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Have you been trying to find a funeral insurance policy for seniors that protects you right away?
Here’s some good news: Getting a final expense policy that has no waiting period is possible!
So here’s what you’ll learn in this article…
We will explain how waiting periods work, and how to avoid them if possible.
Furthermore, we’ll outline exactly what health issues are not eligible for immediate coverage, and we’ll give you some clear cut advice on how you can put yourself in the best position possible to avoid a waiting period.
Article Quick Navigation Links
- What Is Burial Insurance With No Waiting Period?
- What Is Final Expense Insurance With A Partial Waiting Period?
- How To Get Funeral Insurance That 100% Protects You Immediately
- Health Conditions Where You Cannot Avoid A Partial Or Full Waiting Period
- The Truth About No Health Question Policies (Guaranteed Issue)
- The Best Way To Find An Immediate Benefit Policy
Burial insurance with no waiting period is a policy that will pay out the full death benefit starting from the very first day. Your beneficiary will receive 100% of the death benefit even if you’ve only made one payment on your policy. There are many final expense companies that offer coverage like this.
Want to know the best part?
The overwhelming majority of people looking for burial insurance can qualify for a policy that truly has no waiting period.
Usually the question is… Which final expense company will accept all your health issues, and approve you for an immediate benefit policy?
To get the answer to that, you need to work with a broker that has access to all the major final expense life insurance companies (cough, cough, Choice Mutual 😎).
A agency like us that represents over 20 companies will evaluate your health to see which carriers have underwriting that will accept you health conditions, and not give you a waiting period.
If there is a company out there that will issue you a policy with no waiting period, Choice Mutual will find it!
In this scenario, you are not subject to a full waiting period where your policy pays no death benefit during the first 24 months.
Instead, your policy will pay out a portion of your death benefit. In most cases, burial insurance companies call these “Graded” plans.
The picture to the right is from a company that offers a graded plan.
Basically, the insurer would be willing to pay out 30%-40% of your death benefit if you pass away during the first 12 months. They would pay 70%-80% if death occurs during months 13-24.
After the 24 months is up, they’ll pay out 100% for life.
There are some health situations where the best a person can achieve is a plan like this that has a partial waiting period (we list all the health issues further down or you can click here).
To get funeral insurance with no waiting period you must apply with a company where you answer health questions on the application. Now you won’t need to go through a physical or medical exam, but you will have to answer questions about your health.
You need to be careful.
There are some websites that will flat out lie to your face. Take a look at this company below. They are willing to lie just to get you to click on their website.
Guaranteed acceptance life insurance is a term used to describe a policy that has no health questions or any medical underwriting. These kinds of policies always come with a 24 month waiting period.
That website is just one of many that is will willing deceive you just to earn a buck.
Understanding How Insurance Companies Respond To Health Questions
It’s important to understand what response final expense companies will have when you answer their health questions.
Keep this in mind…
If an insurance company does not ask about a health issue, it means they are okay with it.
The questions on an application are always broken up into sections. Depending on which one(s) you say yes to could mean any of the following (every carrier responds differently):
- They outright decline you.
- You pay a higher premium, and they impose a full two year waiting period.
- They require you to pay a higher premium, and they impose a partial waiting period.
- You pay a higher premium, and still have full immediate coverage.
Here’s the bottom line
The surest path to immediate coverage is to find a company where you do not see them ask about any of your health issues on their application. Because they don’t ask about your issues, it means they are okay with them which means no waiting period.
But here’s the kicker…
Not everyone will be able to find an application that allows them to say no every question. This is the reality for certain high risk conditions.
Thankfully, there are some (not many) companies that do allow applicants to say yes to certain health questions, and still offer them full day one coverage.
Refer to the section in this article that details all the health issues where a full or partial waiting period is unavoidable. If you do not see your health issues on either of those lists, you can almost certainly secure a policy with no waiting period. 😀
Why They Must Evaluate Your Health To Get Immediate Coverage
With no waiting period, the insurance company is on the hook for a massive amount of risk. Remember, they must pay out 100% of your death benefit even if you only had your policy for 1 day.
In order for an insurance company to be willing to take that kind of immediate risk, they must know that you aren’t statistically going to die right away.
If they didn’t do this, they would go out of business in less than a year.
Here’s what would happen…
A bunch of folks on their death bed or with a very short life expectancy would make payments for only a short while. Then when they pass away, their family would collect a check for tens of thousands of dollars.
So the insurance company is out $10K-$30K, but they only collected a few hundred bucks. Not a winning proposition at all.
You don’t need to have a PHD in economics to know that is a losing business model. They would be flushing money down the drain left and right.
There are two lists below. One details all the health issues where you will unequivocally endure a full 24 month waiting period. The other details conditions where the best you can achieve is a partial waiting period (a graded plan).
Health Issues That Will Result In A Full Waiting Period
If you deal with any of these conditions, you cannot avoid a two year waiting period.
- AIDS or HIV
- Terminal illness (you’ve been given a life expectancy of 24 months or less)
- Hospice care
- Currently have cancer
- Currently in the hospital, nursing home, skilled nursing facility, or hospice care
- Been recommended or have had an organ transplant
- Alzheimer’s or dementia
- Heart attack within the last 12 months
- Full blown stroke within the last 12 months (TIA mini strokes do not count)
- A heart surgery within the last 12 months
- A circulatory surgery within the last 12 months
- Chest pains (angina) within the last 12 months
- Insulin shock or diabetic coma within the last 24 months
Health Issues where the best you can do is a partial waiting period
If you have any of these conditions, a graded plan that partially covers you is the best you can achieve if your goal is protection that starts right away.
- Congestive heart failure (CHF)
- Oxygen use (if it’s for sleep apnea that’s okay, and is eligible for no waiting period)
- Treatment for alcohol or drug abuse within the last 24 months
- Amputation due to diabetes
- You’ve had cancer within the last 24 months (cannot have cancer currently)
Some Health Condition Combinations Could Go Either Way
All your health issues combined is the final thing to consider that could determine whether or not you are eligible for funeral insurance with no waiting period.
Here’s the thing
Health conditions not listed in either of those two lists above are absolutely eligible for a no waiting period burial policy. However, certain health issue combinations not in those lists might mean the best you can do is a graded plan, or a full waiting period.
Here’s an example to illustrate what we mean
Mary is a 65 year old woman. She has diabetic neuropathy and she has cirrhosis of the liver.
We have companies that will offer a full day one benefit to someone who has neuropathy. We also have companies that will offer a full day one benefit to someone who has liver cirrhosis.
What doesn’t exist is a company that offers a full day one benefit for someone with neuropathy AND cirrhosis. Unfortunately, the companies that take neuropathy don’t take cirrhosis and vice versa.
Mary is going to have to endure a full 24 month waiting period unfortunately. Even a graded plan isn’t an option due to her specific health issues. 😞
So again, all your health issues combined could result in a full or partial waiting period.
There’s no way we could ever post a list of all the possible health combinations that would dictate what you should expect.
There’s simply too many companies and too many variables. The list would be well over 100 pages long.
How Do You Determine What To Expect?
Whether you deal one or multiple health conditions, you must speak with an agent if you want any shot at senior life insurance with no waiting period.
This is why you don’t see immediate benefit final expense insurance sold in grocery stores. There’s too many variables to consider.
The only kind of burial life insurance that is sold direct to consumer (without the aid of an agent) is guaranteed issue which always carries a full 24 month waiting period.
Your agent will gather all the information about your health to determine what companies will offer you.
The vast majority of our (we can’t speak for other agencies) customers are able to secure a policy that offers them full day one coverage. Fortunately, there are tons of final expense companies out there with very lax underwriting.
Even for folks with multiple health conditions, we are usually able to find them a carrier that is accepting of all their issues which means an immediate benefit.
We’ve touched on this subject briefly earlier in this article, but we feel it’s important to be ultra clear on this topic.
One of the questions we get every day is: Can I get a no health question policy that has no waiting period?
Or people see the words “No Exam” and assume that means no questions about health.
Side Note: “No Exam” simply means that you don’t undergo a physical examination as part of the application. You simply answer questions about your health, and consent to a prescription history check.
Here’s the truth on this issue.
All guaranteed issue life insurance plans have at least a 24 month waiting period before they will pay out a death benefit.
No health question policies will merely refund all your premiums plus interest if you pass during the first 24 months of the policy.
They have no health questions or any medical underwriting of any kind. They truly do issue the policy to everyone who applies as long as they meet the age requirements.
Because the insurance companies know nothing about the applicants health, they must institute a 24 month waiting period to keep them from going out of business (in addition to higher premiums).
If they didn’t, people on their death bed would buy them and the insurance company would be out of business overnight.
If anyone tells you they have a no health question policy that has no waiting period (as shown earlier in this article), they are lying to you, so run!
Hopefully by now you realize that you’ll have to answer some questions about your health in order to qualify for final expense insurance no waiting period.
There are many variables to consider which is why we give this specific advice.
In a nutshell, to give yourself the best chance at securing whole life insurance with no waiting period policy, you have to evaluate options from multiple insurance companies.
If it’s medically possible for you to secure an immediate, you must do the following to find it…
Find an independent final expense agency that has the following qualification:
- They represent at least 10 or more burial insurance companies (the more they work with the better)
- All they do is final expense insurance
- They have been doing final expense insurance exclusively for at least two years
An agency with those qualities will evaluate your health so they can determine how each insurance company will respond to your specific situation.
Then they will let you know which companies, if any, that will offer you a senior life insurance with no waiting period. At that point, it’s just a matter of selecting which immediate benefit policy is least expensive, and getting qualified for it.
But wait, it gets better
The services of an agency are free. They get paid by the insurance companies which is why it doesn’t cost you anything.
Furthermore, your insurance doesn’t cost more because you bought through an agent.
How Choice Mutual Gives You The Best Shot At Funeral Insurance With No Waiting Period
You now know you have to work with an independent agency if you are truly going to give yourself the best shot at finding coverage that has no waiting period.
So here’s the bottom line
You will not find another agency that is better equipped to help you than we are. Here’s why we say that…
- We are independent and we represent over 20 final expense companies. Our large selection of carriers means gives us the best chance at finding one that is truly accepting of ALL your health issues. If there is an immediate benefit policy out there for you, we’ll find it.
- Burial insurance is all we do. We do not sell any other kind of insurance. We wholeheartedly believe in being Jedi Masters at burial insurance, so we can truly give expert help to each client for this specific product.
- Our experience is far reaching. For many years now, we’ve been doing nothing but final expense. After thousands of applicants, we have a thorough understanding of how each insurance company underwrites. This knowledge is critical to knowing whether or not an immediate benefit is achievable for you or not.
You can go looking for another agency that has these qualifications, but you won’t find it.
We operate in every state, so no matter where you are, we can help you.
Whether you are looking for burial insurance for your parents, or yourself, if you would like some expert & no pressure help finding a funeral policy with no waiting period, call us at 1-800-644-2926.