Can Cholesterol Affect How Much I Pay for Burial Insurance?
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I am a firm believer that you learn something new every day. And the thing I learned today was that cholesterol comes from not only food, but also from the liver. The liver makes all the cholesterol you need. I didn’t know that the liver produces all we need.
When there is too much cholesterol in the body, it’s usually comes from the food we eat, like meat and dairy. This causes the liver to produce more cholesterol, and if the body doesn’t need it, it will stick to the lining of the arteries. The good news is that it’s preventable by eating healthy, exercising and lowering other risk factors.
The other good news is that CHOLESTEROL DOESN’T AFFECT RATES WHEN QUALIFYING FOR BURIAL INSURANCE.
That’s right. Having high cholesterol won’t affect your rates, and if that is your only health issue, YOU CAN QUALIFY FOR IMMEDIATE COVERAGE!
Traditional Life Insurance vs. Burial Life Insurance
Traditional Life Insurance
Traditional life insurance usually have high death benefit amounts so this type of insurance can have stricter guidelines to qualify. The way to know if you are applying for traditional life insurance is if you are required to have a physical exam before knowing if you’ll be approved for coverage.
This can cause higher premiums and a longer time before knowing if the insurance company will accept your application.
However, with a burial life insurance plan, also known as final expense insurance, there is no exam needed. Instead, life insurance companies that offer final expense insurance will verify your health by checking your medical history and prescription history from a database insurance companies use to verify health. So…
With burial life insurance, you can find out if you qualify within minutes!
Burial Life Insurance
Burial insurance, also known as funeral insurance policies, usually have lower death benefit amounts (usually less than $45,000 of protection), and are not as strict to qualify for coverage as traditional life insurance. Burial life insurance does not require a medical exam. Only health questions are asked, which is then verified by checking medical history and pharmacy records. Some final expense life insurance plans ask no questions at all, but keep in mind that the no question kind of life insurance costs more with less benefits offered.
Burial insurance is typically one of these types of whole life insurance:
- Simplified Issued or Level Life Insurance: With this type of coverage, these rates are usually lower than guaranteed issued life insurance. Again, the application process does not require a physical medical exam. Only some health questions are asked, but a “yes” answer to any of the health questions could disqualify you or raise your rates. No worries though, BE HONEST. Every insurance company has their own set of health questions that they ask to see if you will qualify for life insurance. If one company says no, know there are other companies that will most likely say YES.
- Graded Life Insurance: This type of plan is usually offered when the applicant has some health issues based on the questions that are asked on the application. This type of plan usually has a waiting period before being fully covered, and if death occurs during that time, a partial death benefit amount is paid to the beneficiary. This plan usually costs more than Simplified/Level life insurance.
- Modified or Return of Premium Life Insurance: A modified plan is also offered to an applicant with health issues based on health questions that are asked on the application. However instead of a partial death benefit amount given if death occurs in the first two (sometimes even three) years, the premiums paid up til the time of death of the insured will be given to the beneficiary, as well as interest. This plan also usually costs more than Simplified/Level Life Insurance.
- Guaranteed Issued Life Insurance: No health questions are asked with Guaranteed Issued Life Insurance in order to qualify for this type of burial insurance. You are guaranteed to be approved, and it always has a 2 year waiting period before full coverage starts. This coverage should be the last resort, and it usually costs the most.
If you have other health conditions other than high cholesterol, this may affect the outcome of what type of coverage you will qualify for. Nonetheless, it’s still good to speak with a specialist who can match you with the best insurance carrier that will approve you for burial insurance based on your unique health situation.