Can You Obtain Burial Insurance Without Waiting?

If you’re a senior looking for burial insurance, you might feel disheartened to discover that many policies come with a standard waiting period between when you purchase the insurance and when the benefit is paid out. Typically, this waiting period lasts for 24 months during which you must consistently pay premiums before your beneficiaries can access the benefits. As you strive to support your loved ones, you may be seeking a burial insurance policy that provides immediate protection without any waiting period. This means that once you acquire coverage, the full death benefit will be paid out from the first day.

Such insurance plans do exist, but it can be confusing and overwhelming to find them. Navigating different types of insurance and their associated waiting periods can be challenging. However, it is absolutely possible to find an insurance policy without any waiting period. These types of policies will pay the entire death benefit to your beneficiary even if you have only made a single payment. The crucial question is, do you meet the requirements for this kind of policy?

The good news is that most individuals seeking burial insurance with immediate coverage will qualify. However, the primary factor that determines eligibility is your current health condition. To ensure acceptance with your specific health conditions, the easiest approach is to work with an agency like us. We can assess your needs, compare options, and connect you with the insurance provider that suits you best. Our access to multiple insurance providers is a valuable resource, and we strive to provide our customers with a personalized and professional experience. Let’s continue exploring the available types of burial insurance.

Is There a Waiting Period?

When searching for burial insurance, you will likely come across the term “partial waiting period,” also known as graded coverage. This means that once you obtain insurance, a portion of the death benefit will be paid out if you pass away before the 24-month waiting period elapses. The longer you live, the greater the amount paid out will be. Within the first year, your beneficiary would receive up to 40% of the total death benefit, and within the second year, up to 80% would be paid. After 24 months, the full amount becomes accessible, similar to a standard insurance policy.

You may only qualify for insurance with a partial waiting period if you have certain health conditions. These conditions include congestive heart failure, diabetes-related amputations, cancer within the last 24 months, and treatment for substance abuse within the last 24 months. If this is the best option available to you, it’s still worth purchasing as it provides some financial relief to your loved ones when making arrangements.

Do I Need a Medical Exam to Qualify?

As you may know, burial insurance is available without a medical exam. However, this doesn’t mean you won’t have to answer questions about your health. There’s no way around this, and anyone claiming otherwise is likely attempting to scam you. Remember that Guaranteed Issue life insurance policies, which accept applicants without an exam or a medical questionnaire, always require a 24-month waiting period.

Based on how you respond to health-related questions, your insurance provider will either decline coverage or offer it to you. If you have concerns about answering health-related questions, it’s preferable to look for a questionnaire that doesn’t address your specific condition, if possible. Different insurance providers may inquire about different issues you may have experienced. Once you find a provider, they will likely charge a higher premium for graded or immediate coverage. Hence, it’s crucial to compare offerings from various insurance providers.

Certain conditions will unavoidably require a full waiting period. Regardless of the provider or questionnaire, you should be prepared to wait the entire 24 months before your benefit becomes accessible if any of the following conditions apply:

• AIDS or HIV
• Current cancer diagnosis
• Terminal illness with a life expectancy of 24 months or less
• Receiving hospice care
• Undergoing dialysis
• In the hospital or receiving hospice care
• Residing in a nursing home or facility
• Diagnosed with Alzheimer’s or dementia
• Needing an organ transplant
• Experienced a heart attack or stroke within the last 12 months
• Underwent heart or circulatory surgery within the last 12 months
• Had insulin shock or diabetic coma within the last 24 months

These conditions are considered high risk, and they are likely to increase your premium prices while also necessitating a full waiting period. Unfortunately, it’s too risky for insurers to provide immediate or partial coverage for these issues. Remember that immediate coverage requires the insurance company to pay the entire death benefit from the first day of coverage. Therefore, by regularly taking on such a significant amount of risk, they wouldn’t be able to sustain their business.

Medical Questioning

Now let’s assume you have some health conditions, but none of them fall under the list of conditions requiring full or partial waiting periods. You’ve found an insurance provider who isn’t particularly concerned about the issues you have, but your medical records indicate that you have multiple lower-risk conditions. Keep in mind that certain combinations of lower-risk conditions could prevent you from accessing immediate insurance coverage.

You might be surprised to learn that burial insurance does require some medical information, despite advertising no medical exam. However, “no exam” truly means exactly that. To accurately assess risk, some medical information must be provided. Insurers cannot sustain their business by accepting multiple high-risk policyholders. By avoiding a medical exam, you can limit the information you provide. If you have any health problems, it’s in your best interest to avoid a medical exam when determining your eligibility.

In your search for insurance, you may be tempted to consider guaranteed issue policies because they advertise no medical questioning whatsoever. Please remember that ALL guaranteed issue policies will have a 24-month waiting period, regardless of how the premiums are priced. There is simply no way around this requirement. Everyone who applies for this type of policy will be accepted, so the waiting period is necessary for the insurer’s protection.

This information may seem discouraging, but there’s no need to worry. Most people in need of immediate burial insurance coverage can secure a policy. Yes, there are various conditions and requirements for this coverage, but some companies may have more flexible underwriting or make certain allowances. You may have more access to coverage than you realize. There are many variables to consider, and you’re not alone. Our agents are friendly, knowledgeable, and here to assist you.

Need Insurance? We Can Help!

As you search for burial insurance, always remember that having a helpful insurance agent is invaluable. We assist seniors in finding the policies they need on a daily basis. Our goal is to help people obtain insurance with no waiting period, providing them with peace of mind during a challenging planning period. With access to over 15 different insurance providers, we can compare your options across all of them.

Ultimately, burial insurance is meant for the loved ones we leave behind. We aim to alleviate some of the stress and financial burden they face when we pass away. Our mission is to provide them with the means to fulfill our final wishes, regardless of the policy’s size. This is what we specialize in. Let us assist you with a free consultation and show you the available options.