In this guide, learn how your health issues impact your options and how to find the best policy based on your conditions.
How Does Final Expense Insurance Work & What Options Are There?
Final expense life insurance is a small whole life policy with very relaxed underwriting, so seniors with health issues can still qualify.
Generally, most life insurance companies will allow you to buy from $2,000 to $50,000 in coverage.
Whole life insurance is a type of permanent life insurance with a fixed monthly payment that cannot increase. Also, the coverage won’t decrease in value or expire due to age.
Because it’s life insurance, the net result is a tax-free cash payment to your beneficiaries (or funeral home). The beneficiaries can spend the money on anything.
There are two basic senior final expense life insurance options that you can pursue.
Some plans have health questions, and some have no health questions.
There is a big difference between these two options.
Plans with health questions & immediate coverage
Final expense insurance plans with health questions are called “simplified issue.”
They are “simplified” because you do not have to take an exam. You only need to answer health questions.
In addition, the insurer will analyze your medication history.
Don’t worry because they have databases they can access to obtain your medications. You will not need to contact your medical providers for a complete list.
If you’re approved for a plan with health questions, your policy has no waiting period.
Immediately effective life insurance means you’re covered for natural or accidental death once you make your first premium payment.
So if you were to die even one day after the policy goes into effect, they are still on the hook to pay the death benefit.
If there were a waiting period, it would only result in a refund of premiums for death during the first two years.
In addition to the immediate coverage, plans with health questions are also the least expensive.
The cost of a final expense policy with a health questionnaire is lower because the insurer is taking on less risk.
They know you don’t have terminal cancer or some other dire, life-threatening health condition.
Plans with no health questions & guaranteed approval
Commonly referred to as “guaranteed acceptance life insurance,” these plans have no health questions or medical checkups of any kind.
Simply put, you are guaranteed to be accepted.
The insurance company knows absolutely nothing about your health history.
The primary drawback with these guaranteed issue final expense policies is the waiting period. Another thing to consider too is the cost.
They are much more expensive since the insurance company is taking on enormous risks knowing nothing about the insured’s health.
With all forms of insurance, higher risk translates to a higher cost.
That’s another reason you should always opt for a plan with health questions before buying a guaranteed acceptance policy.
Are There Guaranteed Acceptance Plans With No Waiting Period?
Even though some websites say otherwise, there is no such thing as guaranteed approval and no waiting period.
If an insurance company tried to offer a policy with no questions that covered you immediately, they would be out of business within a month.
Hospice patients would make one or two payments and collect a check for tens of thousands of dollars shortly after that.
An insurer paying out $10,000-$20,000 after only collecting $50-$200 in premiums is not a sound financial proposition.
It would result in a colossal economic loss for the insurer, which they could never recover.
So remember, to get a plan with no waiting period, you must answer health questions.
There is no other way.
How Much Does Burial Insurance Cost?
Final expense insurance costs vary based on age, gender, state of residence, tobacco usage, coverage amount, and health history.
That said, below is a table that shows some price estimates.
Your exact rate may be higher or lower than these prices based on the abovementioned factors.
| Age & Gender | $5,000 | $10,000 |
|---|---|---|
| Female age 40 | $12 | $21 |
| Female age 45 | $13 | $23 |
| Female age 50 | $14 | $24 |
| Female age 55 | $15 | $28 |
| Female age 60 | $18 | $33 |
| Female age 65 | $22 | $41 |
| Female age 70 | $28 | $53 |
| Female age 75 | $37 | $71 |
| Female age 80 | $50 | $98 |
| Female age 85 | $70 | $136 |
| Female age 89 | $131 | N/A |
| Male age 40 | $14 | $25 |
| Male age 45 | $15 | $27 |
| Male age 50 | $17 | $31 |
| Male age 55 | $20 | $36 |
| Male age 60 | $23 | $43 |
| Male age 65 | $29 | $54 |
| Male age 70 | $37 | $70 |
| Male age 75 | $50 | $97 |
| Male age 80 | $69 | $135 |
| Male age 85 | $91 | $178 |
| Male age 89 | $180 | N/A |
| Source for monthly prices: Choice Mutual quote calculator. Rates valid as of 05/08/2024. | ||
How To Find The Best Burial Insurance With Health Conditions
To find the best burial insurance plan when you have health issues, you need to find a company that accepts all your health issues.
Ideally, you want to apply with a carrier where you can say no to all the health questions on the application.
If you can find a life insurance company where you can say no to health questions, that will lead to two significant benefits:
- No waiting period coverage: You’ll be fully insured the day you make your first payment.
- Lowest price possible: You will get the least expensive plan they offer.
Understand that you don’t necessarily need a carrier where you can say no to all the health questions. That’s the ideal scenario, but it’s not a requirement.
There are plenty of companies where you can still say yes to specific health questions and still qualify for a no-waiting period plan.
For example, if you have COPD, it will be virtually impossible to find any application that does not ask about lung conditions in some way.
That said, many carriers allow applicants to respond yes to a COPD question and still approve them for an immediate coverage plan.
Working with an agency is critically important
Working with an independent final expense insurance agency is the single most crucial step you can take to find your best final expense policy.
That’s especially true if you’ve dealt with past health conditions.
Agencies like Choice Mutual represent multiple life insurance companies on your behalf.
Their job is to analyze each insurer to determine which will give you the best deal. Essentially, they will assess all your past and current medical issues.
Then they compare each to find out what they would offer you based on your health history. At that point, your insurance agent will simply recommend the best options and let you choose.
In contrast, you can deal directly with an insurance company. Under no circumstance will they compare other carriers for you.
For example, if you pursue the Colonial Penn 995 plan, you have only that one option. Colonial Penn Life Insurance Company will not offer another insurance provider if you’re unsatisfied with its policies.
When you work with an agency, you get a personal advocate who will try to find you the best policy regardless of which insurance company it’s with.
A Complete List Of Burial Insurance With Pre-Existing Conditions
Below you will find a breakdown of over 60 high-risk medical conditions listed alphabetically.
Get a quick understanding of how final expense life insurance companies respond to the condition. Also, you’ll quickly see if the ailment is eligible for no waiting period coverage.
a
You cannot avoid a waiting period if you’ve been diagnosed with AIDS.
After over 24 months, you can qualify for immediate coverage.
If it’s been less than 24 months, you’ll have to endure a waiting period and a higher price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
It’s worth mentioning that you will have more carrier options if the aneurysm was repaired more than 24 months ago.
Some final expense insurance companies offer no-waiting period coverage.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
b
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
People who are blind should look to apply with carriers that allow applicants to sign via a “voice signature.” Essentially, they will enable you to sign with your voice which acts as an equivalent to a written signature.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
c
First, basal/squamous cell cancer is of no concern.
For all other types, you can get a full coverage plan after you’ve gone 24 months since cancer.
A partial coverage plan is possible if you had cancer more than 12 months ago but less than 24.
After over 24 months, you can qualify for immediate coverage.
It’s also worth mentioning that if you’ve had metastatic cancer (spread to another area of the body) or multiple instances of cancer, either of those will significantly impact your options.
Full article about burial insurance with cancer Read full articleMost insurers will offer you a tobacco rating (higher price). However, some will still approve you for a non-tobacco rating.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Most insurers will offer you a tobacco rating (higher price). However, some will still approve you for a non-tobacco rating.
Insurance carriers classify a “circulatory surgery” as any surgical procedure involving blood vessels (veins or arteries) carrying blood to and from the heart. A typical example is a stent placement surgery.
After over 12 months, you can qualify for immediate coverage.
If it’s been less than 12 months, you’ll have to endure a waiting period and a higher price.
Some final expense insurance companies offer no-waiting period coverage.
It’s also worth mentioning that if you’ve been advised to have a transplant or had liver failure, you’ll have to accept a waiting period.
You cannot avoid a waiting period if you’ve been diagnosed with CHF.
Some final expense insurance companies offer no-waiting period coverage.
It’s also worth mentioning that if you’ve been prescribed home oxygen (even if you don’t use it), you’ll have to accept a waiting period.
Full article about burial insurance with copd Read full articleAfter you’ve been free of Covid for 30 days, you can qualify for immediate coverage.
Full article about burial insurance with coronavirus Read full articleMultiple final expense insurance companies offer no-waiting period coverage and their lowest price.
d
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
The compelling factor is when the defibrillator was installed.
After over 12 months since the installation, you can qualify for immediate coverage.
If it’s been less than 12 months since the installation, you’ll have to endure a waiting period and a higher price.
It’s worth mentioning that a waiting period is inevitable if you have the defibrillator (regardless of when it was installed) because you have congestive heart failure.
You cannot avoid a waiting period if you’ve been diagnosed with dementia or Alzheimer’s.
Also, a waiting period is inevitable if you’ve ever been prescribed medications even once (even if you never took them) for memory problems.
Full article about burial insurance with dementia Read full articleMultiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
It’s also worth mentioning that your medications, the age of initial diagnosis, and any complications could affect your eligibility.
Full article about burial insurance with diabetes Read full articleAfter over 24 months, you can qualify for immediate coverage.
If it’s been less than 24 months, you’ll have to endure a waiting period and a higher price.
You cannot avoid a waiting period if you’ve been on dialysis because of chronic kidney disease.
Dialysis because of an acute kidney issue (no CKD) could qualify for immediate coverage so long as it was more than one year ago.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Keep in mind that if you have a government-issued Direct Express card, very few carriers will accept it.
Most carriers only allow monthly payments to be made via a bank draft using a routing and account number.
e
f
g
h
After over 12 months, you can qualify for immediate coverage.
If it’s been less than 12 months, you’ll have to endure a waiting period and a higher price.
After over 12 months, you can qualify for immediate coverage.
If it’s been less than 12 months, you’ll have to endure a waiting period and a higher price.
Multiple final expense insurance companies offer no-waiting period coverage.
It’s worth mentioning that if the hepatitis has been cured, you’ll have more carrier options. Also, you’ll have access to the lowest prices if it’s been more than 24 months since you declared free of hepatitis.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
You cannot avoid a waiting period if you’ve been diagnosed with HIV.
i
k
Some final expense insurance companies offer no-waiting period coverage.
Keep in mind that if you have CKD and have had dialysis, you’ll have to accept a waiting period.
Full article about burial insurance with kidney disease Read full articlel
m
n
o
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
It’s also worth mentioning that with certain insurance companies, height and weight are not underwriting factors.
With those carriers, you could weigh 1000 pounds and still qualify for immediate coverage.
p
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
The compelling factor is when the pacemaker was installed.
After over 12 months since the installation, you can qualify for immediate coverage.
If it’s been less than 12 months since the installation, you’ll have to endure a waiting period and a higher price.
Some final expense insurance companies offer no-waiting period coverage.
It’s worth mentioning that if you have Parkinson’s and use a wheelchair, you’ll have to accept a waiting period.
r
s
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
If you’re over 50, multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
However, if you’re younger than 50, you’ll have to endure a waiting period and a higher price.
Multiple final expense insurance companies offer no-waiting period coverage and their lowest price.
All final expense insurance companies offer no-waiting period coverage. However, you will pay a higher price compared to a non-smoker.
After over 12 months, you can qualify for immediate coverage.
If it’s been less than 12 months, you’ll have to endure a waiting period and a higher price.
It’s worth mentioning that if it was a mini-stroke (TIA attack), it’s possible to get immediate coverage regardless of when it happened.
t
One carrier offers immediate coverage regardless of when the TIA occurred.
If that carrier is not an option, you can qualify for immediate coverage elsewhere after over 12 months.
