Being diagnosed with atrial fibrillation, commonly referred to as A-Fib, can certainly be worrisome. It probably has you thinking about how it’s going to affect your life in a physical sense.
You may not have initially thought about how it could affect your ability to qualify for the best funeral insurance plans.
Can I Get Funeral Insurance With Atrial Fibrillation?
Getting funeral life insurance with AFib at an affordable price is possible. Some carriers do not care if you have atrial fibrillation, while others might deny coverage altogether. A denial of coverage usually depends on the timeline of your diagnosis.
Funeral insurance is extremely affordable and easy to obtain, especially with a pre-existing condition like A-Fib. It is a type of whole life insurance covering you for your entire life and is commonly referred to as burial insurance or final expense coverage.
Basic Whole Life Benefits
Never Expires: This coverage is permanent and will cover you up until the day you pass away. The only reason a policy would no longer be valid is if the premium payment were not made for several consecutive months.
Price Lock: The premiums never increase. The price you pay for the first premium will remain the same moving forward.
Coverage Lock: The death benefit size will never fluctuate. This creates peace of mind knowing that the beneficiary will receive the money for funeral costs as you intended. Other policies are known to decrease the death benefit as time goes on.
Builds Cash Value: A cash value creates a living benefit for the policyholder to draw from if needed. The cash value is generated by allocating a small portion of each premium into this account. Over time, the value builds.
What Sets Final Expense Coverage Apart
Funeral insurance works by providing an affordable way to cover funeral expenses. Having a plan to pay for this inevitable cost will relieve your family of any financial burden.
Low-Cost Payments: Traditional life insurance policies start with death benefits of around $50,000. Final expense coverage provides death benefits from $2,000 to $40,000. Having a smaller coverage amount means the monthly premium payment will be lower.
No Medical Exam: Burial insurance falls into the category of simplified issue whole life. This means that the applicant will never be asked to get a medical exam. All that will be required are a few yes or no health questions. Coverage can be issued completely over the phone without needing to leave home.
No Waiting Period Options: Everyone can get final expense life insurance coverage, but not everyone will qualify for immediate protection. Some policies will provide final expense insurance with no waiting period, and others will not. To have immediate life insurance with atrial fibrillation, seniors will need to apply with an afib-friendly company.
Underwriting: Does Atrial Fibrillation Affect Burial Life Insurance?
Having a pre-existing condition like arrhythmia is going to increase the likelihood of future health complications. Burial insurance companies know this to be true, which is why your health matters to them.
According to the Center for Disease Control, AFib causes about 1 in 7 strokes.
AFib is listed as the primary diagnosis in over 454,000 hospitalizations each year in America. It also contributes to about 158,000 deaths each year. Not only that, but the death rate from atrial fibrillation (as the primary or a contributing cause of death) has been rising for more than twenty years.
These statistics show why life insurance companies want to know about your irregular heartbeat.
How Insurance Carriers Will Ask About A-Fib
Each final expense insurance company sets its own qualifying criteria for a policy. With that said, some insurance providers do not ask about this heart condition at all.
Some common ways that an application for final expense coverage will ask about atrial fibrillation are irregular heart rhythm, cardioversion, and circulatory or heart procedure.
There are three general time-restriction categories that applicants will fall into. Qualifying could depend on when your irregular heartbeat was diagnosed or treated.
- Less Than 12 Months Ago
- 12 – 24 Months Ago
- Over 24 Months
Generally speaking, if your irregular heartbeat was corrected over 2 years ago, there would be no issues getting coverage from most insurance companies.
There are a handful of common medications that are prescribed for atrial flutter and other heart diseases. The main thing to understand is that the final expense insurance company will check your prescription history during the application process. If you take any medicine commonly prescribed for an irregular heartbeat, such as blood thinners, the carrier could assume you have this condition. The same goes for all other pre-existing conditions.
Level: Multiple carriers will provide level coverage with an irregular heart rhythm if treated or diagnosed over 12 months ago. Level coverage has no waiting period and offers the lowest prices.
Graded: Offering partial coverage immediately, graded policies are offered to people who have A-Fib. Depending on the carrier, seniors applying for funeral insurance will be accepted if treated or diagnosed within the last 2 years. These plans are generally a little more expensive, with a percentage of coverage available upon policy issue and full coverage after 2 years.
Modified: Commonly viewed as the most expensive option, modified plans have a 2-year waiting period. During this time, if the insured dies, the beneficiary will receive the paid premiums as the death benefit rather than the full coverage amount.
Guaranteed Issue: Everyone is eligible for a guaranteed plan because it will not ask any health questions. This policy type comes with a 2-year waiting period and a return of paid premiums. Once the waiting period has ended, the beneficiary can get the full coverage amount upon the insured’s death.
The only reason someone with A-Fib would need to get guaranteed coverage is if they have other high-risk complications. Our recommendation for the top guaranteed issue plans on the market is either AIG or Gerber.
How To Find The Best Life Insurance Companies For AFib
It is vital to understand that each carrier provides coverage at its own discretion. Funeral coverage is very specific when it comes to the health complications that each carrier will accept.
If you have been diagnosed with A-Fib, there are plenty of top low-cost companies that will accept you with no waiting period. However, it is your overall health that goes into determining coverage eligibility.
If you meet the health qualifications laid out by the carrier, you will obtain coverage. The key is knowing which company accepts which condition, and working with a professional agent can help.
The longer it has been since your diagnosis and treatment of afib, the better rates you will be able to qualify for.
What to Look For in Final Expense Coverage
With all of these varying health restrictions, there are three main things that you’ll want to look for in a policy.
Low-Cost: Affordability is what makes these plans so popular. Making sure you are getting the lowest cost based on your health is important. Comparing rates and qualifying standards will help you find the lowest price that fits your budget.
High Financial Rating: Third-party rating organizations evaluate the financial strength of every insurance provider. It is important to verify that the company has a high rating before getting a policy, as it shows that they will pay out your claim when due. You can find these ratings through a simple online search.
Coverage Start Date: Whenever possible, getting life insurance coverage with no waiting period is a top priority. Specific health concerns will not qualify for immediate coverage no matter how many carriers you look at. Luckily this isn’t the case for final expense insurance with atrial fibrillation.
Captive vs. Independent Agencies
There are plenty of agents and companies to purchase life insurance coverage through. However, the price you pay and the coverage you receive could drastically differ if you get it from a captive or independent agency.
Captive: This type of agency represents one insurance carrier. Commonly, these agencies have a high level of brand awareness with a branch in every neighborhood. Since they only provide products from one provider, agents cannot shop for insurance costs and acceptance standards.
Independent: On the other hand, independent agents can represent several insurance providers. Since these agents are not tied to a single provider, they can compare many plans according to each client’s budget and health.
Working with an independent agency will save you time and money.
a. Funeral insurance with atrial fibrillation is possible to get at an affordable rate with no waiting period.
b. All insurance companies are very different when it comes to acceptance based upon health. It is the overall health of the applicant that matters.
c. Speaking with an independent agency to determine which company is best for you will provide the most streamlined experience and lowest prices.