Can You Get Whole Life Insurance With No Waiting Period
Whole life insurance, also called permanent life insurance, is a policy that covers you for your entire lifetime. These different kinds of coverage include:
- Traditional life insurance
- Variable life insurance
- Variable universal life insurance
Traditional whole life insurance is a type of life insurance policy that provides insurance coverage for the entire lifetime of the contract holder.
Of direct premiums written, 25 percent are traditional life insurance products. It is possible to get whole life insurance with no waiting period.
Universal life insurance is a type of life insurance policy that has an investment saving element. Most policies have a flexible rate option. Some universal plans require fixed rates or a lump-sum rate thats paid one time.
You have some options if you choose universal life insuranceeither guaranteed or indexed life insurance.
Guaranteed life insurance is a policy that has a fixed rate throughout the life of your policy. Guaranteed life insurance companies set payouts at a specific age and include a fixed death benefit. The ages that these policies end are normally above 90.
The policy cashes out and ends before most contract holders die. Policies that last longer have higher rates. This policy does not accrue cash value.
Indexed universal life insurance is a permanent life insurance policy that consists of two parts: a death benefit that will pay out when the contract holder dies and a cash value feature.
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How Can I Get Cheap Burial Insurance Or Final Expense Quote
When looking to purchase low-cost burial, youll want to receive several quotes from the top final expense companies out there.
MOO is an example of a life insurance company that is both reliable and affordable. Quotes are easy to get you can receive quotes on premiums without needing to purchase their policy.
Important to know, when you apply for final expense coverage, you will not need to take a physical.
In fact, this makes the process much more manageable.
However, you will need to fill out a brief questionnaire that will ask you some personal questions, such as your age, job, whether or not you use tobacco, etc.
Smoking cigars will not affect burial insurance.
How To Get Burial Insurance With No Wait
To see quotes for immediate coverage, fill out the quote form. Just know that getting qualified for a no waiting period policy will depend on your unique health conditions.
Have you been looking for a no waiting period burial insurance policy?
Have you been told you only qualify for a guaranteed issue plan with a two-year waiting period?
Well, youve come to the right place. In this article, we will go over how to get final expense burial insurance with no waiting period.
Keep in mind no final expense burial insurance policy will ever ask you to undergo a medical exam.
1. Not Everyone Qualifies For Immediate Coverage
Some health conditions immediately disqualify you from immediate coverage. If you have any of the health issues below, you will only qualify for a guaranteed issue, two-year waiting period plan.
- Currently have cancer
- Currently in the hospital, nursing home, or some type of hospice care
- Alzheimers/Dementia
Within the past 12 months
- Circulatory Surgery
If you dont have any of the above conditions, you can probably qualify for immediate coverage, but it is not guaranteed until we have a conversation about your health. For example, a combination of many smaller health issues or medications can disqualify you from immediate day one coverage with no waiting period.
2. No Health Question Plans
FAQs
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Foresters Financial: Best For Rare Add
Our take: Foresters Financial sweetens the deal by including two rare riders free of charge. The Family Health Benefit Rider can cover the cost of an ambulance or similar expenses if your health suffers due to catastrophic weather or a natural disaster. And the Common Carrier Accidental Death Benefit Rider offers an extra payout to your beneficiaries if you die while riding as a passenger on a plane, bus or train.
Policy name: PlanRight Whole Life Insurance.
Eligibility age range: 50 to 85.
Coverage amount: $5,000 to $35,000.
Availability: All states.
So What The Heck Is No Medical Life Insurance Anyway
Now before I get into the BEST reasons you may be looking to buy life insurance online with no medical exam, I want to explain what no-medical life insurance really is.
No medical or simplified issue life insurance means what it says: NO blood tests, NO urine tests, NO needles and NO physical exams.
BUT, theres no such thing as no exams no questions life insurance, it doesnt really exist
Mmmmm well actually it does, its called Guaranteed Issue life insurance.
Huh? You mean I can just get coverage without any questions or tests?
Yep. BUT it’s called guaranteed issue. No medical exam life insurance doesn’t mean “no medical questions”……AND those questions reveal a LOT about your health.
The thing is, life insurance is a business and companies do their due diligence to see how big of a risk it is to insure you.
The application process involves answering a bunch of very specific health questions. For example,Within the past 6 months, have you been told you have or received treatment for diabetes?
All the medical questions are yes or no questions. The more you can answer no to the better.
In fact, answering no to all the questions is the best-case scenario. This means you qualify for the most affordable no medical coverage.
Worst case scenario? You answer yes to one or more of the medical questions in the beginning of the application.
As you can see, its very important to answer the questions correctly.
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Healthy Seniors Do Not Need Waiting Periods
We often speak with seniors who were sold the wrong life insurance plan for their situation. Getting an incorrect plan could mean that a perfectly healthy person buys a product with a coverage delay.
Guaranteed acceptance plans typically send information through the mail or promote it on TV commercials, like senior AARP life insurance and Colonial Penn life insurance. If it feels too easy to get a policy, there is a reason for that. Life insurance without medical questions comes with delayed benefits and much higher premiums.
You will want to avoid life insurance with a waiting period whenever possible because seniors should only use guaranteed issue plans with severely compromised health.
Simplified Issue Life Insurance
When you apply for simplified issue life insurance you answer some questions about your health but you wont be required to take a medical exam. Additional information about you is usually gathered by the insurance company through third-party sources. This might include details about your driving record and prescription drug use.
With simplified issue life insurance, you can usually find out if youve been approved within minutes of filing the application.
One advantage of having a simplified issue life insurance policy to pay for your funeral is that it generally costs less than a guaranteed issue life insurance. Simplified issue policies also usually have higher death benefits than guaranteed issue policies. These types of policies will usually have a graded death benefit, meaning your beneficiaries wont get a full payout if you pass away within the first couple of years after buying the policy.
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Does Term Life Insurance Cover Funeral Costs
A term life insurance payout can cover whatever your beneficiaries decide to use it for, including your existing debts and funeral costs. So if you already have a term policy large enough to cover your final expenses, you may not need a separate funeral insurance policy. However, term life insurance will expire if you outlive the policy’s term. Burial insurance is typically a whole life policy that lasts until you pass away. If you want to make sure your funeral costs are covered no matter when you die, a burial insurance policy can make more sense than a term life policy. You might also consider purchasing both a term life policy to replace your income if you die before retirement, and a burial policy to cover your final expenses, no matter when you die.
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How Much Does A Funeral Cost In Canada
The average cost for burial in Canada is between $5,000 and $10,000. But remember, the funeral costs can vary greatly depending on what you want.
Nobody likes to talk about death, but planning final arrangements in advance can take a lot of pressure off your loved ones. You can cover funeral costs and your end-of-life expenses with a life insurance policy or a final expense policy.
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What Does Edge Life Insurance Cover
The immediate issue benefit payout from our Guaranteed Issue Life Insurance allows beneficiaries to use it however they see fit. Whether it be to cover funeral and burial expenses or cremation costs, there are no restrictions to how the money can be used by your beneficiaries.
Unlike pre-need insurance, guaranteed issue life insurance does not require the purchased benefit amount to go to a pre-selected funeral home. At EDGE, we understand that the death of a loved one can be both an emotionally and financially stressful time. With our Guaranteed Issue Life Insurance, you have the peace of mind that your final expenses will be covered in a way you and your family see fit.
In the case of accidental death, the beneficiary will receive four times the benefit amount that was purchased.
Important note: If non-accidental death occurs within the first 24 months of purchasing the policy, the beneficiary will only receive a return of the premium payments paid into the policy. Benefits are not payable if death is caused by either suicide or a non-accidental incident within two years of the effective date or the latest reinstatement date of coverage.
Get a Life Insurance quote onlinefrom The Edge Benefits today.
The EDGE also offers an affordable Accidental Death and Dismemberment plan that provides up to $300,000 tax-free* lump-sum benefit payout in the event of an accidental death or specific losses.
Alternatives To Burial Insurance
Burial insurance is one type of life insurance among many options. Its good to be familiar with the other choices to make sure that youre buying the right one.
Whole life insurance is a life insurance policy that builds cash value and provides lifelong coverage. The amount of the death benefit is guaranteed to your beneficiaries no matter when you die. The cash value grows at a predictable rate and the premiums stay the same. With a regular whole insurance policy, you can get much more coverage than you would with a burial insurance policy. A payout can be used to cover burial expenses.
Universal life insurance is an option for lifelong coverage that can be less expensive than whole life insurance. Not all universal life insurance policies will build much cash value, but universal life can be less expensive than whole life insurance. It can be used by your family for burial and other expenses.
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What Health Problems Would Result In A Two
These would be more significant health issues you have experienced in the last one to three years.
Even if you have to get one of these policies, you can secure life insurance for seniors with no waiting period and get better pricing by going through a licensed broker like Funeral Funds rather than talking to an unlicensed agent who advertises on television or in magazines.
So you dont want to answer a few health questions?
We recommend answering a few health questions to get the best pricing available with no waiting period .
Many of the life insurance online no phone calls are misleading and dishonest.
Medical Exam Vs Medical Questionnaire
Most Insurance policies require at the bare minimum you fill out a medical questionnaire so that they may assess the risk level associated with insuring you. A Medical questionnaire may be the easier option of the two, but both are going to require that you answer/participate with your health as honestly and correctly as possible. Intentionally falsifying your answers is not a great idea in any circumstance, as the provider can easily and efficiently confirm this via your medical records.A Medical Exam also *usually* implies that your premium will be less, or the waiting period non-existent with the hard part being qualifying or passing the exam. Key Takeaway: Insurance policies without a medical exam or health questions will result in a waiting period.
Height/Weight
- Extreme obesity
There are some conditions that may not disqualify you from coverage but will guarantee your rate will increase if a medical exam/questionnaire is involved.
To name a few:
-
Tobacco Use
smoking or consuming tobacco products will always result in a more expensive rate as smoking is directly linked to shorter life spans.
-
Wheelchair Reliance
Specifically if you are reliant on a wheelchair or are unable to care for yourself as a result.
-
BMI is 40+
Sometimes the maximum is even greater then 40, but overall if you are considered obese or morbidly obese the provider may adjust your rate.
Where do I go from here?
We at Final Expense Benefits partner with over 20 carriers, with:
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Burial Insurance No Waiting Period
Burial insurance with no waiting period is coverage that is immediately available to your beneficiary. This means that even if the insured dies right after the policy becomes active, the full death benefit is still awarded.
Health is the single most important factor in seniors qualifying for no waiting period burial insurance.
A burial policy for seniors is a type of whole life insurance meant to pay for the insureds final expenses. This coverage is also referred to as final expense insurance and funeral insurance.
Final expense policies come in less coverage than traditional life insurance since they are intended to pay for funeral expenses. With an average funeral cost of $8,000 $12,000, final expense coverage ranges from $2,000 $40,000.
Non Medical Life Insurance Should Be Plan B
The primary focus of this article is to give people looking for cheap life insurance without medical exams or questions, some in-depth information.
There are some seriously good reasons to buy life insurance online no medical exam.
I do have to warn you that in most cases, no medical life insurance should be your PLAN B. If youre healthy, not afraid of needles and youre not in a hurry you should always apply for traditional life insurance with a medical exam.
Its preferable because:
- the underwriting is done upfront
- its less expensive
- you get more coverage
- you have better protection with more options.
Both no medical exam life insurance and traditional coverage come with living benefits. What does that mean?
If you have a life-threatening illness and have been given less than 2 years to live, most insurance companies allow you to receive up to 75% of your death benefit before you die. Its known as a living benefit as its a benefit you can access while youre still alive. Its also called an accelerated death benefit or terminal illness rider.
My #1 piece of advice is to contact Policy Architects today and well help guide you through the entire process. Get the right coverage and save time & money! Call us today 1.888.501.9583! Or, schedule a phone call here.
Oh and if you want to see what sort of savings Im talking about check out the sample rates below!
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Do I Need Burial Insurance If Im A Young Adult
If you are a young, healthy adult, you are statistically unlikely to die soon, and the cost over time of paying for a burial insurance policy likely isnt worth it.
Burial insurance is generally the best fit for those who are ages 50 to 85 and who are concerned about how their family would pay for a funeral.
Guaranteed Acceptance Life Insurance With No Waiting Period
Unlike most permanent life insurance, burial insurance is life insurance that does not require a physical or medical exam during the application process.
The applicant just submits a form requesting basic demographic and health-history information.
There are essentially three types of burial insurance policies available, level, graded, and guaranteed issue.
Although the underwriting standards for burial insurance are more relaxed than compared to most other life insurance policies, a serious existing medical condition can result in disqualification on any policy except guaranteed issue.
And that is why some insurers offer guaranteed acceptance policies that do not require any health or medical screening.
When applying for a guaranteed issue life insurance policy, the applicants health status and medical history are simply not considered.
As long as the applicant is within any age bracket applicable to the policy, and they reside in a state where the policy is available, the application will be accepted.
Because of the easy underwriting process, guaranteed acceptance policies are a great way to obtain life insurance for applicants with a health history or preexisting condition that might otherwise preclude life insurance coverage.
Most companies that offer guaranteed acceptance funeral insurance set an age range that applicants must fall within to be eligible for coverage.
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Can Life Insurance Cover Your Funeral Expenses
Short answer is YES. Your life insurer will pay a lump sum to your family upon your death. Your loved ones are free to use the funds to cover funeral expenses, including your funeral costs and other related costs such as paying for a columbarium.
Many people use a life insurance policy to cover final expenses. Assuming you are in reasonably good health, you can buy a life insurance policy with a medical exam instead, because these policies are cheaper than funeral insurance.
When shopping for a life insurance policy, adjust the face value so that it will be enough to cover end-of-life expenses in addition to your familyâs other financial needs. Our life insurance calculator takes your end-of-life expenses into account while calculating how much life insurance you need.