When applying for life insurance coverage, the insurance carrier will typically want to know as much as possible about you. This is because the probability of the insurance company having to pay out a claim is based in large part on your age, as well as your health condition.
In collecting the information about an applicant, an insurance company will usually request that you fully complete an application for coverage that asks you about your age, gender, health history, family health history, and smoking status. If you have certain health conditions, then the insurer will also likely require you to answer some additional condition-related questions.
Another key part of the life insurance underwriting process is having an applicant undergo a medical examination. During this medical exam, the applicant will meet with a paramedical professional who will take a blood pressure and heart rate reading, as well as a blood and a urine sample.
Once all of the information is received by the insurance carrier, the underwriters can then review everything more closely, and determine whether or not the applicant will be approved, as well as an appropriate premium rate to charge for the coverage if they do.
Because of the requirement of a medical examination, those who may have certain adverse health issues may not be able to qualify for this traditionally underwritten coverage. But the good news is that there are still other routes to take in getting life insurance. One option is to apply for a no medical exam life insurance policy.
Many seniors who apply for burial insurance will find that there is a wide variety of plans to choose from that will not require a medical exam in order to be approved. Because of this, those who have health issues may still qualify for burial insurance – and, because there are no medical examination results to wait for, burial insurance with no exam can also be approved and issued very quickly.
How Burial Insurance Works
Burial insurance is a type of life insurance coverage that is typically purchased by those who are between the ages of 50 and 85. This type of coverage is specifically geared towards paying off a person’s final expenses.
These costs may include a memorial service, a burial plot and a headstone, transportation to the gravesite, flowers for the visitation and the funeral service, and the printing of the insured’s funeral notices. All told, these costs could add up to be more than $10,000. Therefore, having a burial insurance policy in place can be extremely beneficial so that loved ones do not have to face these costs out-of-pocket.
The death benefit coverage that is provided on burial insurance is typically in the range of $5,000 to $25,000 – however, there are many life insurance carriers that will provide policies with higher benefits.
Just as with regular life insurance coverage, the death benefit that is received from a burial insurance policy will be free of income taxation. Therefore, the beneficiary will have use of all of the proceeds in order to cover the necessary expenses. In some instances, a burial insurance policyholder may have the policy’s proceeds paid directly to a funeral home or other service provider.
Burial insurance for seniors is usually offered as a whole life insurance policy. Whole life is a type of life insurance plan that provides both death benefit protection, as well as a cash value component.
Whole life insurance will have a death benefit and a premium amount that is locked in throughout the insured’s lifetime. This can be advantageous for those who may be living on a fixed budget, as they will not have to worry that their premium will go up in the future.
A whole life insurance policy also offers a cash value build up. Here, the funds that are a part of this cash value component are allowed to grow over time on a tax-deferred basis. This means that no tax is due on the gain unless or until the policyholder withdraws the money.
Getting Burial Insurance With No Medical Exam
Unlike traditional, medically underwritten life insurance, burial insurance will often have no medical examination requirements necessary in order to be approved for the coverage. With that in mind, many seniors and / or those who may not otherwise qualify for a regular life insurance policy may still be able to obtain burial insurance.
In some cases, burial insurance with no exam is considered to be a guarantee acceptance policy. This means that the applicant for coverage is guaranteed to be approved for the policy, as long as he or she continues to make the premium payments.
Burial insurance with no exam can also be approved and issued much more quickly when compared to a traditionally underwritten policy. This is because, with this type of burial insurance, there is no need to wait for the results of a medical examination. Therefore, an applicant for burial insurance with no exam may be able to have their coverage issued and approved within just a few days – or even sooner.
It is important to note that, just as with other products and services that you purchase, the price of burial insurance with no exam can oftentimes vary from one insurance carrier to another – even for the very same type and amount of coverage.
So, prior to moving forward with a burial insurance policy, it can be helpful to first make a comparison of several different policies, as well as their premium quotes. Doing so via an independent life insurance agency or brokerage can help you to conduct your reviews quickly and easily, and without the need to contact each insurance company individually.
Do You Need A Burial Insurance Policy?
Even if you already have other life insurance coverage in place, you may still need burial insurance protection. This is because your current coverage may be earmarked for other specific needs, such as the payoff of debts, and / or supplementing lost retirement income for a spouse.
By having burial insurance in place, you and your loved ones will be assured that there are specific funds available for paying off the high cost of a funeral and other related services. In addition, applicants for burial insurance may also add an additional amount of protection in the policy in case they also incur other end of life expenses such as uninsured medical costs or the expense of hospice care.
Where To Find The Best Premium Rates On Burial Insurance
When you are seeking the best premium rates on burial insurance with no exam, we can help. We work with many of the top burial insurance carriers in the industry today, and we can assist you in obtaining all of the details that you need. If you are ready to begin the process, just simply fill out the form on this page.
We are also available to answer any question that you may have. Please feel free to contact us toll-free at 888-501-0530. We understand that the purchase of burial insurance is important and that you want to ensure that you are getting the type and amount of coverage that’s right for you. So, contact us today – we’re here to help.