Burial insurance policies are a great possibility for those who want a permanent policy for their final expenses, extra coverage, or have been rejected from life insurance.
Payments from these companies are tax-free and are given a lump sum, so it can be very convenient if the insured person wants to make sure money will be readily available for their beneficiaries after passing away.
There are many stories of diabetics who have found securing a final expense policy either entirely impossible or inordinately expensive. This does not mean that as a diabetic you are at a large disadvantage for securing a burial insurance plan, or even an affordable plan.
Those who experienced such difficulties finding burial insurance with diabetes worked with the wrong people or companies that did not have enough experience with their particular situation.
Diabetes is now a relatively common condition; there are carriers that will be willing to work with you and offer better options than you would expect.
Securing a (in most cases, affordable) burial insurance policy is absolutely possible, no matter what type of diabetes you have or any condition you may have subsequently incurred because of it.
Though every insurer has its own guidelines that control their plans, there are companies that will work with you even if your diabetes is not entirely under control. This applies to children looking to find final expense insurance for their parents as well.
In this article, we are going to go through why insurers care about diabetes, the plans that are available to you, complications relatedto diabetes and how insurers respond, finding an agent that is right for you, and how to secure the plan that best suits your personal and financial needs.
Consider this article your complete guide to obtaining the final expense policy that’s right for you.
The policy and rates offered to you by a carrier entirely depends on the type of diabetes you have, how controlled it is, and if you have any other complications or risks associated with your condition. Policy benefits range from $5,000-$50,000 depending on where you live and what company you choose.
Let’s go over the overarching categories plans are sorted into, so you will know what they mean when mentioned later on. Practically every insurance company sorts their policies into the following three divisions:
- Level benefit (also called Simplified)
- Graded
- Guaranteed Issue
*There is a fourth category called the Modified Plan that can be offered to high-risk clients.
Most agencies will tell you to avoid these at all costs. The premiums are exponentially higher (anywhere from 40%-80% more per month) while still requiring a two-year waiting period.
Should the insured person pass during that time frame, only the premiums paid plus 10% is offered back to you. Stay away.
Level benefit plans are essentially the best you can get. They offer full benefit and full coverage with standard rates (which are the lowest) from day one – no waiting period necessary. This may be an option for you if your diabetes is well under control and you do not have any other health risks.
Graded policies are the next best option of policy available. Even though there is a two-year waiting period, partial coverage is available and increases with each year.
For instance, should the insured person pass away within the first year, beneficiaries could get anywhere from 30%-60%, and should it occur within the second year, the amount escalates to 70%-80%. Accidental deaths are also covered from day one – no questions asked.
Guarantee issue plans are for high-risk clients that companies may not want to take on. These are no questions asked policies that offer acceptance to anyone. Like graded plans, there is a two-year waiting period before full coverage.
Should the insured person pass during that time, you will be refunded your premium plus 10%. These plans are often the most expensive because the company doesn’t know what risks it is taking on and needs to compensate, but they are an absolute lifesaver for those with complicated situations.
These may sound similar to modified plans, but they offer more for the higher costs than modified plans do. Guarantee issue policies cover accidental deaths from day one – modified plans do not.
There is no reason to pay the most expensive premium costs while enduring a waiting period without receiving any immediate coverage at all. Plus, as we have previously stated, guarantee issue plans do not have any prescreening qualifications or questions before acceptance.
If you are able to enter into a legally binding contract, you will be accepted. It really is as simple as that.
Why Do Insurers Care So Much About Whether or Not You are Diabetic?
The answer to why insurers care is relatively simple. Carriers want to know if you have been diagnosed with diabetes because of the serious complications that can arise if your insulin levels are not properly controlled.
Diabetes is a well-known risk factor for cardiovascular diseases such as stroke, coronary artery disease, and heart disease. High glucose levels can affect practically every organin your body, so either you are already a high-risk applicant, or you potentially could be one while you are on their policy.
Responses to your diabetic condition depend heavily on the type of diabetes you have type 2, type 1, or gestational.
If you have type 2, also called adult-onset diabetes, you are usually viewed as a lower risk for companies because your insulin can be easily controlled through medication and lifestyle changes. This could change if you develop complications, which we’ll dissect in depth later on.
If you have been diagnosed with type 1, your options may be more limited because you are insulin dependent. This categorizes you as someone with a pre-existing condition.
Complications can arise unexpectedly and be harder to control, placing you as a higher risk applicant. There are still many companies that accept type 1 diabetes, and we will go over that further in the article.
Gestational diabetes, occurring in some pregnant women who do not have diabetic symptoms before pregnancy, is not usually a concern. This situation is oftentimes temporary, as hormonal changes that happen during pregnancy can make a woman less responsive to insulin resulting in higher glucose levels.
Often, this will essentially right itself once the woman is no longer pregnant, but sometimes it can continue after pregnancy, becoming type 2 diabetes. As stated previously, this is not something companies are overly cautious about and you could still have a fairly good chance at getting a level policy.
What do carriers require in order to place you with a policy? There are two main components to an application that determine if you qualify for a particular plan and what your costs could be: underwriting and prescription history.
The first, and most important, prerequisite is what is called an underwriting process.
Medical underwriting is required for all plans (except guaranteed issue). It is essentially a detailed series of health questions that companies ask to determine your risk factor, which in turn decides the policy they are willing to sign you on and if your monthly premiums will be standard pricing or higher.
These descriptors range from very basic questions, such as height, weight, tobacco and/or alcohol use, to more specific queries like if you have ever been in a diabetic coma and how many units of insulin you take per day.
Though every company has their own underwriting procedure, there are similar things, or red flags, they will all be on the alert for. The more detailed the medical question, the more attention they will pay to how you respond.
Note: No matter what, a medical examination or physical will never be required in the process of applying for funeral insurance.
Before anything, they will want to know how many health complications you have besides diabetes. The more conditions you are diagnosed as having, the riskier an applicant you are. Let’s quickly walk through an example of the non-diabetic related risks they will want to know about. Expect to see questions like:
1. Are you currently confined to a wheelchair or using oxygen to assist in breathing?
2. Are you in a nursing facility or receiving Hospice Care?
3. Have you ever been diagnosed with AIDS, AIDS Related Complex, or any other immune deficiency disease?
4. Have you been diagnosed with Dementia, Alzheimer’s Disease, or any other mental incapacity?
5. Within the past 18 months have you had the following… a stroke, aneurysm, circulatory surgery, cardiomyopathy, heartattack, or heart surgery?
6. Within the past two years, have you been treated for or been diagnosedwithinternal cancer, leukemia, melanoma, liver disease, systemic lupus, or cirrhosis?
7. Within the past 18 months, have you been recommended to receive counseling or treatment for drug or alcohol abuse?
8. Within the past two yearshave you been diagnosed or treated foremphysema, tuberculosis, chronic obstructive pulmonary disease, or a Neuromuscular disease (suchas Multiple Sclerosis, Epilepsy, Parkinson’s, or Lou Gehrig’s Disease)?
Note the time frames mentioned in certain circumstances.
These are conditions that could greatly affect the number of companies willing to accept you and the policies in which you may qualify. If you have any of the issues mentioned above, along with diabetes, depending on how severe the situation is, the best you would be offered is a graded plan.
Guarantee issue is also always available to you. Please call an agent who specializes in burial insurance to talk with them about your options. You will have to pay higher premiums, but an agent can help find you the cheapest of your available choices. We will talk about finding the right agent for you later on in the article.
Now, let’s move on to the questions you can expect to see concerning conditions that ARE connected to diabetes. Expect to see detailed queries asking:
- If you were diagnosed before age 50
- What medications you take
- If you’ve ever had a diabetic amputation
- Whether you’ve experienced insulin shock
- How many units of insulin you take per day?
- If you have neuropathy
- If you have retinopathy
- If you have been diagnosed with nephropathy
In very rare cases, you could also be asked about your particular AIC levels, any relevant family history, or the number of years you have been diagnosed as diabetic.
Notice there is not a question specifically asking what type of diabetes you have. This is because normally, companies will not come right out and ask whether you are type 1 or type 2. For whatever reason, they prefer to determine if you are type 1 or type 2 by posing questions that will reveal it.
For instance, they could ask at what age you started needing insulin. Depending on your answer, (i.e., the younger you were) it could tip them off immediately that you are a type 1 diabetic. Companies will have their own age limits they set, so in some cases, your response could be enough reason to immediately reject you or you could fall within it.
The policy you end up with depends very heavily on the particular carrier you are working with.As we have stated, type 1 is considered higher risk than type 2, so let’s discuss what options you have if you have type 1 diabetes (as long as you are not diagnosed with any other flagged high-risk conditions).
Yes, it is possible many companies will reject you – but not all of them will. You could be charged a little more and have a waiting period (graded and guarantee issue plans) OR you might find a carrier that is perfectly fine with type 1.
A good way to tell how acompany might react is if there is an age requirement regarding insulin on the questionnaire. If there is not, then the company does not care, and your chances of qualifying for a level benefit plan skyrocket.
Therefore, if you are type 1 diabetic with no other serious condition, you have a very good chance at finding an affordable plan that offers you a considerable amount of coverage – it all depends on the company.
The second factor insurance companies consider when determining whether or not to accept applicants and decide their policies is your prescription history.This process does not require any extra work or phone calls from you; the company analyzes your history electronically for you directly from your pharmacy.
Companies do this because it is an effective way to validate your underwriting responses from a credible source.
Keep in mind certain medications solidify or tip-off carriers as to whether you have any more serious diabetes-related conditions. For example, if you are taking or have taken Humalog, Apidra, Humulin, Symlin, Novolin, Tresiba, Lantus, Levemir, Afrezza, Novolog, or Flexpen, they will coordinate the medication with the date you started taking insulin to determine not only if you have type 1 diabetes, but how under control it seems to be.
Another example is if they see medications in your history such as Calcijex, Eliphos, Omontys, Rocaltrol, Calcitriol, Sensipar, Carnitor, Zemplar, Fosrenol, Hectoral, Cystagon, Renvela, Levocarnitine, Phoslo, Renagel, Aranesp, or calcium acetate, they would be able to confirm along with your answers that you are or recently have been diagnosed with chronic kidney disease.
About 99% of insurance companies have their own set of risk classifications for final expenses. These are defined by preferred plus, preferred, standard, substandard. The riskier the rating, the more likely the policy comes with a waiting period and higherpremiums.
Very rarely will you have a waiting period that is more than two years. Since complications or conditions connected to diabetes will most likely place you in a higher risk category with a carrier, it is very possible you will have to wait the two-year time frame before full coverage no matter your complication.
Some of the conditions connected to diabetes that carriers will pay specific attention to or have certain limits and rules regarding include, but are not limited to:
- Neuropathy
- Nephropathy
- Retinopathy
- Diabetic coma
- Insulin shock
- Taking more than 50 units of insulin a day
- An amputation related to diabetes.
- Chronic kidney disease
Don’t worry, we will go through each one so you can see what your options are, starting with neuropathy.
Diabetic neuropathy: About 50% of the people are affected by this condition that could be disabling. the most important risk factors to develop this condition, that damages the nerves, are smoking, obesity and high glucose levels on blood.
The symptoms are related to the nerves that were affected. For example, if the nerves located on your feet are damaged, you will feel pain and numbness on that area.
Peripheral neuropathy is the most common type of neuropathy. This manifests in a tingling sensation or reduced feeling/numbness in your feet, legs, hands, or arms.
Mononeuropathy, also called focal neuropathy, is when you feel a sharp pain in specific facial nerves or in the middle of your body. Mostly common in older adults that do not have other long-term medical issues.
Autonomic neuropathy is a condition that affects the nervous system that controls internal organs like the heart, intestines, eyes, and stomach.
Radiculoplexus neuropathy, also called diabetic amyotrophy, proximal neuropathy, or femoral neuropathy is most common in those with type 2 diabetes and older adults. This form of neuropathy affects your hips, thighs, or buttocks.
The pain normally ranges from severe to gradual weakness, meaning it might become more difficult to get up from sitting or even walk around.
Since neuropathy develops over time, many companies will outright reject you; however, there are select companies that are familiar with this condition and will work with you. Many times, you will be offered a plan with a higher payment rate along with a waiting period (graded and/or modified plans).
Guaranteed issue is always available to you – there are a couple of things you should expect if this is the road you follow. Just remember, payments will still be higher and there will still be a two-year waiting period.
As we have discussed, accidental deaths would be covered from the day you sign. This is your best option if the person insured is very sick and needs coverage quickly.
Now, say you have nephropathy (kidney disease). This gets very specific. The most important aspect of this condition concerning what companies look at is the time frame. Often, this category willbe split into two sections: your entire life, or within the last two years.
If the only question they ask is whether you have had kidney issues within the last two years, and your nephropathy was over two years ago, you are good to go. The company will view you as they would a level benefit contestant with full coverage.
Carriers that ask whether you have EVER had kidney issues will most likely require a higher premium or waiting period.
If you have had (or currently have) nephropathy within the last two years, the number of companies narrow considerably. You will have to pay more. Period. Whether or not there is also a waiting period depends on other health risks and what state you reside in.
Plans are still available to you (remember guarantee issue), and there are even some immediate coverage options. An agent that is very experienced in dealing with nephropathy will help you find these options.
Make sure they ask you specific questions about your nephropathy, such as what medications you take and if you have ever been on dialysis.
In essence, because nephropathy usually signals poorly managed diabetes, many carriers consider it high risk, especially if it is recent. You will have to pay a little more, but plans are available.
Let’s move on to retinopathy, a condition caused by diabetes in which the blood vessels within the light-sensitive tissue in the back of the eyes are damaged. Retinopathy is more common in those who are insulin dependent.
It can be a difficult condition to find coverage for if you don’t have someone helping you who’s experienced in this field. Just like nephropathy, the biggest aspect carriers consider is the time frame.
Normally, there will be two categories, including if you currently have or had retinopathy within the last two years, or if your last experience was over two years ago.
If you had it over two years ago, it will be like you never had it, so as long as you don’t have other complicating health conditions, youwill be placed in preferred or standard, resulting in a possible offer of a level benefit policy including standard rates and full coverage.
If you have had retinopathy more recently, meaning within the past twenty-four months, your options are more limited. Carriers will overwhelmingly want you to pay higher monthly costs and might impose a waiting period, i.e., a graded or modified plan.
Modified plans come with both higher costs and a waiting period – remember, most agencies say to stay away from these kinds of plans. If you are not offered a graded plan, then guaranteed issueplans are always available to you. There are no medical questions asked before signing it.
Though pretty uncommon, sometimes blood sugar is too low or high, possibly resulting in a diabetic coma. No matter how long ago you had your coma or how many times, the fact that you had one at all will put you in a higher risk category with most insurance companies.
How certain companies phrase their questions concerning diabetic comas are a good way of telling how specifically they will react and what they could offer you.
The three most common ways carriers will ask are if you have ever had a diabetic coma, if you had one within the last two years, or if it occurred over two years ago. The company asking if you have ever had a diabetic coma will probably reject you outright.
If the company’s question inquiries about the last two years and your answer is no, you will be viewed the same as someone who qualifies for a level benefit plan and standard rates.
If you have had your coma within two years, then your premium will be higher, and you might be imposed with a waiting period. Some companies may only want a little more money and offer you immediatecoverage, though this is extremely rare.
Graded or guarantee issue plans are what you can hope for, depending on the particular carrier’s requirements concerningdiabetic-related complications. It is up to your agent’s expertise and what they can locate for you.
Ultimately, you will be charged higher premiums if you have had your coma within the last two years. Unfortunately, there is no way to get around that. The point is that policies are still available to you, and you can get coverage if you have experienced a diabetic coma.
Insulin shock occurs when there is an imbalance of insulin in your system, which relies on your food intake and exercise level. Failure to promptly respond to such an occurrence could result in a diabetic coma.
As with the last diabetic complications discussed, the most important factor concerning insulin shocks is the time frame. If you had an insulin shock over two years ago and have no other concerning health conditions, you will be eligible for the level benefit plan, possibly without any restrictions (depending on the company).
However, say you experienced an insulin shock within the past two years. You will be charged a higher premium regardless of the company you choose. Very few carriers will only charge you more with immediate coverage – most likely you will also have a two-year waiting period.
This leaves you with graded or guarantee issue plans. It is vital to have an agent who deals with diabetic clients often so they can find you the best companies to serve your interests and offer you affordable deals.
If you have needed an amputation as a result of your diabetes, a higher premium is inescapable because you will categorize for a carrier as standard or substandard.
However, you will not necessarily have to endure a waiting period – that depends on what state you reside in and whether you have other health risks. Furthermore, though the cost is higher, it is still possible to find a policy relatively affordable.
There are certain plans where the increase is only around 10%, which is a very good deal given the severity of this diabetic complication. It is estimated that about 97% of carriers will decline a diabetic amputee, which is why an agent is imperative to obtain.
Make sure the agent you choose asks comprehensive questions concerning your condition, such as when exactly the amputation occurred, if you are able to perform daily living activities by yourself, and if you are confined to a wheelchair because of said amputation. We will go over how to find the right agent for you later on in the article.
Time to tackle chronic kidney disease.You may also see this term referred to as renal disease – they mean the same thing.Every insurance company with an underwriting process will ask about kidney disease.
This is a bit intricate because there are plans and stipulations for every stage of kidney disease. Because they need to know the stage you have currently progressed to, you will have to give your Glomerular Filtration Rate (GFR), which is the measurement of your kidney’s level of function.
For reference, if your GFR is 90 or above, you are at Stage 1, if your GFR is between 60 and 89 you are at Stage 2, if your GFR is between 30 and 59 you are at Stage 3, and if your GFR is between 15-29 you are at Stage 4. There is a Stage 5 called End-stage Renal Disease, which means the GFR level of your kidneys is below 15.
Along with your GFR, you will be asked if you’ve ever been treated for kidney disease – the type of treatment will also let the carrier know how severe and what stage you might be in. Dialysis, a kidney transplant, kidney failure (might be called renal failure) will indicate you’re on stage 5.
Every possibility is open to you with chronic kidney disease unless you are in stage 5. You have to understand level benefit (simplified) probably will not be available to you unless your diagnosis is at the early stages, and with a healthy lifestyle and goodmanagement, you have a projected expanded life span.
Bear in mind you will still have to pay higher premiums, but the advantage is you will secure full coverage and benefits from day one. Graded plans are probably the best plans you can hope to be offered, in which you will pay more, but will receive partial payment increasing with each year until full benefits are available (two years). Do not take a modified plan.
Let’s talk about if you are at Stage 5, otherwise called End-Stage, Renal Disease. Kidney treatment is crucial, and you will most likely either have had a recent kidney transplant or you are soon going to need one.
This places you in the substandard category for insurers, or the highest risk compartment. Therefore, immediate full insurance coverage is unfortunately notpossible, and your chances of getting a graded plan are also very, very low.
This is where guarantee issue plans come in and can be used to their full potential. Cases such as these, if this is your situation, are why guarantee plans are offered. Granted, they cost more, but you will still be partially covered.
Your family will still have some help should youpass away within the two-year waiting span, and accidental death is covered from day one. There are several trustworthy and reputable carriers specializing in guarantee issue policies open to you. If you are able to sign a legal contract, you will be accepted.
Throughout the discussion of the most severe conditions connected to diabetes, it is doubtless you have noticed there has been a trend of needing an agent to find those certain companies that will accommodate and understand your certain circumstances and potential health risks.
Especially if you additionally have other health conditions non-diabetes related, you are going to need an agent to find the best plan for your personal and financial needs. Most companies will not talk to you directly and will instead instruct you to find an agent in order to secure a policy.
With that being said, let’s discuss what to look for in an agent and how to know if they are the right one for you.
There are certain criteria you should look for in an agent whether you have diabetes or not, and certain factors they should especially possess if you do (ESPECIALLY if you happen to have additional illnesses/complications connected to your diabetes).
First and foremost, make sure your agent, or the agency they work for, represents at least ten different insurance companies. Ideally, these companies should rate as what is called ‘top tier,’ or the top in their field.
These carriers could offer you more bang for your buck, essentially, and have already established themselves as reputable. An independent agency is best, as they have no specific ties to one particular carrier, and therefore will not push you in a certain direction because they will gain commission.
The companies represented should be a wide variety; this way you will have the best chance at being offered a plan that works well for you. You never want an agent that is only familiar with carriers that offer graded plans, for instance.
An agent or agency that is well versed in an assortment of companies is better suited to find a policy for whatever your specific requirements or circumstances may be.
Make sure your agent specializes in dealing with diabetic life insurance (burial insurance). It cannot be stressed enough how important it is to do this.
Because every company deals with underwriting in their own way, an agent that is well versed in diabetic clients and pre-existing conditions, as well as the complications that may arise as a result, will know exactly how to handle it.
A ‘jack of all trades’ agent might not be aware of all the possibilities and could pass you a plan that’s far too expensive or completely unfit for you. They might encourage you to take a guarantee issue plan when another company would give you a graded plan. Take diabetic retinopathy, for instance.
If you currently have retinopathy, there are only a select few carriers that will offer you immediate coverage.
An agent who does not regularly deal with diabetic insurance probably would not be aware of these distinct carriers, and you could be out immediate benefits while still paying higher prices. For another example, say you recently experienced a diabetic coma (within the last two years).
An agent specializing in the field would find the companies that would still issue your coverage and should fight to find you the cheapest option available. Paying the least for the best is what your agent should do.
We have gone over very briefly what an agent should ask you in certain cases, but it is important to make sure you understand why they do so. Above all, whether an agent asks you specific questions about your condition is a good marker to tell if they are as experienced in burial insurance for people with diabetes as they should be.
If you tell an agent you have diabetic neuropathy, and they don’t ask you to detail practically everything about it – find someone else.
Agents need all the information they can get about your health, so they truly discover the best company and policy for you. Say you had neuropathy over two years ago.Remember, certain companies will ask in the underwriting process if you have EVER had neuropathy, or if you have had it in the past two years.
Those who ask if you have ever had it will not accept you regardless of how you answer other questions. You want your agent to know what companies these are so they will not send you to a dead-end or stick you with a more expensive plan than is necessary.
It is vital to always be 100% honest when answering any medical questions your agent or carrier may require from you. Trying to hide a condition in fear that you may be charged higher premiums or have to endure a waiting period is not worth the risk.
Insurance companies verify everything you tell them – the reason they check your prescription history (directly from your pharmacy itself) is for this very purpose.
Furthermore, if you have an agent who knows what they are doing and is very experienced in the field, they should be able to find you a policy that suits your needs no matter what you tell them. Even if you have a couple of complications from diabetes or risks separate from it, there are plans for you.
It is not worth being caught later down the line by your company. At some point, you will probably need treatment for whatever the condition is you were playing down – your agent, or the carrier, might be notified.
Not only might you be dropped from your plan, meaning you will be out all the money you paid so far, but the word could spread and your chances of being accepted anywhere else (that is not a guaranteed issue plan) could dwindle considerably.
With that being said, be careful that the company you go with is reputable and trustworthy.
This may seem obvious – and we have already covered what an agent should possess and what to look out for – but there are a lot of websites posing as insurance companies that look impressive and credible when really, they are either just trying to take your money or trick you into additional fees.
Therefore, it is worth discussing what to be aware of and how you can avoid insurance scams.
The most obvious way to tell if something is not what it seems is if the prices are too good to be true. Usually, you will see ads for companies or sites that boast the best prices on the market, and you will wonder how they can afford to keep their premiums so low.
They can’t – it is impossible. This means one of two things: either there will be lots of fine print detailing the extra fees you are incurring by signing up (for example, if you do not want a waiting period there will be an exurbanite charge to have immediatecoverage – an option no reputable agency or company would offer you) or the entire site is a ploy to get your card information.
A good way to think about sites that option incredible prices then stick you with extra fees is a car salesman drawing up your contract when you buy a car.
The price on the front windshield may look like an unbelievable offer, but when you finally sit down to hammer out the details, suddenly there are extra charges like financing charges for taking out a loan, registration and title fees, dealership fees, a security system, and any maintenance the car might require.
By the time you are done walking through the papers and contracts, you could end up paying far more than you would if you went through an agent and found a policy from a standard company. An insurance company is a for-profit business – so when you see too-good-to-be-true prices, that is absolutely the case.
Every insurance company is going to make sure they make money off of you, that’s just the unfortunate truth, so make sure the one you pick is one you trust and are truly happy with.
Sites with amazing offers that are purely fraudulent are normally only one or two pages, so double-check the rest of the site before inputting any financial information. If all you see is the page with the monetary offers and a space to sign up, it is not a real insurance company. Whoever is behind it will take your information and run with it, so be very careful.
Another tip is to never buy from a no-questions-asked TV ad or billboard. Again, chances are you will be burdened with multiple fees adding up to as much as you would be paying for a company that would offer you BETTER coverage and benefits.
Something else to remember is that no credible company will talk to you without an agent; therefore, these sites claiming to be no-questions-asked while still asking for your credit card information should seem immediately dubious and untrustworthy.
By doing just a little research, you can avoid insurance scams and keep your money safe. Incidentally, never make a check or payment out to the agent – if yours asks for this they will probably pocket the money for themselves. Payments should always be made to the company directly; any dependable agent would know that.
Though you should always do research before making any choices, there are some companies and agencies with excellent reputations that also specialize in diabetic burial insurance that we can recommend so you have a place to start.
Superior Mutual and Levinson & Associates are credible agencies deal with clients who have specific circumstances and might have more trouble finding a deal that is workable for them.
Sons of Norwayis a reputable company well-versed with diabetics. They consider both type 1 and type 2 diabetics for people over the age of 50. If you have complications connected with diabetes, you may qualify for their guarantee issue plan.
Gerber Life Insurance Company is recommended on most agencies’ websites because they have one of the best guarantee issueplans on the market. The minimum age to apply is 50 – consider this carrier if you have complications that would prevent you from securing immediate coverage from other plans and companies.
Prosperity Life Insurance Group does not have a minimum age for the onset of diabetes like Nassau does and is not concerned about the units of insulin a client is using per day.
The age requirement for applying is 50 and over. They do not accept diabetic complications, however, so consider Gerber Life or Nassau if you fall under this category.
Royal Neighbors of America is another possibility for diabetics. There are stipulations though: you have to be over the age of 50 to apply, and you can’t have been diagnosed with diabetes prior to 30 years old. But if you have diabetic complications this may be the agency for you.
They do not care about the number of units of insulin you have per day and accept complications connected to diabetes. They have been reported to pay death benefits in a timely manner and offer competitive rates.
Sentinel Security Life considers type 1 and type 2 diabetes. You will not be considered for immediate coverage if you take over 50 units of insulin every day, but apart from that provision, they are a well-known carrier for diabetes and provide highly rated customer service.
Mutual of Omaha shows up on multiple ‘best burial insurance providers’ lists and accepts both type 1 and type 2 diabetics. The biggest condition, however, is you have to have been diagnosed for diabetes at the age of 50 or above. This disqualifies many type 1 diabetics.
Be cautious of carriers like AARP, Colonial Penn, and Globe Life that mail applications to you. The applications may not stipulate whether you have a waiting period or not before receiving full benefits.
They may also try to pass of term life insurance plans as final expanse plans. These are not the same things – term life insurance plans expire, and you do not want to be 80 years old with no coverage. Furthermore, these plans increase their premiums after five years.
Burial insurance policies, once you choose one, should never increase premiums, no matter how much time has passed. This is how reputable plans work.
Carefully read every piece of literature and contract (like disclosure agreements, etc.), handed to you by an agent or company to make sure you are truly signing on for what is being told to you.
There are many companies willing to work with diabetics, but the stipulations each company has is what your agent needs to help you with to find the best policy for you.
Always get a second opinion if you feel you are being pressured into a policy that is not suitable for you or if it seems unreasonably expensive.
Though there are reasons to do this process quickly, if you are afforded the luxury of taking your time, feel free to do so. This is okay. There is no need to rush if you don’t need to.
Taking out an insurance policy of any kind is a big commitment, but burial insurance is a lifelong commitment.
Should you cancel a policy, you will not receive any money back. If you then pick another policy with a waiting period, you will have to endure that time frame from the beginning all over again, so please be 100% sure before you choose your company and plan.
Do not allow yourself to be forced by an impatient agent waiting to earn a commission. They do not have your best interests at heart.
All of this information is probably overwhelming and maybe a little intimidating, but don’t worry. You only need to focus on the information pertinent to you and your agent will be a tremendous help to you the whole time.
This is why we went over in intricate detail every aspect to be aware of and look for in a burial insurance agent. Once you have found a good one, the load on your plate becomes a considerable amount lighter. Just remember these key points:
- Every type of diabetes can be covered.
- Timeframe is imperative with any diabetic complication.
- Track what questions the underwriting process includes regarding diabetes.
- There are some diabetic complications that are only available with higher premiums and/or a waiting period – no matter what.
- Find an agent specializing in final expenses for diabetics.
- Always be 100% honest with your agent and carrier.
- No matter your situation, there is a plan for you.
- Never make a final decision without doing the proper research
- Take your time.
You are going to be just fine. There is no condition or situation you could have that would prevent you from getting a policy – guarantee issue plans exist for that very reason. There is always something available to you.
Yes, the cost will be higher and there will be a waiting period, but truthfully, at the end of the day, it is better than no coverage at all. There are companies with very good guarantee issue plans if that is the choice you have to take.
All you need is the right agent to help you find the carriers that will work with you. It cannot be emphasized enough how important doing research is to this process, not only to make sure your agent is as good as they claim to be but to ensure the policy you have is truly the best one out there for you. Looking at customer reviews for both an agency and company, if you can find them, is perhaps the most effective method of ensuring you are with the right people.
With burial insurance, there is no such thing as a hopeless situation. This form of insurance was specifically designed to cover a very wide range of medical conditions/illnesses. Remember that, and do not settle for less than what you know you can have. Your expenses will be covered so your family is taken care of and looked after with less stress than is necessary
