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Are you looking into burial insurance, but worried that a past stroke will get in the way? Well fear not because we are pleased to inform you of some great news.
Yes you can secure a low cost burial policy even if you have had a stroke.
As it turns out, many of our customers with past strokes expressed the same concerns. Fortunately, they found us, so they were taken care of. Today, we will show you how we helped them so you can get in the know.
You are going to learn what final expense life insurance companies do when an applicant has had a stroke, what your options are, and most importantly, how to find the best plan.
Here’s The Real Deal About Burial Insurance After A Stroke
You will not find a single funeral insurance company that will not specifically ask about strokes. Please bear in mind that a full blown stroke is very different than a mini stroke (TIA). If you have had a mini stroke, check out this article. Mini strokes are far less severe, and your options are considerably better compared to your options after a full blown stroke.
Here’s the bottom line.
The truth is your options and how good they are depend entirely on when you last experienced your stroke(s). No matter when it was, there are affordable options for you. If the stroke was within the last 12 months, you will have a waiting period, and you will pay a bit of a higher premium. At the same time, once it’s been more than a year, you become eligible for immediate coverage and the lowest rates.
Here’s something else that is really cool.
Did you know that you will NOT have to take a physical exam when you apply for a final expense life insurance plan? Yep you read that correctly. You will only answer health questions.
Full on strokes are serious medical events which is why they can drastically impact the pricing of life insurance. Fortunately, we can help you find an affordable plan no matter when you last had a stroke.
How Final Expense Companies Underwrite Strokes
When it comes to strokes there are three things to consider. Remember, there is no burial insurance company that does not specifically ask about stroke. Having said that, here are the three things that could impact your price and policy provisions.
- The date of your last stroke
- The medications prescribed because of your stroke
- Any physical or mental impairments as a result of your stroke
Oh and don’t forget…
In addition to the aforementioned data points, all your other health conditions come into play.
But worry not.
Don’t feel like you need to learn what your best option is based on your stroke and your other health issues.
That’s what we are for! We will take all your information and determine which companies are best for you based on all your health information.
As you probably know, every final expense plan with underwriting has health questions. Furthermore, they will ask about strokes in either of the below formats.
1) have your had, been diagnosed with, or been treated for a stroke within the last 12 months?
2) have you had, been diagnosed with, or been treated for a stroke within the last 24 months?
Please note that is considerably more common for final expense companies to go back 2 years on strokes. There are a few that only look back one year, but they are definitely in the minority.
In addition to asking health questions, every final expense life insurance company will also keep an eye out for certain medications. In this case, they will be on the lookout for certain prescriptions that are often used after someone has had a stroke.
Here are the most common flagged stroke medications
When it comes to stroke medications, the insurance companies will often look at three factors.
- The medication itself.
- When was the first prescription filled?
- Have you consistently filled it since your first prescription?
Ultimately, that take all that information into account when they decide if any of your medications will be an issue. If you have first been prescribed any of these medications within the last 2 years, there are a lot of insurance carriers that will place you in a higher risk category (you would be charged more). At the same time, we do have companies that are perfectly accepting of those medications. By the same token, if you have been on ANY of those prescriptions for more than 2 years, almost all final expense companies will no longer hold them against you.
In the end, your Choice Mutual agent will be able to quickly and accurately let you know if any of your medications will affect the underwriting with certain carriers.
Sadly, one of the most harsh drawbacks of a stroke can be a physical impairment. It’s not at all uncommon for stroke victims to lose control of a part of their body. Sometimes it’s permanent, and sometimes its temporary. In either case, these side effects could potentially hamper your ability to secure the lowest rates on your final expense life insurance.
So what’s the bottom line here?
No matter what you can still get coverage. However, physical impairments from a stroke often lead to other challenges that may prevent you from securing immediate protection and the lowest rate.
Activities Of Daily Living (ADL’s)
These are classified as bathing, dressing, eating, toileting. If you need help with these, it is going to be VERY hard to secure you immediate coverage and the lowest rate. Pretty much every burial insurance company will not issue any coverage to anyone who needs help with their ADL’s.
There is one carrier out there that is fine with applicants who need help with their daily activities of living, so hopefully you don’t have any other health issues that prevents you from qualifying with them. If for some reason you don’t, you will have to accept a slightly higher premium and a full two year waiting period.
Home Health Care
It’s extremely common for stroke victims to need home health care for a period of time or forever. Either way and just like ADL’s, nearly all funeral insurance companies will specifically ask about home health care. If you are currently receiving home health care, most carriers will decline you altogether.
Thankfully, there is indeed one burial insurance company out there that does not ask about home health care. They would be fine with it. If for some reason you have other health issues that preclude you from qualifying with them, you will pay a higher premium and have to endure a waiting period.
Depending on the severity of the stroke, some patients will need to be a nursing home during their rehabilitation. Unfortunately, there is no final expense company that will not specifically ask if you are in a nursing home. They will not issue any coverage to someone who is currently in one.
With that, if you are currently in a nursing home (for any reason), your only option would be to get a guaranteed issue life insurance policy from Gerber Life. The premiums are honestly very low considering they ask no health questions, and there is a two year waiting period. Given the circumstances, thank God it’s available because it enables you to secure coverage.
Expectations After A Stroke
As you probably know by now, a stroke can have a very significant effect on the cost of burial insurance. In addition, you could also be subject to a waiting period depending on when you last experienced a stroke. Here is a complete breakdown of what you should expect according to when you last experienced a stroke.
Please remember, these only apply to full blown strokes. If you had a mini stroke (TIA), please read our TIA article.
Your Stroke Was Within The Last 12 Months
Unfortunately, you will have to pay about 15-30% more, and you will have a 2 year waiting period. Because your stroke is so recent, this is unavoidable with every company.
Your Stroke Was Over A Year Ago, But Within The Last 2 Years
In this circumstance, your options definitely improve. Basically, there are carriers out there that only ask about strokes within the last year. Since your stroke was over a year ago, you can honestly say no to that question. With these companies, you would be eligible for immediate coverage and their lowest rates.
Your Stroke Was Over 2 Years Ago
By far, most final expense companies will ask about strokes within the last 2 years. If yours was over 2 years ago, you essentially have your pick of the litter. Pretty much every company will not care about your stroke since it is now outside their guidelines. You will qualify for level rates. Your coverage will be effectively immediately, and you will have no waiting period at all.
How To Find The Best Burial Insurance After A Stroke
To accomplish this, you need to accept that you need professional help. In essence, your only job is to find a qualified and experienced advisor to do the heavy lifting for you. Fortunately, you have already found our website, so you don’t have to look very far. This formula is universal and will work whether you have had a stroke or not.
To find the best burial insurance after a stroke, you need to work with an independent agency like Choice Mutual that represents many different final expense insurance companies. Only an independent agency can compare rates from multiple carriers to ensure you get the best deal.
Want to know the best part?
It’s free to work with an agency like us. It will not cost you anything, and your insurance will not cost more simply because you bought through us. Working with an independent broker is like having a personal burial insurance shopper running around to find you the best deal.
Don’t discount experience either.
As you can tell by the information in this article, there is a lot that goes into the underwriting. In addition, you getting the best deal is essentially done by identifying which carrier looks at your health most favorably. It takes many years to learn the underwriting from all the different burial insurance companies out there. Only through this experience can we have the knowledge needed to know which carrier will truly be best for you based on your individual situation.
We hope you will give us a shot at earning your business. Fill out the quote form with your phone number or call us at 1-800-644-2926 to get started. If you don’t want to work with us, just make sure you find an independent agency that has lots of companies to choose from.