How Does Burial Insurance Work With Pre-Existing Conditions?

How Does Burial Insurance Work With Pre-Existing Conditions?

There’s a debate when it comes to health insurance and whether companies should account for pre-existing conditions like diabetes, cancer, and heart disease when they decide what premiums to charge and how much coverage to extend.  However, health insurance isn’t the only kind of insurance that takes your health into account.  Several forms of life insurance also look at your current condition and your adjusted life expectancy, and that includes burial insurance.

Burial insurance is a special kind of whole life insurance.  Instead of increasing over time based on your contributions, burial insurance has a set payout and only covers final expenses like coffins, funeral services, burial fees, and so on.  In exchange for this focus, the premiums are much lower than what you’d expect from other forms of life insurance and you don’t need to go in for a medical exam to find out if you qualify for any given policy.  However, your current health can affect which burial insurance policies you can get.

Questions To Expect

If you look for a simplified issue burial insurance policy, the insurer will ask you a few basic questions about your health.  This can include the following:

  • 1. What serious illnesses have you had in the past?

  • 2. What conditions are you currently suffering from?

  • 3. Are you currently hospitalized or accepting hospice care?

  • 4. Do you need to use oxygen?

  • 5. Have you gone through a serious surgery or an organ transplant?

  • 6. What is your family history with conditions like diabetes, heart disease, cancer, etc.?

Prescriptions Matter

Another thing insurers look at is your current prescription list.  They will want to know which medications you take and why you take them, and they can check up on whether you’re still filling the prescription by checking with your local pharmacist.  It’s important to be truthful and complete when you discuss your medications, because otherwise the insurer will most likely believe that you have the worst condition the drug is prescribed for.  If that happens, they may lock you out of the best burial insurance policies they offer.

Insurers Will Double Check

Insurance companies understand that people sometimes lie about their health condition.  That’s why they will confirm the answers you give them by checking with the Medical Information Bureau.  This organization works with insurance companies to record medical information gathered by a variety of health and life insurers to make sure that policy holders are staying honest and updating their health status as things change.  That’s why staying honest is important if you want the best rates possible, but if the MIB gets your information wrong you can appeal their decision.

The best burial insurance policies are available for the healthiest people, but it’s still possible to get some coverage even if you’re terminally ill.  A guaranteed burial insurance policy accepts anyone no matter what their condition is, and a leveled policy will pay out the full amount as soon as coverage begins.  But first you need to know what your options are, so speak to an insurance broker today to learn more.

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