If you are wondering if you can get burial insurance if you had an aneurysm keep reading. Yes you can get burial insurance if you had a previous aneurysm. Now if you had a cerebral aneurysm within 1 year your only option is going to be a final expense policy with a 2 year waiting period. If you had a cerebral aneurysm between 1-2 years ago you can qualify for final expense insurance with no waiting periods.
According to bafound.org
An estimated 6.5 million people in the united states have a brain aneurysm.
That is 1 in 50 people.
In this article, we will go over how to avoid a waiting period, your options, features and costs.
Table of contents
Burial Insurance & Aneurysm Costs
Below are going to be 2 tables with the first one being the cost of level benefit final expense insurance for aneurysm between 1-2 years. This is the lowest premium for any individual because if you had your aneurysm in this time line you can qualify for the lowest premiums with no waiting periods.
The second table is going to be quotes for guaranteed issue life insurance or graded policy. These policies have a 2 year waiting period before they payout and are the only option available to you if your aneurysm was within 1 year.
|Age||$10,000 Male Non Smoker Sample Quotes||$10,000 Male Smoker Sample Quotes||$10,000 Female Non Smoker Sample Quotes||$10,000 Female Smoker Sample Quotes|
|Most Affordable Company||Age||Male $15,000 Benefit||Female $15,000 Benefit|
Life Insurance Aneurysm How to Not get a Waiting Period
It is easier to get final expense life insurance with an aneurysm without a waiting period than most people think.
The key is the time frame of when the aneurysm occurred if it was diagnosed over 2 years ago you will be able to get life insurance with an aneurysm with no waiting period for the death benefit to your beneficiary.
Now if you have had an aneurysm recently within a year then you would have to get life insurance with a waiting period since that aneurysm was so recent.
The life insurance companies are not sure about how long you will live with recent health conditions like this since it has been too soon to see if there would be any other complications.
This is why when getting life insurance with an aneurysm the carriers are looking for a time frame of over 2 years with no complications.
Burial Insurance Aneurysm No Medical Exam
Above all, burial insurance carriers do not require a medical exam to qualify for life insurance.
They look at your medical conditions through The Medical Information Bureau Health Report and a prescription check.
They will not send someone to your home to run blood tests or hand you a piece of paper with confusing verbiage on it like:
“The purpose without prior written authorization.”
“The manner for any purpose.” etc.
They look at when you were diagnosed with an aneurysm and what kind of medications you were prescribed.
If your diagnosis has been over 24 months and you have minimal medications or none at all then you will be classified as a low-risk applicant. These applicants qualify for first-day coverage. That means no waiting period on the death benefits being distributed in any manner at the time of your passing.
How your condition has been managed as well as surgeries and how much time has gone by without another incident are the key factors in what you qualify for.
Some carriers will ask if the diagnosis has been within the last 24 months, 18 months, or not at all.
If a carrier does not ask the question at all on their application this means they accept that condition meaning it is easy to qualify.
This is why working with one of our agents is crucial to getting the perfect policy for you. They are highly trained for life insurance aneurysm condition. So if you have had coronary artery disease or issues with high blood pressure or any conditions related to blood vessels be sure to communicate this to your agent.
When you have other aneurysms like abdominal aortic aneurysms this can make applying for life insurance complicated without an agent helping you. If you go with the wrong carrier they will classify you as high risk according to your medical records.
This means they will either give you a higher standard rate for your life insurance coverage according to the personal information on the life insurance application. Or you will wind up with a waiting period for benefits. We specialize in burial insurance aneurysm.
Best Burial Insurance Coverage Option
Finding the best burial insurance with an aneurysm as we stated is dependent on time.
Aneurysm Diagnosed over 2 years ago:
If your aneurysm was diagnosed over 2 years ago with minimal medications and no major surgeries then your option would be a level death benefit plan with first-day coverage.
Aneurysm Diagnosed within the last 18 months:
If your aneurysm was diagnosed within the past 18 months and you have had no major surgeries and minimal medications then you would qualify for level death benefits first-day coverage.
Aneurysm Diagnosed Recently or Recent or Pending Surgery:
A recently diagnosed aneurysm with immediate surgery would qualify you for a guaranteed acceptance policy with no medical questions or exams.
Types of Aneurysms Insurance Companies Look For:
Thoracic Aortic Aneurysm
Splenic Artery Aneurysm
Popliteal Artery Aneurysm
The types of medications you take are also a factor in qualifying for coverage.
Blood thinners are the most common prescriptions for aneurysms. Some blood thinners are looked at more favorably than others that have multiple purposes.
We specialize in getting you qualified for day one coverage regardless of your medications.
Best Burial Insurance Features
Above all, a burial insurance policy should be a Whole Life Final Expense Policy.
The Best Burial Insurance Policy For aneurysm will have the following features:
A Rate Lock – Premiums never increase
A Death Benefit that will never decrease
Tax-Free Death Benefit to the Beneficiary
Any policy that does not have the 3 key features above is not a good policy for burial expenses period.
If a policy does not have a rate lock this means premiums could increase on you over time. You could have a $50 premium that jumps to $80 or more in the coming years. It would gradually increase until the policy becomes unaffordable and you are forced to drop the coverage.
A true burial policy should have premiums that never increase throughout the life of the policy.
Decreasing Death Benefit
If a policy has a decreasing death benefit then your policy is losing value every few years. This means your policy can go from $20,000 to only $9,000 and you would not know it!
Tax-Free Death Benefit
If the death benefit on a policy is not tax-free this means your family will wind up with a tax bill at the end of the year for the money they received from your policy to bury you.
There are gimmicks out there and we here at ParamountQuote want you to be aware of them so you can make a properly informed decision.
Beware of TV Slogans Like:
“No Health Questions asked!”
“3 Simple Health Questions and Everyone is Approved!”
Those slogans are a part of the gimmick and do not serve you and your best interests.
How Much Insurance Do I need?
The costs of funeral services variers among different states and are dependant on the type of service you want to have.
We will look at this based on averages.
A Burial Service
A burial can range between $8,000 to $12,000. There is also inflation to add on top of that which could put funeral costs up to $18,000 or more. When looking into how much coverage you need to purchase ask your local funeral home for a price list and add on inflation to know your total amount.
A cremation service is a much more affordable direction to go. Cremation can range between $3,000 to $5,000 with inflation added in can be upwards of $9,000. This while being more affordable still leaves your family with a financial burden. To get an accurate price list visit your local funeral home.
Once you have a breakdown of the costs add on inflation and that will be how much coverage you need to purchase
Other final expenses to be considered are any debts such as medical bills, credit card payments, car payments, and other living expenses.
These are all factors to be considered when figuring out your coverage amount needed.
Funeral homes require money upfront for the service and this coverage is what will save your family from having to take out loans, borrow money, or sell their belongings.
How to apply for Insurance
Applying for coverage is very simple.
You fill out the form to the right of the page. This will show you carriers and pricing, at that point one of our licensed agents will reach out to you via phone call.
They will confirm your basic information and begin their field underwriting. Once they determine your rate class they will confirm your amount of coverage selected and proceed with you to the enrollment.
There are 2 methods to enroll:
Voice Signature – You, the agent, and the insurance company perform a 3-way call where you apply your voice signature to the necessary forms.
E-mail signature – The agent will send you a DocuSign email at the time of application. You will follow the prompts and e-sign the documents.
Once either method is completed an instant decision by the carrier is reached. This can all be done in 30 minutes.
Fill out the form to get started.