Can I Qualify for Burial Insurance If I have Kidney Disease?

Finding affordable burial insurance can be a challenging task, especially for seniors living with kidney disease, also known as chronic kidney disease. It’s important to understand that insurance companies consider the severity of kidney disease when determining policies and premiums for individuals. However, there are options available to find a reasonably priced burial insurance policy that will provide the financial relief your loved ones deserve when you pass away.

Burial insurance is a type of low-cost life insurance that offers a fair death benefit and coverage for the duration of your lifetime. While the cost of burial insurance varies based on factors like age and health, it is generally more affordable compared to other types of life insurance policies. The death benefit provided by burial insurance typically ranges from $2,000 to $50,000, with a maximum benefit of $25,000 in most cases. The specific amount you can obtain depends on your health circumstances and the insurer you choose. While the death benefit may not match that of a standard life insurance policy, it can still serve as a significant source of relief for those facing financial hardships.

One of the significant advantages of burial insurance is its inclusivity. Regardless of your life circumstances, there is a policy out there for you. Many burial insurance policies even allow enrollment until the age of 80, which is uncommon in most other life insurance options.

The death benefit provided by burial insurance is often used to cover funeral expenses, hence its alternative names of funeral insurance and final expense insurance. This ensures that your loved ones can fulfill your final wishes without enduring major financial burdens. However, the death benefit can be used in any way your beneficiaries deem appropriate, including covering personal expenses like loans, living expenses, or even recreational activities and vacations. Additionally, the death benefit is untaxed, meaning that what you sign up for is what your beneficiaries receive.

One of the advantages of burial insurance is that it does not require a medical exam. Instead, you will be asked a series of mostly yes-or-no questions about your past and present medical conditions, family medical history, hobbies, and lifestyle choices. This makes burial insurance one of the quickest and easiest insurance policies to sign up for, as the application process can be completed with a single phone call.

It’s important to note that kidney disease will be a consideration when applying for burial insurance, and insurance companies will ask about your history of kidney disease, treatments, and referrals. They may also inquire about kidney transplants or the need for one. Insurance companies can confirm the veracity of your claims by checking your prescription history, looking for medications commonly used in kidney disease treatment, such as Aranesp, Calcitriol, Calcium-acetate, Levocarnitine, Phoslo, Renagel, and Zemplar.

Insurers are concerned about kidney disease due to the inherent insurability risks it poses. Since kidney disease is a terminal condition that often leads to a shorter life expectancy, insurance companies adjust their rates based on the level of insurability risk associated with kidney disease. This means that individuals with kidney disease may face higher premiums or even rejection for coverage. However, insurers understand that the severity of kidney disease can vary among individuals, which is why they classify applicants into non-renal failure and renal failure categories.

The severity of kidney disease can significantly impact the availability and affordability of burial insurance policies. There are five stages of kidney disease, with stage five, known as renal failure, being the most severe. As the disease progresses, it becomes more challenging to find an affordable burial insurance policy.

The stages of kidney disease are determined by the glomerular filtration rate (GFR), which measures the kidneys’ ability to remove waste from the blood. The lower the GFR, the more severe the kidney disease:

• Stage one: GFR is at or greater than 90
• Stage two: GFR is between 60 and 89
• Stage three: GFR is between 30 and 59
• Stage four: GFR is between 15 and 29
• Stage five: GFR is 14 or lower (renal failure)

Depending on the severity of your kidney disease, your burial insurance policy may have higher rates and a waiting period. During the waiting period, which is typically 24 months, the policy will not disburse a death benefit, but you will still need to pay premiums. However, some companies offer a graded death benefit during the waiting period, where your loved ones would receive a percentage of the death benefit if you pass away. This percentage may increase over time, providing more coverage.

If your kidney disease hasn’t progressed to renal failure, you may be able to obtain a burial insurance policy without a waiting period through a simplified issue policy. These policies require answering medical questions during the application process, and if the insurer determines that you are not in the advanced stages of kidney disease, you have a greater chance of securing coverage without a waiting period. However, if you answer “yes” to questions related to renal failure, end-stage kidney disease, or kidney transplants, you may not be able to find a policy without a two-year waiting period.

For individuals in the later stages of kidney disease, a guaranteed issue burial insurance policy may be a better option. These policies do not require any medical information and provide immediate coverage. However, they often have waiting periods and higher monthly premiums.

In any case, individuals with kidney disease can expect to pay higher premiums for burial insurance. In extreme cases, these premiums can be up to 80% more per month compared to individuals without kidney disease. However, the most common rate increases for those with kidney disease range from 30% to 60%.

The best approach is to assess your current situation and take action accordingly. Age plays a significant role in the cost of burial insurance, and rates tend to increase over time. Waiting until the last moment may limit your options and lead to substantially higher premiums. It’s important to act sooner rather than later.

It’s also essential to make positive lifestyle choices, as multiple risk factors can impact your insurance costs. If you are overweight, adopting a healthier lifestyle, including a balanced diet and regular exercise, can result in better rates. Quitting smoking can also significantly reduce your premiums. These changes not only help lower your insurance costs but also improve your overall quality of life and longevity.

To find the most affordable burial insurance rates, you can start by comparing quotes from various insurance providers online. However, keep in mind that sample quotes found on the internet may not accurately represent your actual costs. Insurers consider multiple factors besides kidney disease when assessing your coverage. Alternatively, you can seek the assistance of trusted professionals who specialize in comparing insurance policies. These professionals work with multiple insurance companies and can provide you with instant and accurate quotes tailored to your health situation. Contacting such professionals can save you time and effort, ensuring you find the most affordable burial insurance policy for your needs.

Don’t let kidney disease prevent you from providing for your loved ones. We are here to help you find an affordable burial insurance policy that recognizes the challenges you face. We believe that you should not be penalized for a condition beyond your control. Call us today at (800) 398-9821 to learn more and take the first step toward securing financial relief for your loved ones.