Burial insurance can best be described as a limited life insurance policy that is focused on paying for funeral expenses. While there are substantial differences in terms of benefit levels and intent, the best burial insurance does mimic in many ways standard life insurance policies and that includes questions about your health.
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How Health Issues Affect Premiums:
Since funeral insurance is more restrictive and has lower benefit levels than standard life insurance policies, the status of your health do not have a significant impact. What might disqualify you from life insurance policies that require medical exams may be acceptable with burial insurance. This is mostly because of the lower benefit levels and certain restrictions placed on the policy itself.
Quite often, there is no medical exam required for burial insurance. However, there will probably be a few questions about your health, such as the following;
- Do you currently suffer a significant illness or injury affecting your well-being?
- Have you suffered a significant injury or major medical condition in the past five to ten years?
- Are you taking medications?
The health questions are designed to determine the risk the insurance company will take by granting you a policy. However, most people will qualify for affordable burial insurance even those of advanced age or who suffer from controllable medical conditions. Plus, many insurance companies will not even ask health questions in regards to burial insurance.
Types of Health Conditions that Affect Burial Insurance Costs
Your burial insurance with pre-existing health problems, including diabetes, cancer, HIV, or even someone in a hospice situation, may still be affordable based on certain factors. The condition must be severe, and your age will also play a substantial role. The older you are, the more likely your rates will be considerably higher if you have cancer, HIV, diabetes, heart condition, etc.
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You can expect to pay from 10% up to 30% or more if you have one or more pre-existing conditions. This assumes that you choose to get your burial insurance from a company that will ask health-related questions. By selecting a policy that does not ask health questions, you may pay more than one that does. This is standard practice with life insurance policies, and burial insurance is no exception.
Delayed Benefits
Insurance companies protect themselves when issuing funeral insurance by delaying payment of full benefits for a pre-set period such as two to four years. If the policyholder should pass away before the limit has been reached, the benefits will only be the sum of the premiums put into the policy.
This delay does help burial insurance costs by reducing the risk to the insurance company. Be sure to check out any rules and regulations that must be followed. You should consider carefully before choosing which company offers the best combination of rates and security for your burial insurance needs. Learn how to choose a face value for your burial insurance.
