If you have ever been told by someone that Schizophrenia would disqualify you from getting burial insurance or that you must pay a high premium, that person was wrong!
To be sincere that there are a lot of companies that are okay with candidates that have this condition. We can get the cheapest funeral insurance that costs you right away!
We have a record of many satisfied customers who suffer from this disorder. They didn’t pay more for insurance than someone without Schizophrenia! Today we’re going to show you how we help them.
This article will discuss how insurers respond to closing final expenses for applicants with Schizophrenia, what their options are, and, most essentially, how you can find the best funeral plan around.
- Life Insurance for Those with Mental Illness
- Underwriting for Schizophrenia
- The Health Questions
- Medications that are Flagged by Insurers
- Different Options Burial Insurance Might Offer You Based on Your Result
- They Will Give you a Waiting Period of Two Years and Charge More Premium
- There Will be a Partial Waiting Period and a Little Premium
- The Insurers will do Nothing
- Hospitalization for Schizophrenia
Life Insurance for Those with Mental Illness
It is inevitable to have your application rejected if you admit Schizophrenia (or the insurance company knows) prolonged episodes of depression, anxiety, or, especially when candidates admit to having suicidal or self-harming thoughts.
Many insurance companies operate with outdated knowledge of Schizophrenia or other mental conditions.
We know that you will not allow yourself or someone you love to neglect Schizophrenia and that you will take care of yourself according to your medication plan and have a healthy lifestyle.
That is why you would have more favorable options for your final insurance.
Fortunately, nowadays and in the insurance era, there are excellent A + insurers that have a good understanding of Schizophrenia and other mental illnesses and are open to anyone with mental health problems.
These top insurers have insurance policies primarily for clients with mental illness and can provide the most affordable payment costs with instant insurance coverage
Underwriting for Schizophrenia
Probably, you want to pay the lowest and be covered in the quickest time possible, right? Definitely. Everyone does. To do this, you must apply for a funeral insurance plan with underwriting.
The underwriting will cover only a few health questions and check the prescription history.
Using this information, the insurer can verify that you deserve to be approved for the lowest rating and instant protection. Through our agency, many applicants have gotten Level death benefits.
The Health Questions
As I said earlier, some companies inquire about this condition. The fact is that these questions can come in various forms. Remember that every company has its differences.
With that in mind, here are probably all the different ways you can see questions about Schizophrenia:
- Did you have any diagnosis or treatment for any psychosis in the last 24 months?
- Were you hospitalized because of anxiety, depression, or other mental health disorder in the past 24 months?
- Did you have any diagnosis or treatment for mood disorder or severe depression in the last 24 months?
- Did you any diagnosis or treatment for Schizophrenia in the last 24 months?
Also, note that different companies have different times for their look back. Twenty-four months is undoubtedly the commonest.
In comparison, some companies may ask questions about these things by looking back on 3 to 5 years or your whole life.
Medications that are Flagged by Insurers
Like all other health conditions that has to do with lifestyle, the best way to manage Schizophrenia is communicating effectively with your doctor and following the advised treatment plan.
For life insurers that are concerned with Schizophrenia, below are some of the medications on their watchlist.
- Brexpiprazole
- Asenapine
- Aripiprazole
- Chlorpromazine
- Cariprazine
- Fluphenazine
- Haloperidol
- Clozapine
- Iloperidone
- Olanzapine
- Lurasidone
- Perphenazine
- Paliperidone
- Risperidone
- Quetiapine
- Ziprasidone
Different Options Burial Insurance Might Offer You Based on Your Result
This is probably not surprising, but it is essential to put things in context. Every life insurer has different underwriting rules, and they all react in different ways to various health conditions.
Below is a comprehensive list of all the responses that burial insurance providers can give when they meet an applicant with Schizophrenia.
They Will Give you a Waiting Period of Two Years and Charge More Premium
First, some companies may charge 30% more and others up to 60% more. Every insurance company varies. However, if there is a waiting period, it will take two years.
This means that there will not be payment of any benefit on the policy if you die in the first 24 months. If this happened, they would reimburse you for all premiums with interest. The interest is always 10% for many companies.
There Will be a Partial Waiting Period and a Little Premium
In this case, they will ask you to pay 15 to 40% more. Also, they will specify that your policy will pay some percentage of the death benefit in the first year and a higher percentage in the second year. It is usually 30-40% in the first 12 months and 70-80% in the second year.
The Insurers will do Nothing
As mentioned earlier, when starting this article, some companies might be less interested in Schizophrenia.
For these companies, you have an equal benefit from someone who has no health problems. Thankfully, these companies allow you to get immediate coverage and affordable rates.
Hospitalization for Schizophrenia
To make this simple, some insurance companies will reject or make you pay you a higher payment cost with a waiting period.
These insurance companies do not have end-of-life insurance plans made for someone who is in hospital for a mental illness, particularly Schizophrenia.
However, suppose you contact Top-notch Final Expense Insurance professionals such as the ones we have at our agency.
In that case, you will be provided with options from the Top-rated insurance companies in the country.
Additionally, these companies have insurance plans that are best suited for Schizophrenia or other mental condition. Also, the policies that are provided by them will be at an affordable rate and zero waiting period.
