Review of Burial Insurance with CHF
Congestive Heart Failure
NODLB.COM DIFFICULTY RATING
People who suffer from congestive heart failure usually find themselves being declined for life insurance. If you suffer from CHF and are considering purchasing burial insurance, you have landed in a good place. This review will briefly address the product’s ratings and offerings, underwriting niches, pricing, and alternatives.
Burial Insurance Policy options with CHF
Make no mistake, you can always obtain coverage. No matter how progressed your condition might be, you can always get insured. While your premiums may be somewhat be higher, they shouldn't be completely unaffordable.
The best case scenario for CHF cases is a funeral insurance plan that has an immediate, albeit partial, benefit.
Due to the seriousness of CHF most carriers decline CHF applications outright. However, there are companies that will approve your application subject to "modification". Modification, simply means higher rates and a 2 year waiting period. These plans seldom make sense. If this is the best offer, you are likely better off with a guaranteed issue policy.
However, there are a few companies that can approve CHF patients for partial immediate benefits. This is good news since you would start receiving death benefit coverage from Day One of the policy. No matter how things turn out, your beneficiary is ensured of at least a partial benefit.
Regardless of the path chosen, there will never be a requirement for a medical exam and Nodlb.com will ensure we present the best options available to you.
Burial Plan Options When You Suffer From CHF
While it may seem complicated to choose between your options , the truth is that you really only have to apply for day one partial coverage if you meet the criteria, or apply for a guaranteed issue plan with AIG.
If you can meet the criteria for a immediate graded plan, it will likely be with assurity (always subject to change). This provides your beneficiaries with 40% of death benefits if you pass away in the 1st year. If your demise occurs in the 2nd year, 75% of death benefits will be paid out.
AIG has a simple deal. They provide guaranteed acceptance no health questionnaire policies, which mean no medical checks or questions. The policy is approved without any delay. There is a waiting period of 2 years. If you pass during this period, 110% of all premiums paid so far will be refunded to your beneficiaries.
Additionally, AIG has a living benefit rider. AIG is the only guaranteed issue carrier with a living benefit rider at this time. Even better, the living benefit rider has no associated cost.
The immediate partial coverage plan that is available right now will be slightly more expensive than the guaranteed issue that has a full 2 year waiting period. You will have to make the call on risk vs. reward.
Burial Insurance Underwriting For Those With CHF
The application questions for your final expense policy may or may not ask specifically about a CHF diagnosis. However, even if the question is not asked , the underwriting will take this into consideration.
If you are wondering how they will consider CHF if no question is asked, the answer lies in your prescription history. If you are taking medications for CHF, you will be considered to have the condition.
Details Needed From You
In order to provide you with the best available recommendation, we’ll need to gather and analyze your your answers to the following questions:
- How long has it been since your diagnosis?
- What medications have you been taking to treat it?
- Are there any other health issues you have been affected by?
Once these details are available, we’ll be able to know for sure which insurance options you may qualify for.
How Do Companies Deal with Applications for Burial Insurance with CHF
While every company has its own internal rules and regulations regarding heart failure, in the end, they can only respond in a few ways. We will match you with the carrier where you can derive the maximum benefit.
1. They Will Outright Decline You
Since most insurance firms list heart failure as a knockout condition, most companies are likely to decline your application.
2. A Modified Policy Will Be Offered To You
Some companies may not list heart failure as a knockout condition. However, if your response to a question regarding heart failure history is a ‘Yes’, then they will not offer you their company’s best priced policies. This is often referred to as a “Modified Plan”. In a nutshell, the firm will charge you much higher premiums and include a waiting period of 2-3 years as well. However, no one should opt for these plans ever since AIG will always end up being cheaper than all these options.
3. You Will Be Offered Partial Coverage
This policy is extremely rare in the insurance Market. At the moment only one carrier offers some kind of instant coverage to CHF-affected individuals. Basically, you have to pay premiums that are 15-40% higher compared to premiums of more healthy individuals. 40% of death benefits will be paid out to beneficiaries if you pass away in the 1st year. If your death occurs in the 2nd year, payout rates jump to 75% of death benefits. If you manage to qualify for any such policy, we recommend you jump on board immediately. When affected with CHF, it is vital that you have some instant protection and these kinds of plans are rare to find.
Medications for CHF
We mentioned earlier that even if the application does not ask about CHF, underwriting will use your prescription history to detect the condition. Some of the more common CHF drugs are listed below:
- Ethacrynic Acid
- Sodium Edecrin/Edecrin
- Bumetanide (Bumex)
Your Next Step
Thank you for choosing NODLB.com to research Burial Insurance policies with CHF. Should you have any questions, please do not hesitate to call or send over an email.