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We work with individuals across America to secure the best burial insurance rates and hold you by the hand to approval.
Finding a burial insurance policy can seem like a daunting task, but it doesn’t always have to be.
We contract with over 15 top-rated burial expense carriers, Over a third of them you can get approved within a matter of minutes with just the sound of your voice.
We specialize in varying forms of burial insurance – it’s even possible to be instantly approved in 30 minutes, even if you feel you have higher risk health issues.
Once we determine the carrier and what you are eligible for, we schedule a conference call with the insurance company for approval.
All that is required is verbal confirmation via voice signature, and then you’re approved!
Below is the step-by-step process for acceptance:
There are multiple forms of policies with varying amounts of coverage depending on a wide variety of factors about the insured’s state of health, and most people worry they won’t be able to afford such policies.
Burial insurance, like any other form of life insurance, can be issued with or without a waiting period.
Most commonly, guarantee issue burial insurance, also called instant approval burial insurance, boasts no waiting period and a quick acceptance.
Some carriers will even boast approval in under an hour or within 30 minutes.
These types of policies are usually recommended to those in poor health who wouldn’t otherwise be accepted into more premium policies or cannot afford to wait the required waiting period before receiving full coverage.
Top 4 Benefits of Burial Policies are…
Easy to understand and simple to acquire for seniors and the elderly. Your beneficiary(s) receive a tax-free check from the insurer upon your demise
Now, just because coverage can be provided immediately with instant approval policies doesn’t mean the prices are necessarily ‘low’ by industry standards, but some companies will offer better deals than others.
For instance, certain programs can promise premiums that never increase, guaranteed death benefit, and never-expiring policies, so long as the premium payments are made.
It is important to note that guaranteed issue burial insurance policies are usually recommended for those who cannot be accepted into higher-rated policies with lower premiums.
Guaranteed issue is for those who are classified as ‘high risk’ by most insurance agencies and companies but still require coverage.
Guaranteed acceptance policies do, however, have what is called a two-year graded period.
Should the insured party pass away within two years of acquiring the policy, the beneficiaries receive the number of premiums paid, plus 10%.
They are also more expensive because the company is not sure what exactly it is signing on for; therefore, it has to allow for every contingency.
These conditions are normally a diagnosis of a neurological disease, such as dementia, or a recent cancer history or treatment.
Companies that are reputable and offer highly guaranteed issue plans:
None of these carriers require medical exams, only a couple of qualifying health questions.
Most companies have three categories of health ratings that will determine the policy itself and the cost: low, medium, or high. This rating is determined by a detailed series of mandated health questions called medical underwriting for the level of benefit and graded plans.
Don’t be alarmed; it is not an exam – more like a questionnaire where you answer honestly about any illnesses you have.
Level benefit plans equal to the low or “preferred” rating. If your health is relatively good and you have no severe conditions, this is the plan you will most likely fall under. From day one, you will receive full benefits and coverage from the lowest cost because you are not labeled what the carrier would call a ‘great risk’.
Graded plan is the ‘medium’ rating if the company does three ratings instead of two. This is the option you may be offered if you answer yes to some of the health questions in the graded section of the questionnaire.
There is a 24-month waiting period for full benefits, meanwhile, you will receive partial coverage that increases the following year.
Most companies will pay out around 30% if the insured passes away during the first year and 40-70% during the second. Prosperity and Lincoln Heritage are two companies that rate well in level benefit and graded plans.
Guarantee issue plans are a lifesaver for those with health risks or multiple conditions insurance companies deem the highest liability and refuse to consider. Some companies specialize in these plans for this very reason.
Essentially, if you can enter into a legal contract, you are going to be accepted.
These policies include, but are not limited to, people who have dialysis, Alzheimer’s, dementia, severe epilepsy, have had recent cancer treatment, or are in hospice care or a nursing facility.
Since there is no underwriting required, carriers do not know what risks they are taking on and therefore have to compensate with higher prices, and there will always be a two-year graded period.
Should the insured person pass away during this time frame, premiums are paid back in full plus 10%, so at least no matter what happens, you will be getting more out of the plan than you put in.
Accidental deaths, however, are covered from day one, which in some cases, like seizures or dementia, can, unfortunately, be very important.
Once the two-year period has expired, you will receive full coverage and benefits.
Some companies well known for these particular plans are:
It is worth noting that, excluding the guarantee issue, companies will also look at your prescription history when determining your plan to validate the application’s answers during the medical underwriting portion of the application.
This will not require a printed-out list from your pharmacy or any extra phone calls/work on your part – with your consent; the company can electronically analyze your medications in a matter of minutes.
No Matter What You or Your Loved One’s Health Condition May Be, There Will Always be a Policy Available. Do Not Let a Company or Agent Tell You Otherwise.
The short answer is yes. As long as your parents are aware of this decision, it is absolutely fine and legal to secure burial policies for them.
When parents pass away, the remaining costs of their funeral, cremation, or whatever the family decides, ordinarily falls on the children.
Burial insurance is there to ensure the burden isn’t too large and that the beneficiaries can be looked after.
Just remember that the sooner you can secure a policy, the better – acquiring any form of life insurance for those over the age of 85 can be incredibly challenging.
Insurers to Look Out For
Now, let’s discuss companies and certain policies that are well-known to be misleading and are often pushed by agencies that do not know any better or are simply trying to make money.
AARP has a creditable reputation and is trusted by millions of senior citizens throughout the United States; however, their life insurance policies are notorious for unexpected premium spikes. For seniors on a fixed income, these policies can turn out to be nightmares.
Either the policy will lapse, or coverage will simply be revoked. These policies can be great if the insured party dies before the age of 75, but apart from that, this carrier is well-known to aggressively market their life insurance plans as burial insurance plans – which are not the same thing.
They aim to sell you a product, not transparent policies.
Life insurance plans are longer-term and can therefore be far more expensive, while burial insurance purely covers expenses once someone has passed away, such as the funeral, any possible looming hospital bills, or anything else the family needs to take care of.
Another company to be wary of is Lincoln Heritage.
Lincoln Heritage is recommended by many sites and agencies, but here’s what many professionals won’t tell you – Lincoln’s offers are around 30% higher in prices than other benefit plans that provide better coverage and have less expensive rates.
Moreover, this plan is normally advertised to seniors on a fixed income, often offering a discount or negotiation, but don’t be fooled. If anything seems too good to be true, chances are it is.
Let’s discuss very briefly how agents may advertise themselves to you per their websites, so you may find one that works best for you.
First and foremost, it is vital to have an agent that specializes in the burial insurance industry – not just life insurance, burial insurance.
As we said earlier, there is a marked difference between the two, and your agent needs to know all the details of this. As an independent agency that is all we do.
We are the leading experts and our founder wrote the best-selling book called “The Savvy Guide to Buying Burial Insurance – What You Need to Know Before You Meet with Your Agent.”
Because company advertising can be misleading, agents can help make sure the policy you choose is truly the best one for you and that there will be no unwelcome surprises later down the line.
It is important to find someone you trust to be absolutely honest with you.
Therefore, to ensure they aren’t tied to selling you specific products from a certain company, find an agent that represents a wide variety of companies so you’re really getting a breadth of options.
Also, ensure the agent is paid by the company – you should never be paying an insurance agent directly.
On agents’ websites, therefore, make sure they mention they work in burial insurance as well as clarify how they are compensated/expect to be paid.
Some will try to scale an amount off the top or tell you to write a check to them, and they’ll take it to the insurance company. Do not do this.
Their website should be full of information pertaining to this particular industry and should mention the companies they’ve worked with in the past or are familiar with.
The most important thing to remember is to research before deciding on an agent, a company, and a policy. Knowledge is your best ally and can ensure you’re truly getting the policy you are being sold.
Also, never let a company or agent tell you that you don’t qualify for a policy – you know all about guaranteed plans now, so rest assured there is coverage available to you, no matter your circumstances.
Hopefully, you will find this information informative, and give us the opportunity to earn your business.
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