Final Expense Insurance With No Waiting Period
Posted in Burial Insurance last updated on March 18, 2024Final Expense Insurance With No Waiting Period
Final expense life Insurance with no waiting period means that your coverage starts immediately, with no delays. This is especially important, ensuring that your loved ones receive the full death benefit.
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Health Matters
To qualify for final expense life insurance with no waiting period you’ll need to answer health questions. Final expense insurance rates and coverage eligibility are determined by age, health and lifestyle. If you want day one coverage without a waiting period you’ll need to show the insurance carrier your health doesn’t pose too much of a risk.
Pre Existing Health Issues and Final Expense Insurance
Health issues won’t necessarily disqualify you from getting final expense insurance, but they can affect the type of plan and coverage you qualify for.
Pre-existing conditions affect life insurance by impacting eligibility, premiums, and coverage amounts. Generally, individuals with and without health conditions are eligible for coverage with no waiting period.
Severe health conditions can lead to insurance denial or higher premiums with a waiting period.
Common conditions that may result in denial or a waiting period include:
- terminal illness,
- uncontrolled diabetes
- diabetes with complications (neuropathy, nephropathy, retinopathy)
- current cancers
- dementia/Alzheimer’s disease
- Huntington’s disease
- sickle cell anemia
- HIV, AIDS
- Lou Gehrig’s disease (ALS)
- congestive heart failure
- recent heart attacks or strokes
Most People Qualify for Immediate Coverage Even With Health Issues
While a waiting period may be necessary for some, most people can qualify for immediate coverage even with serious pre-existing health conditions.
Since some carriers are more favorable towards certain conditions, it’s crucial to have the right agent who can navigate through the carrier guidelines.
Waiting Period Burial Insurance – Graded/Guaranteed Acceptance Life Insurance
Popular life insurance companies like Colonial Penn and AARP offer guaranteed issue life insurance. Those policies have a 2 year waiting period.
Some other companies offer modified or graded life insurance which pays out a portion of the death benefit if the insured dies within the first 2-3 years.
Chances are you qualify for immediate coverage. You’ll want to speak with an independent agent so you don’t get pushed into a policy with a waiting period.
**FYI RATE CLASS DETERMINES ELIGIBILITY FOR IMMEDIATE BURIAL INSURANCE. SEE CHART BELOW**
| Preferred/level | highest coverage amounts | most affordable rates | day 1 coverage – no waiting period |
|---|---|---|---|
| Standard | slightly lower coverage amounts | modest rates | day 1 coverage – no waiting period |
| Graded/Modified | low coverage amounts | higher rates | pays out a percentage of the policy if death occurs in the first 2 years |
| Guaranteed Issue/Acceptance | lowest coverage amounts | very high rates | contains a 2-year waiting period with premiums plus 10% interest returned |
Getting Immediate Coverage
One can Improve their chances of getting final expense insurance with no waiting period by maintaining a healthy lifestyle and seeking treatment for any illnesses.
The most important factor in getting approved is having the right agent. A good agent avoids placing someone with a carrier that doesn’t cover their pre-existing condition, which can result in a denial and affect future coverage chances.
What Do You Want In a Final Expense Insurance Company?
- Immediate Coverage
- Permanent Coverage that does not expire
- Set Rates
- A Level Death Benefit
- Simplified Issue, no need to require a medical exam
- A reputable company who will pay the full death benefit
Choosing the right insurance company is crucial. There are hundreds of life insurance companies nationwide but only a few that stand out. An experienced agent will ask the right questions and help you find a company that suits you the individual. Click here to learn more about top rated final expense insurance companies.
Top Rated No Waiting Period Life Insurance Companies
SBLI (The Savings Bank Mutual Life Insurance Company)- Best Value
- A National Complaint Index score of 0.12 well below the average national average of 1.0
- Instant Decision Application
- Competitive rates
- Policy in hand within 30 minutes of Applying
- The Sequoia Funeral Concierge Plan
- Founded in 1907 – Established and Secure
AMERICAN-AMICABLE LIFE INSURANCE CO. – Highest Coverage Amounts
- Immediate Coverage up to $50,000
- Simplified Issues -No Medical Exam
- Competitive rates
- Decision Can Be Instant
- Wide Range of Available Riders – Grandchildren’s Insurance Agreement, Terminal Illness, Accidental Death Benefit, Children’s Insurance Agreement, Nursing Home Waiver of Premium, and Confined Care
- Founded in 1910-Well Established
Royal Neighbors of America – Competitive & Immediate Coverage for Common Conditions
- Coverage amounts up to 40k
- Competitive rates
- Simplified Issue
- Charitable Giving Rider- optional rider to leave to the death benefit to charity of your choice
- offers immediate coverage to those with diabetes, diabetic neuropathy, COPD, atrial fibrillation (Afib), asthma, Home Health Care, hepatitis C and other common serious illnesses.
- Established in 1895
CICA Life – Immediate coverage for very serious health conditions
- Offers immediate coverage for those suffering from serious chronic conditions
such as: uncontrolled high blood pressure, uncontrolled diabetes, congestive heart failure (CHF), cardiomyopathy, end stage kidney disease, liver-disease, pacemaker/defibrillator implant, COPD, Paralysis,
Get Expert Advice
Getting final expense life insurance with no waiting period does not have to be complicated.
Having the right agent will save you both time and money.
Protecting your loved ones from financial burden with immediate coverage funeral insurance.