Burial Insurance After An aneurysm
Condition Underwriting Highlights
If you are considering purchasing Burial Life Insurance after an aneurysm, you have landed in a good place. This review will briefly address the policy’s financial ratings and offerings, underwriting niches, pricing, and alternatives.
Do Aneurysms Matter to Burial Insurance Carriers?
The answer all depends on the severity and consequence of the aneurysm.
Many so called "final expense" or burial insurance carriers do not ask about aneurysm on the application questions, although a few do.
The carriers who do not ask about aneurysm will ask about use of a rehab facility or nursing home as well as home health care and the ability ti perform the activities of daily living (eating,toileting,transferring, dressing, bathing, continence).
If your aneurysm created a scenario that forces you to answer yes to "knock out" questions, the burial insurers will care quite a bit. So much so, that you may be left with guaranteed issue policies as your best option.
Brain Aneurysm Treatment
if you have had surgical treatment such as a craniotomy or the less invasive endovascular coiling, and its been less than 2 years since the treatment, you may be faced with a graded or guaranteed option.
If, however, your treatment is more than 2 years old and you have no other health condition that will prevent you from level "day one" coverage, it is likely you will qualify for the best deals available.
Not bad for an brain aneurysm history!
Burial Insurance Possibilities after an Aneurysm
Level Day 1 Coverage
This is the ideal scenario and it's not unlikely after an aneurysm provided you don't have to answer Yes to health questions caused by complications of the aneurysm.
With level immediate coverage, there is no graded period and no waiting period. The rates can never change and the benefit can never go down. That is the coverage start immediately and of course, there is no medical exam required. Best of all you can get coverage the same day you apply. This is a great deal if you have had an aneurysm.
Graded or Modified Coverage
Graded or "modified" coverage is coverage that may start immediately (this is positive) but only provides a portion of the benefit untill 2/3 years has passed (very negative).
Modified plans often pay beneficiaries 30% to 40% in the first year, and 60%-70% in the second , with the full benefit being available after 2/3 years. These policies are more expensive than any other offer, including guaranteed issue.
We seldom recommend these policies as the immediate partial benefit is outweighed by the increase in cost. We generally will advise applicants who can not qualify for level day 1 coverage to get a guaranteed issue policy to bridge them to a period in which they can obtain a level policy at the best rates.
Guaranteed issue policies ask no health related questions. They simply ask you age and gender. Most of these policies have a minimum age of 50. These policies have a two year waiting period for you beneficiaries to be elligible to collect the benefit. If you were to pass prior to the two year waiting period, your beneficiaries would recieve your premium payments plus interest.
While these policies are not great by any means, they serve a purpose of bridging a gap to level coverage, they are less expensive than modified plans, and they ask no health questions. The best of the guaranteed issue carriers is AIG in most cases. In addition to competitive pricing, they are the only guaranteed issue carrier to offer living benefits.
Burial Insurance plans have these following guarantees:
- Easy Issue: There are no physical examinations to be taken.
- Locked In Premiums: Based on your present age, a premium rate will be assigned to you, which won’t ever change, no matter how old you get or whatever diseases/medical issues you go through.
- Benefits Won’t Ever Diminish: Your health conditions and age don’t affect the listed benefits of the policy.
- Benefits are paid out to your beneficiaries without any tax implications.
- Provided premiums are paid in order, your insurance plan cannot ever be canceled.
Your Next Step
Thank you for choosing NODLB.com to research policies for Burial Life Insurance after an aneurysm. Should you have any questions, please do not hesitate to call or send over an email.