Guaranteed issue final expense insurance is guaranteed burial insurance. This is a whole life insurance policy designed to be guaranteed acceptance which means you cannot be denied coverage no matter what your health is. This type of life insurance policy is also known as burial insurance with no health questions.
Now with this type of life insurance policy, there is a 2-year waiting period before your beneficiary will receive the death benefits if you die. That is the only draw back to this type of whole life insurance policy, final expense insurance has 2 different death benefit types which is Level Benefits which is final expense insurance with no waiting period, and Graded benefits which is final expense insurance with a waiting period.
Both are a whole life insurance policy the only difference between the two is that the level benefit whole life insurance policy does have health questions but it is simplified issue which means it does not require a medical exam. The life insurance company will look at your health history and prescription history then they will cross reference that with the health questions you answer on their application.
If everything is accurate according to your answers to the health questions they will approve you for a level benefit life insurance policy. So if you believe you are healthy we recommend you apply for life insurance coverage with health questions because this will ensure your family receives the death benefit quickly if you die within 2 years.
Guaranteed acceptance plans are a last resort and meant for people with extreme health conditions this is what our article is going to cover and much more.
Table of contents
- Guaranteed Acceptance Burial Insurance Never Get Denied
- Best Guaranteed Burial Insurance 3 Different Companies
- Gerber Life Guaranteed Acceptance Burial Insurance
- How Much is Guaranteed Acceptance Burial Insurance Sample Quotes?
- Burial Insurance for Seniors -Limited Benefits -Graded Death Plans No Health Questions Guaranteed Description
- Burial Insurance for Seniors -Two Year Limited Benefits no Health Questions Guaranteed Return of Premium Benefit
Guaranteed Acceptance Burial Insurance Never Get Denied
The biggest positive about guaranteed acceptance life insurance coverage is that there are no health questions or medical exams required to buy the final expense insurance. You simply apply for coverage with your agent and once you make your first premium payment your coverage is inforce.
In addition to this there is that 2 year waiting period for your beneficiary to receive the full death benefit. Burial insurance companies do this because they want to make sure they make a return on their investment when they insure consumers with extreme health conditions. The good news is the health conditions that make you a candidate for guaranteed acceptance final expense life insurance are treatable and consumers find themselves often living longer than 2 years with those conditions.
A great example of this is current cancer patients that need final expense insurance. Cancer is a condition that in todays world can be treated through medications and chemo therapy which helps the patient live longer than expected or become cured altogether. This means you have a high chance of living right through your final expense insurance 2 year waiting period.
In addition to this your whole life insurance which is a permanent life insurance policy meaning it will never expire also builds cash value in addition to the policy death benefit. So you are not throwing money away during that 2 year waiting period. The cash value grows over time and will payout in addition to the death benefit of the policy when you die.
All whole life insurance policies have this specific feature because since it is a permanent life insurance plan so the cash value will continue to build up until you die and your family needs the death benefit to pay for your funeral costs.
Best Guaranteed Burial Insurance 3 Different Companies
There are 3 burial insurance companies that offer the best guaranteed burial insurance policies. Now keep in mind the Colonial Penn 995 burial insurance plan is not one of these companies or products.
- Gerber Life Insurance Company
- American General (AIG) Life Insurance Company
- Great Western Life Insurance Company
Those are the 3 best burial insurance companies for guaranteed acceptance final expense life insurance. All of their products are whole life insurance with no medical exam or health questions which means approval is guaranteed acceptance.
Each one’s whole life insurance product has a 2 year waiting period before the death benefit will be paid to the named beneficiary. They all build cash value overtime in addition to the policy death benefit. Each company has great ratings regarding its final expense life insurance products.
American General Accelerated Death Benefit
AIG has a rider that will allow you to borrow from the face amount early if you are diagnosed with a terminal illness. This would allow you to use some of your whole life insurance death benefit amount to pay any possible medical bills your health insurance may not be covering.
You can use this money to even get a head start on paying your final expenses if you wanted to. It is a simple way to help ease the burden on your family so they do not get stuck with funeral or medical bills. Those types of bills all become part of your final expenses when you die. It is also important to note with this rider you do not have to wait for the 2 year waiting period to be over you can use the burial insurance benefit as soon as you become terminally ill.
Benefits of Whole Life Insurance
When it comes to final expense whole life insurance not only does the policy build cash value but it also has very important features. In addition to the no medical exam guaranteed acceptance, the final expense burial insurance also has:
- Premiums that Never Increase
- Death Benefit Never Decreases
- Full Death Benefit is Tax Free to your Beneficiary
Gerber Life Guaranteed Acceptance Burial Insurance
Gerber life has the most competitively priced whole life insurance product out of all the other companies on the market. Their final expense whole life insurance product does not require a medical exam or health questions and builds cash value.
Gerber life is the best burial insurance company for guaranteed acceptance final expense insurance. If you are looking to save the most money on premium and protect your family from a financial burden gerber life is your company. Their guaranteed acceptance whole life insurance is meant for consumers with extreme health conditions just the other companies we have listed. If you have pre existing conditions you will never have to worry about being denied by them.
This is the beauty of guaranteed acceptance final expense coverage you cannot be denied even if you have pre existing conditions like HIV, Cancer, Dementia etc.
How Much is Guaranteed Acceptance Burial Insurance Sample Quotes?
Guaranteed acceptance whole life insurance is usually 20% more expensive than whole life insurance that has underwriting. This is because if you are healthy you will always get a better rate for funeral insurance. This is also true for any type of whole life insurance on the market, the healthier you are the better your premiums are going to be.
Below you will see some sample life insurance quotes for guaranteed acceptance life insurance companies. If you want to see an accurate quote for you personally fill out our quoter to your right to see which guaranteed acceptance life insurance companies are available for you.
Burial Insurance for Seniors -Limited Benefits -Graded Death Plans No Health Questions Guaranteed Description
Remember these are limited benefit plans with these life insurance companies. They are called a graded death benefit.
Graded Death Benefit
A graded benefit means if death occurs within the first two years of being in the policy for any reason other than an accident the premiums paid plus 10% is what your beneficiary will receive. That is the 2 year waiting period which means if you want to cover you end of life expenses for your family sign up for one of these life insurance companies now to get past the 2 year waiting period.
Now if you die from an accident the full amount of the policy will be paid to your beneficiary regardless of the 2 year waiting period. This means if you die from an accident your family will be able to cover the burial costs. Any burial insurance plan that is guaranteed issue has this accidental death stipulation.
As you can see there are definitely fair stipulations built into these funeral insurance plans to make sure your family is taken care of. That being said these types of funeral insurance policies should always be a last resort if you have pre existing conditions our goal is to help you find a life policy that does not have a 2 year waiting period.
Even if you have pre existing conditions 90% of the time our agents can help you find level benefits. We are here to service your life insurance needs and are highly trained in the underwriting niches of our carriers. This means in most cases we find our clients the best funeral insurance with level benefits for their life insurance needs.
Burial Insurance for Seniors -Two Year Limited Benefits no Health Questions Guaranteed Return of Premium Benefit
The return of premium payments benefit is very good for this type of life policy for funeral expenses. The reason being is because if you do die from natural causes within the 2 year waiting period this means your life policy will return the premiums you paid in plus 10%. Worst case scenario your family gets your money back plus 10% interest which is a very good rate of return.
All guaranteed issue policies have the return of premium benefit incase the insured dies before the waiting period is over which helps their family to pay some of the funeral expenses. These types of policies are designed for individuals with extreme health conditions so they can have something place when they die to pay funeral expenses.