Burial insurance is one of the least expensive and easiest to obtain types of life insurance policies. It is designed specifically to pay for funeral expenses which mean that it is limited regarding its benefits and is obtainable by adults and especially seniors.
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However, even burial insurance can become more expensive to purchase for those who have certain types of pre-existing medical conditions. For those who have medical conditions that affect their overall quality of life to a considerable degree, you will need to understand why pre-existing conditions have an adverse impact on your burial insurance premiums, what type of medical conditions are most likely to have an impact, and what questions are asked on the application form.
Like all forms of life insurance, burial insurance is based on the risk factor that includes your age, gender, lifestyle, and current health. The life insurance company will weigh all factors when considering the premium levels for policies they provide to you. A pre-existing medical condition is one that adds risk in the eyes of the insurance company and may result in paying a higher premium.
While insurance companies will consider rates based on a case-by-case basis, you may expect to pay from 10% up to 50% or more depending on your pre-existing medical condition.
Pre-Existing Medical Conditions
In some respects, everyone has a pre-existing medical condition to one degree or another. However, the type described when it comes to acquiring burial insurance is that of a disease, illness, or injury that causes a considerable effect on your health and wellbeing.
These are the common conditions that affect the overall quality of your life. However, each pre-existing condition is judged on a case-by-case basis that considers your age, the severity of the disease, and its medical effect over time.
Although burial insurance may not be as scrutinized like standard life insurance policies, you should still expect at least a few health questions before qualifying for obtaining the insurance.
- Your Age
- Your Current Medical Condition
- Any Medical or Health Incidents in the past Five to Ten Years?
- Do You have Cancer, Heart Disease, Diabetes, or other medical conditions?
- Have you suffered from such conditions in the past Five to Ten to Twenty Years?
Medical conditions that you suffered from long ago and have not been present for many years usually will not affect the premiums to your burial insurance policy. However, recent pre-existing conditions that have been treated or are still in effect will have an impact. Just how badly they affect your policy will depend on several factors that include your age, the severity of the condition, the treatments you are undergoing, and the prognosis from your doctor along with your medical exam.
The good news is that the premium rates may be mitigated by other factors that include your lifestyle and treatment of the condition itself. You need to be honest, and forthright when it comes to revealing a related pre-existing medical condition to the insurance company, but the results may not be as large a premium rise as you might think.