If you have spent a fair amount of time looking for a burial policy for seniors with severe health conditions you may have found yourself getting declined by carriers. It may even seem like the hopes of getting coverage to protect your family from final expenses may be lost this is why burial insurance with no health questions was designed!
This is most definitely NOT the case! Life insurance companies that offer term life insurance will turn you down, they will ask you about your health issues, require a medical exam and much more.
Even if the amount of coverage is small on the policy depending on your severe health conditions most insurance products will not accept you. This is why Guaranteed Acceptance Life insurance exists!
This type of coverage is Guaranteed Issue Life Insurance. Also known as burial insurance with no health questions.
The name means exactly what it says, acceptance is guaranteed! These policies typically have a graded death benefit that results in a 2 year waiting period.
These policies typically show up in TV ads most notably from companies such as Colonial Penn, other companies such as New York Life use TV advertising for their products also.
This is where you may have heard the terminology “burial insurance with no health questions.”
In the sea of advertising, it can be overwhelming to find the right guaranteed acceptance plan.
In this guide we will go over the most important information about these plans.
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You can look at some of our other guides here:
Keep in mind that we pride ourselves on our specialized training and have helped many of our clients qualify for non-guaranteed acceptance policies even with severe conditions like COPD in some cases.
Table of contents
- What Life Insurance Doesn’t Ask for Medical Questions?
- When Should you apply for Burial Insurance no Medical Questions?
- Final Expense Life Insurance No Medical Questions Additional Benefits
- Guaranteed Life insurance with No Waiting Period or Health Questions No Such Thing
- Accidental Death
- Cash Value Accumulation
- Not All Guaranteed Issue policies are the same Avoid These
- Burial Insurance Companies with No Health Questions
- Burial Insurance Company No Health Questions Sample Rates
- How to get the Best Guaranteed Issue Final Expense Insurance?
- Why Paramount Quote?
What Life Insurance Doesn’t Ask for Medical Questions?
Guaranteed Issue Life Insurance does not ask for medical questions from the applicant. They do not look at you medical history or prescriptions. Approval is guaranteed so even if you are extremely sick you can be approved for guaranteed issue life insurance because there are no medical questions.
Now there is a two year waiting period before you’re beneficiary will receive the full death benefit of the policy.
When Should you apply for Burial Insurance no Medical Questions?
You should apply for guaranteed acceptance life insurance no health questions if you have a medical condition that does not qualify for burial insurance with no waiting period.
First, let’s list all of the conditions that are an automatic KO from any carrier:
- Current Internal Cancer
- Terminal Illness life expectancy of 2 years or less
- Kidney Disease requiring dialysis
- Dementia Alzheimers or mental incapacity
- Diabetic Amputation, Insulin shock, Diabetic Coma
- Have had or been recommended for an organ transplant
- The use of Oxygen Tanks
- Currently in hospital, long term care, or nursing facility
If you have any of those current conditions then Guaranteed Issue is your only option. Companies like Mutual of Omaha and others would not be a good option. They do not offer burial insurance with no health questions.
Also, combinations of conditions can determine if you only qualify for Guaranteed Issues like having COPD & CHF at the same time.
This is why time is of the essence the faster you start a Guaranteed Issue with no medical exam or health checks the faster you will be completely past the 2-year waiting period and your family will be covered by this funeral insurance.
If you were to pass within that 2 year period your family would receive the premiums paid plus 10%! So no money is lost and there’s a 10% return.
Burial Insurance with no health questions will always have an automatic 2 year waiting period. There is no such thing as guaranteed issue life insurance with no waiting period.– Tim Connon
Life Insurance Without Health Questions for Seniors
Remember burial insurance with no health questions is final expense life insurance. These policies have a smaller face amount and are designed for covering burial expenses. This is Guaranteed Issue Life Insurance which means a senior can qualify for the insurance without a medical exam or the company looking at their medical history.
This life insurance coverage is perfect for seniors with extreme health conditions like cancer or HIV. Approval is guaranteed regardless of their medical conditions so if you have pre existing health conditions like cancer or amputation due to uncontrolled diabetes this non medical exam life insurance is your only option.
Coverage amounts for Guaranteed Issue policies range from $2,000 – $35,000 depending on which guaranteed issue life insurance company you purchase with one of our insurance agents. We can help you shop the market through our quoting tool to get you the best rate with companies that have the highest life insurance ratings.
Best of all is the application process is very simple speak with one of our agents to get started.
Final Expense Life Insurance No Medical Questions Additional Benefits
American General (AIG) has living benefits included with their Guaranteed Issue Life Insurance Policy. It has a terminal illness rider which allows the policy holder to borrow from the face amount of their policy if they are diagnosed with a terminal illness. This means an insured can use the money on their policy to pay things they may need from the hospital such as treatments normal health insurance does not cover.
The funds can be used for anything you may need while you are alive. This can also allow you to pre-pay your funeral if you want it to.
Guaranteed Life insurance with No Waiting Period or Health Questions No Such Thing
If you are looking for a guaranteed issue life insurance policy with no waiting period you will never find it. It does not exist all guaranteed issue life insurance has an automatic 2-year waiting period there are no exceptions. Life insurance companies that offer immediate coverage has to have health questions they cannot issue immediate payouts on coverage for people that signed up for a plan with terminal or high risk health conditions.
Life insurance is the transfer of risk therefore life insurance companies want to mitigate that risk by insuring healthy individuals or at least moderately healthy that is where our agents come in. We are trained to find seniors with conditions severe like COPD or Diabetes with immediate policy pay-out coverage.
In the event of an accident, a Guaranteed Issue policy would pay the full face amount to your family. So if you pass away in a car accident your family would receive the benefit and be protected from running up credit cards or borrowing money from family.
Burials are between $8,000 to $12,000 with cremations being $3,000 to $5,000 making these types of life insurance for burial perfect for end-of-life expenses.
To sum it all up if you pass from an accident the 2-year waiting period is bypassed and your family receives the full face amount.
Cash Value Accumulation
A guaranteed issue burial insurance policy also gains cash value. This is basically a small saving that you can borrow against for anything you may need in the future such as paying a bill or in case of a financial emergency.
Not All Guaranteed Issue policies are the same Avoid These
Not all guaranteed acceptance policies are the same. Some of these policies advertised on TV have huge drawbacks.
- Rate Increases – Rates go up every five years. A real policy should have a rate lock
- Policy expires at age 80 – The policy at age 80 terminates. Real Whole life insurance policies do not
- Waiting periods longer than 2 years typically 3 years – You do not have to settle for a 3-year waiting period! The best plans only have a 2 year period. Here at ParamountQuote we only offer Guaranteed Issue policies with a 2 year period.
Burial Insurance Companies with No Health Questions
There are 3 burial insurance companies that ask no health questions on their application which means you are guaranteed approval these 3 companies are very well known.
These Companies would be:
Burial Insurance Company No Health Questions Sample Rates
Below are sample life insurance quotes with no health questions. Rates are always based on age when it comes to burial insurance with no health questions.
|Most Affordable Company||Age||Male $15,000 Benefit||Female $15,000 Benefit|
How to get the Best Guaranteed Issue Final Expense Insurance?
The process is very simple, fill out the form to your right to view rates and one of our highly trained agents will reach out to you.
At that point, they will confirm basic information ask a few health questions, and determine your rate class. Enrollment is very simple and completed within minutes! We work with the top A-rated carriers in the country and will match you with and secure the best carrier and best rate.
Then you and our agent would proceed with the e-signature process there are 2 different methods:
Voice Signature – Done right over the phone with the agent following the prompts
Email Signature – The agent emails you a Docusign for your application over the phone.
Also, the agent you speak with will become your personal family agent for life! We pride ourselves on developing relationships with clients and their families.
Our agents assist in the enrollment process and when that inevitable day comes helping your family submit the death claim to receive their benefits.
Why Paramount Quote?
- We are a national agency. We are not bound by state borders, We represent the top major carriers in the country that guarantee the best rate and coverage.
- We specialize in burial insurance which makes us exceptional knowing all the in’s and out’s of these policies as far as their underwriting and placement.
- Our agents work for you, not the insurance companies we are dedicated to giving the absolute best! Our customer service is just as important to us as our policy placement. Our agents are always there for you.
Let us earn your business today. Give us a call or fill out the form to your right.