Life Insurance for Dialysis Patients: Eligibility, Options & Costs
Posted in Burial Insurance & Health Conditions last updated on October 29, 2023If you are asking if there is life insurance for dialysis patients the answer is yes. Your only option for life insurance with dialysis is guaranteed issue life insurance. There is no medical underwriting to qualify so acceptance is guaranteed with a 2 year waiting period before policy payout. Guaranteed issue policies do have higher premiums than simplified issue policies. Coverage amounts range between $2,000 – $40,000 (depending on company). Guaranteed issue plans are permanent whole life policies with cash value and tax free death benefits.
According to www.niddk.nih.gov
468,000 individuals are on dialysis.
In this article, we will cover guaranteed issue plans(your only option), best companies available, and costs.
Table of contents
Burial Life Insurance for Dialysis Patients No Medical Exams Guaranteed Approval
Final expense life insurance for dialysis patients is the only type of life insurance you are going to qualify for if you have dialysis.
Dialysis is considered a high-risk health condition that life insurance companies will not issue a life insurance policy.
This is why your only option if you are on dialysis, is guaranteed to issue life insurance coverage. This means your approval is guaranteed no matter what because there are no health questions on the application.
Now burial insurance for dialysis patients does come with a 2-year waiting period before your beneficiary will receive the death benefit of the life insurance policy.
This means the sooner you start your life insurance policy if you are on dialysis the sooner you will be finished with that 2-year waiting period and your family will have peace of mind.
Again this is the only life insurance for dialysis patients available to you because dialysis is a very serious condition.
Guaranteed Issue Life Insurance for Dialysis Patients Cost
Below is a table showing the cost for life insurance from Gerber which is the cheapest guaranteed issue life insurance company on the market. This will give you a good idea of how much guaranteed issue life insurance for dialysis patients will cost monthly.
| Most Affordable Company | Age | Male $15,000 Benefit | Female $15,000 Benefit |
|---|---|---|---|
 | 50 | $65.68 | $51.24 |
| 60 | $95.38 | $76.13 |
| 70 | $148.32 | $112.84 |
| 80 | $370.52 | $264.09 |
Guaranteed Issue Life Insurance The Only Option
Above all, if you are on dialysis your only life insurance coverage option is a Guaranteed Issue Policy.
When working with a life insurance agent from our agency this is 1 of the first things they will go over with you during their field underwriting.
Fully underwritten policies like term life insurance or universal life will not accept you if you are undergoing dialysis treatment.
This is why Guaranteed Issue policies are a great option, they have no health questions and do not perform any kind of medical exams, acceptance is guaranteed.
All you have to do is pay your premiums for 2 years and your family will receive the full death benefits.
Accidental Death
Even if a policy has a 2-year waiting period if you were to pass away due to an accident no matter what the time frame is your family will receive the full face amount of your coverage.
This means if you got into a car wreck the day after your first premium is paid your family would receive the payout that following day despite your health condition.
Death Within the 2 year waiting period
If you pass away within the 2 years waiting for a period of your policy your family would receive the premiums you paid plus 10% so even if you pass away within the 2 years your family will receive a benefit.
Best Guaranteed Acceptance Life Insurance Companies for Dialysis Patients
Selecting the best final expense insurance carrier is very important when it comes to your loved one’s financial safety.
Furthermore, there are Guaranteed Acceptance policies that will put you in a 3 year waiting period!
We would not recommend a policy like that to anyone you should have to wait only 2 years and that’s it.
3 years is too long and unnecessary when the companies we work with offer only 2-year waiting periods maximum.
Best Company Highlights
The highlights that make a company one of the best is:
- An A-Rating
- Over 60+ years in business
- A Perfect Track Record
Best Burial Insurance Companies for Dialysis Patients
American General
- A-Rating with AM Best
- Been in business since 1926
- Has a Proven Track Record of Paying Clients Claims
Great Western
- A-Rating with AM Best
- Been in Business Since 1935
- Proven Track Record of Paying Claims
Gerber
- A-Rating with AM Best
- Been in Business Since 1967
- Proven Track Record of Paying Clients Claims
These are the 3 best carriers our agents will go over with you when you speak with them.
High Risk vs Low Risk
The reason your only option for life insurance is Guaranteed Issue is that consumers with chronic kidney disease have a low chance of survival with this kind of condition.
A life insurance company looks at these types of conditions as high-risk applicants. If a carrier is going to insure your life for $30,000 they want to know you will live to pay into your policy for a decent amount of time.
Furthermore, this is why healthier applicants will get approved for day one level coverage because a carrier sees how healthy they are and a low risk of an early death claim.
How carriers Assess Risk
Life insurance companies that specialize in final expense also known as burial insurance look at your risk factor based on 2 different background checks.
- Medical Information Bureau Health Report – This is a report where all your doctor’s visits, diagnoses of conditions, and all of your medical history are stored. It is copied, published into this database, a carrier will use your Social Security Number to check this database to see how healthy you are during an application.
- Prescription Check – A life insurance carrier will also look at your prescription history during your application to see if you are taking any medications that may indicate a health condition you may have.
These 2 methods are what carriers use to determine your risk. If you are classified as a low risk you could get day one level coverage. If you are classified as high risk you will be offered a policy with a waiting period.
Furthermore, if you are on kidney dialysis time is of the essence the faster you start your policy waiting period the faster you will get through it and your family can receive the death benefit when your time comes.
Fill out the form to your right to speak with one of our licensed agents and get enrolled.