It can be challenging to find the right carrier when looking for burial insurance with angina.
In the United States, it can cost over $8,000 for a standard funeral service. This can be a crippling amount for many who are unprepared. Fortunately, finding the right final expense insurance can help ease this financial burden.
Can I Get Final Expense Insurance With Angina?
Seniors with an angina diagnosis can get affordable final expense coverage. The insurance companies will look into the timeline of diagnosis and treatment of this heart disease. However, some providers do not ask about angina at all.
Final Expense Insurance Explained
Final expense coverage is a type of whole life insurance designed specifically for seniors to plan for their final expenses affordably. This allows the insured to not leave a burden behind for their loved ones, so they can grieve and not be financially burdened. It is also called funeral insurance and burial insurance.
Whole Life Basics
Since this protection falls under whole life insurance, it has four specific benefits.
No Expiration: As long as you pay your premiums, whole life insurance never expires.
Coverage Lock: The death benefit amount that is initially taken out will never decrease. Unlike other life insurance options, your burial coverage is locked in for life.
Price Lock: The premium paid on the first month will remain the same throughout the insured’s entire life. The premiums payments will never fluctuate.
Builds Cash Value: Acting as a living benefit, policy owners can access some of the money while still living. With each payment made, a portion goes towards the cash value. This account grows over time and provides a built-in loan option.
Specific Funeral Insurance Benefits
Low-Cost: These policies come in death benefit options of $2,000 – $40,000, while traditional whole life insurance begins at around $50,000 and extends into the millions. The less coverage you have, the less the policy will cost.
No Medical Exam: It goes through a “simplified issue” underwriting process, meaning you will never be asked to get a medical exam. A series of yes or no health questions will be asked to qualify for a top-tier plan.
No Waiting Period Options: For those that qualify, immediate coverage is available. The timeline of your angina will determine waiting period eligibility. However, each final expense insurance company reacts a little differently.
Underwriting: Why Angina Matters For Burial Insurance
Underwriting is the process a company goes through to determine if it will provide coverage to an individual. This process is done mainly by a health questionnaire on the application.
Since angina can be a precursor to other heart conditions, this diagnosis can concern burial insurance providers. While it is not considered a heart disease, it is often a symptom of an underlying heart problem, usually coronary artery disease (CAD).
Additionally, some of the medications and treatment methods could also limit your ability to get coverage. Treatments, medications, and associated conditions likely to influence qualifying are listed below.
- Coronary artery disease
- Coronary microvascular disease
- Congestive heart failure
- Defibrillator implant
- Heart attack
- Heart murmur
- Lung disease
- Ranexa prescription
- Stent placement
Ways the Application Asks About Angina
On the application for coverage, insurance carriers will often ask about the timeline of treatment and/or diagnosis in three ways. Some companies will ask about “heart or circulatory disorders.” This usually includes angina since this is a common symptom of heart disease.
Some insurance companies will not ask about the treatment or diagnosis of angina at all.
If this is the case, it means that angina will not affect your ability to get coverage. The company essentially does not mind that you have this condition. However, this type of plan often has a waiting period before full coverage begins.
“In the last 24 months, have you been diagnosed, received, or advised to receive treatment for angina?”
Asking about your health timeline is the most typical way insurance companies will ask about your chest pains. Often they will ask about treatment or diagnosis within 12 months and then again within 24 months. Your answers to these questions will qualify you for different tiers of coverage.
“Have you ever been diagnosed with or advised to seek treatment for angina?”
This is not typically the case when dealing with angina specifically, but they may ask about a related heart condition in this way.
How Your Answers Determine Coverage
Companies will award different types of coverage based on how applicants answer the health questions asked.
Immediate Coverage with Lowest Prices: For many companies, you would qualify for a plan with low prices and no waiting period if your chest pain and treatments were over 24 months from the date of application.
Immediate Coverage with Higher Prices: This is common if you have had your last chest pain and treatment within 12-24 months.
Waiting Period with Highest Prices: This is another possibility depending on the company and your diagnosis timeline. This is typical of modified plans and guaranteed issue plans. We rarely recommend getting a modified plan because most guaranteed issue plans will be less expensive.
No Coverage: This would typically only happen if your angina has happened within the last 12 months. However, some companies will still accept you if this is the case.
Finding The Best Funeral Insurance With Angina
Each final expense insurance company sets its standards for the acceptance of applicants. In addition to angina, other pre-existing conditions could affect qualifying for a policy.
Everyone can get coverage, but some seniors will encounter a waiting period due to their health and the individual company standards.
With all this aside, there are three main things you’ll want to look for before applying with an insurance company.
Financial Strength: A company with a high financial rating will be reliable for many years to come. This is important so it will have the resources to pay the claim when filed.
Cost: Getting a policy that has low and affordable premiums is essential. Since the price will never change, seniors can budget this cost into their expenses for the foreseeable future.
Start of Coverage: Whenever possible, people should get a policy with an immediate death benefit. Ensure your agent has exhausted all possibilities before getting a plan with a waiting period. Seniors with angina may encounter a waiting period depending on their timeline of diagnosis and treatment.
There are four main plan types that burial insurance comes in. Qualifying for each will depend highly on the insurance company issuing the policy. Not every carrier offers all plan types.
Level: This comes with no waiting period. Some providers divide Level into 2 categories, Preferred and Standard. Typically Standard is going to be more lenient and slightly more expensive.
Graded: These policies provide partial coverage immediately with complete protection after 2 years. During this time, the progressive payout structure is usually 30% in year 1, 70% in year 2, and 100% once the waiting period ends.
Modified: Often called a “return of premium” policy, Modified plans have a 2-year waiting period. If the insured passes before the waiting period ends, the beneficiary will get the premiums paid plus some interest. These plans are known to be the most expensive.
Guaranteed Issue: Several insurance providers offer this plan and accept seniors with virtually any health history no health questions asked. Due to the extreme leniency, there is a 2-year waiting period with a similar payout structure as modified.
Need Help Finding Burial Insurance with Angina?
There are two main ways to find life insurance. Both are fine, but their access to life insurance policies sets them apart and drastically affects your coverage options.
Direct with Company: While this might sound like an acceptable option, it is limiting because of the access to only one company’s plans. Because the agent represents only one company, you would have to call around yourself to price check. If you have angina, you could be denied coverage or placed into a guaranteed acceptance plan that is more expensive.
Insurance Agency: An insurance agency can offer several products from multiple insurance companies. There is no limit to the number of polocied an insurance agency can represent.
Choosing an insurance agency puts the control into your hands by offering a wide array of products from multiple carriers. Essentially the agent can do the policy comparing on behalf of their customer, saving them time and money.
Final Thoughts On Final Expense With Angina
a. It is possible to get affordable final expense insurance with angina. Some companies will not even ask about this diagnosis.
b. The determining factors are when your diagnosis and last treatment were, medications you have filled, and additional pre-existing health complications.
c. It is crucial that you work with an insurance agency with access to several policies that accept certain high-risk conditions. They will be able to save you time and money.