Are you wondering if you can get burial insurance with Schizophrenia? The answer is yes you can get final expense insurance and qualify with schizophrenia even if you are having treatment for this condition. You can qualify for coverage with no waiting periods. This provides full protection from the day you make your first premium payment.
With the cost of burials being anywhere between $8,000 to $12,000 and cremations being between $3,000 to $5,000 and inflation being on the rise. Making sure you have adequate coverage to protect your family from the burden of your final expenses is a top priority.
According to treatmentadvocacycenter.org
Approximately 2.6 million adults are affected by this disorder.
The truth is securing burial insurance with schizophrenia is more than possible in fact many carriers today are very accepting of this condition! With the simplified underwriting of these plans, they simply look at your medical history and prescriptions and assess your risk.
There is no medical exam required meaning they will not do blood tests or ask for previous medical records regarding any mood disorders or other past medical issues that were diagnosed or treated.
We specialize in helping our clients get approved for day one level coverage for schizophrenia.
We get asked the question all the time:
“Can I get Life Insurance if I Have Schizophrenia?”
The answer is yes depending on which company.
Table of contents
Understanding Burial Insurance & Schizophrenia
Final expense insurance(funeral, burial, and cremation insurance) is simplified or guaranteed issue whole life policies. Simplified issue has health questions, no medical exams and no waiting periods. Guaranteed issue has no health questions, medical exams and a 2 year waiting period.
Both are permanent policies that never expire, build cash value you can borrow against and are designed to cover funeral, cremation and end of life expenses. They both have level premiums(premium never increases) and level death benefits(death benefit never decreases).
Simplified issue offers a maximum amount of coverage of $50,000(dependent on the company) & Guaranteed issue offers a maximum of $40,000(dependent on the company).
Both types of burial insurance will payout a lump-sum death benefit to your beneficiary on the policy. Your beneficiary uses this money to pay your funeral and any other end of life costs when you die.
Any money left over is for them to keep and use as they see fit.
Related: Burial Insurance with Mental Illness
Will Burial Insurance With Schizophrenia Cost More?
No you will not be charged more on your premiums for having schizophrenia unless you apply with the wrong company. A good example of this is Mutual of Omaha because they may be a great carrier but if you have been diagnosed with Schizophrenia within 4 years they will offer you their graded policy.
A graded policy has a waiting period and will be more expensive compared to their level policy. That is ok because other companies like American Amicable will offer level funeral insurance with no waiting period for Schizophrenia no matter what date you were diagnosed.
Best life insurance coverage for Schizophrenia?
When it comes to getting the best burial insurance for schizophrenia it depends on which company will accept your condition and approve you for day one level coverage.
Normal Controlled Schizophrenia
Schizophrenia does not hinder you from performing normal daily living tasks.
You can Qualify for Level Coverage
You are fully covered from day one with no waiting period for the death benefit.
Qualifying for this coverage is easy you would simply answer a few health questions and the carrier would look at a Medical Information Bureau report of any past health conditions or prescriptions.
Severe Schizophrenia hinders a person from performing normal tasks of daily living such as bathing, dressing, eating, etc.
You Qualify for Guaranteed Issue Coverage
If you have severe schizophrenia that hinders your daily living tasks you will qualify for guaranteed issue life insurance coverage. This policy has no health questions and no underwriting required.
The best life insurance coverage will also have:
- A Rate Lock – Premium never increases
- Death Benefit that never decreases
- Tax-Free Death Benefit to your Beneficiary
Fun Fact: Every time you go to see your doctor those visits are copied & published in the Medical Information Bureau Health Report. This is what burial insurance companies check when qualifying you for coverage.
Life Insurance we do not Recommend
There are types of life insurance we do not recommend as burial insurance for final expenses.
The premiums will increase over time as the policy renews they will not stay the same throughout the term periods.
Most term policies also do a full medical examination meaning they send someone to your home to draw blood and also running tests. It can take weeks to know if you are even approved. That is why we do not recommend term to any clients looking for burial insurance.
This type of insurance plan was designed for younger clients with high mortgages.
Products advertised over TV as burial insurance can be very misleading. A true burial insurance policy is a whole life insurance policy.
For more information on Whole Life, you can read our article here.
What you will find with TV ads is term life policies being marketed as burial insurance, as well as policies with premiums that increase over time. You will also see phrases like:
“No health questions asked!” – meaning it is a guaranteed issue policy you may not need if you qualify for day one coverage.
These types of gimmicks do not serve your best interests!
Some important questions to ask when researching burial insurance with schizophrenia is:
“Is the premium locked in for life?”
“Does the Death Benefit ever go down?”
These questions are extremely crucial to ask.
Best life insurance companies for Schizophrenia?
We represent the top major burial insurance carriers in the nation. More importantly, we know the niches for these companies to assist most of our clients with a spectrum of health conditions qualify for coverage at the best rate available.
Our Top Carriers for Burial Insurance Schizophrenia:
- Liberty Bankers Life
- American Amicable
- Mutual of Omaha
- Royal Neighbors of America
- Guarantee Trust Life
- Great Western
- American General
All of these carriers have been in business for over 50+ years and maintain an A-rating.
Their policies include:
A Rate Lock
Death Benefit Never Decreases
Death Benefit is Tax-free to the beneficiary
Additional Riders Also Available
Accelerated Death Benefit Rider:
If you are diagnosed with a terminal illness this rider allows you to withdraw from the face amount early to pay for anything you may need. You can use it to pay extra bills or for experimental treatments that health insurance may not cover.
Accidental Death & Dismemberment:
If death results from an accident your beneficiary can receive additional coverage.
How to Apply for Life Insurance?
Applying is very simple and approval can be done in minutes right over the phone! We pride ourselves on our extremely fast easy process.
The first step is simply to fill out the quote form to the right of this page. You will see instant pricing on what is available in your area shortly after one of our agents will give you a call. They will confirm some basic information and ask a few health questions.
At that point, they will confirm your rate class and the amount of coverage being applied for.
Then you and the agent will begin the enrollment process.
There are 2 different ways to enroll depending on the carrier selected:
- Voice Signature – You and the agent will conduct a 3-way call with the carrier and use a voice signature to sign for the application or You and the agent only will conduct the voice signature, it depends on the carrier.
This process is done in minutes and an instant decision is reached right over the phone at the end of the enrollment.
- Email Signature – At the time of the application the agent will send you an email with a DocuSign link in it. You simply log into your email on file and complete the Docusign for the application.
At that point, an instant decision is reached.
Our process is done in minutes, not weeks or months. These are instant approval carriers so everything from the underwriting to the enrollment is done quickly providing you with the peace of mind to protect your loved ones from your final expenses quickly.
Life insurance for schizophrenia should always be final expense insurance. If you were to apply for something like term life insurance which we do not recommend. This would result in higher life insurance rates over time if you can get approved and when the policy renews.
Group life insurance with your employer can be good if you have schizophrenia however 90% of the time you leave that job you lose the coverage. We have met alot of clients that were denied coverage from previous life insurance carriers due to their mental health conditions.
So when you work with ParamountQuote you are working with an insurance expert licensed for insurance especially burial insurance. This guarantees that we can get you the best policy regardless of any treatment plan your doctors have you on.
We know the underwriting niches of these carriers.
We are a national independent agency specializing in burial insurance. Our mission is to help you achieve your financial vision for your family when your time comes. We pride ourselves on our expert-level training and customer service to our clients.
Our agents hold your hand every step of the way and will be your personal agents for life! It’s all about our relationship with our clients!
Fill out the form to your right or give us a call to get started.