the term of the policy.
WHY DOES WAITING PERIOD EXIST?
Insurance companies have a waiting period to reduce the risk of payout to those who are terminally ill, with intent to commit suicide, and those who will pass away in a short period from purchasing a policy.
Waiting period exists as a safety net to protect the insurance company.
It also gives them the time to do a proper investigation of the information provided on the application. It allows the insurer to contest a claim that occurred during the waiting period.
Suicide is a disqualification in terms of death benefit payout. The waiting period helps discourage people who are contemplating suicide to purchase a life insurance policy.
If the policyholder dies within the two-year waiting period, the insurance company is only required to pay out the premiums that were collected plus 8-10% interest.
HOW TO MINIMIZE THE WAITING PERIOD ON LIFE INSURANCE
The best way to minimize the waiting period is to purchase a life insurance policy at an early age. The younger you are, the healthier you are, the more you are eligible to take life insurance policies with no waiting period.
Your best option is to buy a life insurance policy with no waiting period.
You can find companies with immediate coverage (you’ll know this as they ask about your health issues on the application).
If the application doesn’t ask any health questions, it means there is a waiting period for your policy (and you will pay more than you should for your coverage).
People who are suffering from chronic ailments find such policies beneficial. Seniors in good health often prefer no waiting period policies to cover their last expenses.
WHY DOES INSURANCE COMPANIES EVALUATE YOUR HEALTH TO OFFER NO WAITING PERIOD
The insurance companies are faced with a massive amount of risk if there is no waiting period. They must pay the full death benefit even if you just started paying.
The insurance companies are interested if you are going to die right away before taking a risk on offering you a no waiting period life insurance policy.
Your health is evaluated to assure that the insurance companies will stay in business in the years ahead.
Some health issues are such a high risk that no insurance company is willing to offer no waiting period.
The following health issues may result in a waiting period:
- Alzheimer’s disease
- Angina within the last 12 months
- Confined to hospital or nursing home
- Diabetic coma within the last 24 months
- Have an organ transplant
- Heart attack within the previous 12 months
- Heart surgery within the last 12 months
- HIV or AIDS
- Hospice care
- Renal failure
- Terminal illness
These health issues may result in a partial waiting period or graded plan:
- Amputation due to diabetics
- Cancer within the last 24 months
- Congestive heart failure
- Oxygen use
- Treatment for alcohol or drug abuse
Speak to an agent if you are dealing with one or multiple health conditions if you want to get a no waiting period insurance policy.
INSURANCE POLICIES WITH PARTIAL WAITING PERIOD
Insurance policies with graded benefit pay no death benefit during the first 24 months. Instead, they will only pay out a portion of your death benefit.
The graded plan looks like this:
- First 12 months – 30%-40% death benefit
- 13-24 months – 70%-80% death benefit
- After 24 months – 100% death benefit
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:
LIFE INSURANCE POLICIES WITH NO WAITING PERIOD
Whole life insurance is a type of permanent coverage. It provides lifetime coverage and includes a cash value component.
Benefits of having no waiting period Whole life insurance
- Full coverage starts on day one when the policy was issued
- The face value of your policy never decrease
- Permanent or lifetime coverage
- Your standard whole life policy has a cash value component that grows over time.
- Your premium payments will never increase
- You can never outlive your policy
- Your policy is active as long as you pay the premiums
- It has a guaranteed death benefit
- Your policy cannot be canceled except for non-payment
Term Life Insurance provides coverage at a fixed amount for a fixed period of time.
Most term life insurance policies have no waiting period.
Benefits of term life insurance with no waiting period
- Full coverage starts when the policy was approved
- Same day approval
- Your plan is convertible to a whole life plan
- It has extremely low rates
- Coverage up to age 80
- Premiums will never increase
- Immediate death benefit payout
- Death benefits are tax-free
- It has accidental death riders
- Highest coverage limits
BURIAL INSURANCE NO WAITING PERIOD
Burial insurance with no waiting period is an insurance policy that will pay out the full death benefit from the first day that the policy is purchased.
Your beneficiary will receive the death benefit even if you’ve only made the first payment on your policy.
Benefits of Burial insurance no waiting period:
- Immediate coverage
- Lifetime coverage
- Premiums will never increase
- The policy is active as long as premium payments are paid
- Guaranteed death benefit
THE TRUTH ABOUT GUARANTEED ACCEPTANCE LIFE INSURANCE WITH NO MEDICAL EXAM
Guaranteed acceptance life insurance is a type of whole life insurance with no medical underwriting.
Your application can be approved regardless of your health condition. You cannot be declined or turned down.
Most companies will not ask qualifying questions about your health. If you have been diagnosed with a terminal illness, chronic illness, or you are in poor health; guaranteed issue life insurance may be your only option.
WHO NEEDS GUARANTEED ACCEPTANCE LIFE INSURANCE?
- People who can’t qualify for coverage with medical underwriting
- People who have been recently diagnosed with a chronic or terminal illness
- People who are permanently disabled
- People who are receiving cancer treatment
- A family member who want to cover burial expenses for a parent
Guaranteed acceptance life insurance is available to people between the ages of 50 and 80, even if you’ve been declined for whole life insurance. No medical exam or health questions are required for approval, and most policies are approved within a few days.
A standard part of guaranteed acceptance life insurance is a waiting period which means that the full death benefits are not available for a specified period. Typically the policyholder may have to wait two years before the whole benefit level is approved.
To be able to sell life insurance without verifying someone’s health, guaranteed acceptance life insurance policies have a waiting period before full coverage begins.
Conditional coverage or graded benefit means if you pass away from an accident you are fully covered.
However, if you die from a health issue during the waiting period, your beneficiary will not receive the full death benefit.
The insurance company will refund the premiums that you’ve paid for your policy plus 10% interest. After the waiting period, your beneficiary will receive the full death benefit regardless of how you pass away.
Many people want immediate coverage or insurance policy with no waiting period regardless of their health.
Folks need to understand that no life insurance company can afford to sell “no waiting” period to someone who has a severe health condition or terminal illness.
Waiting periods are designed for affordable coverage and allow the insurance companies to stay in business.
HOW TO GET LIFE INSURANCE POLICIES WITH NO WAITING PERIOD
To get life insurance policies with no waiting period you need to apply with an insurance company where you answer a few health questions on the application.
You won’t need to go through a medical exam, but you will have to answer questions about your health. It is imperative to tell them honestly about your health condition.
Important Note: If they do not ask about a health issue, it means it’s not necessary, and they are okay with it.
The best way to get a no waiting period policy is to find a company that does not ask about your health issues. If they don’t ask about your particular health issue, it means no waiting period (how cool is that?)
We can help you shop around to find companies that offer the best coverage.
WHERE TO FIND LIFE INSURANCE POLICIES WITH NO WAITING PERIOD
One of the best ways to find life insurance policies with no waiting period is to work with an independent insurance broker.
They will let you know which companies will offer you life insurance with no waiting period. Independent insurance broker like Funeral Funds works with more than 20 highly rated insurance companies across the nation.
We are paid by the insurance companies so you can be assured that our services are free.
Our agents will get you the best insurance rates to you and show you the advantages of each kind of policy and we will walk you through the whole process of application. We have a large selection of insurance carriers which gives us the best chance of finding you the one which is accepting of your health condition. If there is an insurance company that can get you covered without waiting period, we’ll find it for you.
We can help you shop for the life insurance policy you need with no waiting period.
We will get you a quote from different insurance companies based on the type of plan that you’re looking for. We will then show you the best insurance rates available to help you decide which policy works best for you and your family.
Tomorrow is uncertain; we don’t know what’s going to happen next. That’s why you should buy the insurance coverage that your family needs today.
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 for burial policies 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?
The reality is that inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial and final expense policies.
Getting on affordable burial or final expense policy 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.
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.