Have you ever been told that since you had a previous heart attack in your medical history that you do not qualify for coverage? If you have, this is by no means the truth at all, many life insurance companies will provide burial insurance with your heart attack.
It just varies depending on a few things. In this guide, we will cover how these insurance carriers view this condition so we can help you find the lowest price coverage that will provide a full death benefit to your family for your funeral costs when your time comes.
According to www.cdc.gov
Every year 805,000 in the United States have a heart attack.
We encounter clients every day with this and other health conditions. We specialize in helping clients with these health issues and more qualify for affordable coverage.
Quick Tip: To see pricing and speak with one of our agents fill out the form to your right.
Burial Insurance Heart Attack No Medical Exam
Above all, these are simplified issue plans.
This means that unlike fully underwritten policies the carrier will not send out a medical professional to your home to draw blood from you or perform physical tests. In many cases, depending on your health this can result in higher premiums if you are approved or a flat-out decline.
If this happens they may even recommend a guaranteed issue policy with a 2 year waiting period that you may not need considering there’s still the possibility of securing day one coverage.
This is why fully underwritten types of insurance coverage are not ideal for consumers with pre existing conditions.
In today’s world with simplified underwriting this makes securing affordable day one burial insurance with heart attack very possible. It all comes down to how exactly is the condition been treated and how long has it been since the occurence and what medications are you taking?
The carrier simply looks at your Medical Information Bureau Health Report and Prescriptions. A decision can be reached in minutes right over the phone, not days or weeks.
Burial Insurance After a Heart Attack
The biggest factor in securing the right coverage is how long ago was your last heart attack?
When someone has had a previous heart attack it is very common for another one to occur. This is why these companies typically ask within the past 12 months or 24 months on their applications.
The longer you have managed to not have another heart attack the more the carrier sees that you manage your condition very well.
This can go for other conditions as well like heart disease. In conjunction with time, there are also what kinds of medications have you been prescribed, and are you still taking them?
Let’s start with time:
Have you had a Heart Attack within the Past Year?
If you have, then your options are either a Modified Plan or a Guaranteed Issue Policy.
A Modified Plan would pay 110% of the premiums paid into the policy if death occurs within the 1st year. If death occurs in the 2nd year 231% of the premiums would be paid to the beneficiary. After year 2 the full death benefit is paid to the beneficiary.
Guaranteed Issue Plan
If death occurs within 2 years 110% of the premiums are paid to the beneficiary. After 2 years the full death benefit is paid.
Both plans offer a return on the money paid in with the modified plan being more substantial.
Have you had a Heart Attack over 2 Years Ago?
If you have, then your options are depending on medications and any other health conditions, Level day one coverage.
The policy pays out 100% of the face amount instantly from day 1 if death were to occur.
Medications have different uses therefore the carriers will look at them as acceptable. These are a few examples of medications that can be looked at as prescribed for heart conditions but also used for high blood pressure.
Medications that may be looked at more closely
These medications may be looked at differently this would be something one of our agents would assist you with at the time of the application some carriers may decline you based on these this is why it is important to let our agent that you work with know about them so they can help you select the right company.
With all these factors considered finding the best carrier that looks at your health profile favorably is what’s most important.
Best Burial Insurance Features
Finding the best burial insurance comes down to just a few things.
Does the policy have a rate that is locked in?
This means will the premium stay the same throughout the life of the policy. There are many mainstream carriers being promoted through TV advertising and other sources that do not offer ideal coverage for clients and their unique health profiles.
You may have heard big names like Colonial Penn, Globe Life, Lincoln Heritage, AARP, etc.
We have had clients obtain coverage from many mainstream companies only to find out their rates increased every few years or their death benefit was decreasing over time. As a result, if they did not obtain a better policy with us their family would have been in a bad situation after their passing.
Does the Death Benefit ever Decrease?
As we mentioned death benefits can decrease on the wrong policy. Resulting in what a consumer may have thought was a $10,000 policy only to find out 10 years later it is now a $2,000 policy.
A lot of companies take a “one size fits all.” approach to their clients. This results in a massive disservice and unpersonable approach to you the client.
A burial insurance policy should be a Whole Life Final Expense policy with:
A Rate Lock
Death Benefits that never Decrease
Tax-free Death Benefit to the Beneficiary
Which is exactly what we here at ParamountQuote Specialize in.
Other questions to ask are:
Is the company A-rated?
Have they been in business for over 60+ years?
The tv ad does not dictate what the best carrier and coverage is.
These factors above do.
How Much Burial Insurance Do I Need?
Above all, deciding how much coverage you need will be dependent on the type of service you or your family wants.
A burial ranges between $8,000 – $12,000 national depending on the state. On top of that, there is the very real factor of inflation which could double the rates to potentially $20,000 in the coming years.
You would want to get an accurate price list from your local funeral home on everything you want to be included from there you will know exactly how much coverage you need.
A cremation service averages nationally around $3,000 – $5,000. This also takes into account inflation with rates possibly increasing to $10,000 or more in the coming years. You can obtain a price list from your local funeral home that will show you exactly how much coverage you need.
The total amount you come up with plus inflation should be the amount of coverage you buy.
How to Apply for Burial Insurance?
Getting started is very simple.
First, fill out the form to your right, you will see instant quotes from the top major carriers in your state. At that point, one of our highly trained agents will be reaching out to you via phone call.
Once you are on the phone with them they will begin the field underwriting process confirm the amount of coverage, your rate class, and proceed to the enrollment. Enrollment can be done in 30 minutes or less with an instant approval right over the phone. There are 2 different methods to signing your application.
Voice Signature – This is conducted between you, the agent, and the insurance company or just you and the agent. You will answer health questions on the application and confirm your voice signature.
E-mail Signature – The agent at the time of the application will send you a DocuSign to your email to e-sign for your application you simply follow the prompts.
After signatures have been collected the carrier will reach an instant decision and will decide whether you are approved or denied.
This process can be done in minutes.