Often the process of receiving a systemic lupus erythematosus (SLE) diagnosis in itself is challenging. After finally being diagnosed, the feeling can be a mixture of relief and worry.
What lifestyle changes will need to be made? What medications will be required? How can I prevent a flare-up?
You probably are not initially thinking about if this will affect your ability to get coverage from the best final expense insurance companies.
Can You Get Final Expense Insurance With Lupus?
Getting final expense life insurance with lupus is possible at an affordable rate. Not every company accepts this pre-existing condition, so finding the right provider is vital. The companies will want to know how long it has been since your diagnosis and last treatment.
The options for life insurance coverage increase if your SLE is in remission.
Final Expense Insurance Explained
Final expense insurance was created to provide an affordable plan for seniors’ end-of-life expenses.
The companies that offer this product know that most seniors are on a fixed income and want to provide an affordable way to pay for these inevitable costs. These policies are so affordable because of the smaller coverage amounts available.
With a fixed, low monthly payment, you can have the protection you need to prevent this financial burden from falling on your loved ones.
Final Expense is Simplified Issue Whole Life Insurance
“Simplified Issue” refers to the lenient underwriting process the application goes through to be approved or denied coverage.
Whole life insurance lasts for the insured’s entire life and never expires.
Final expense is also referred to as funeral insurance or burial insurance. These names are simply marketing terms used to describe the intent of the policy, and they are all whole life coverage.
Burial Insurance Basics
- No Expiration
- Coverage Lock
- Premium Price Lock
- Builds Cash Value
- No Medical Exam
- No Waiting Period Options
SLE Underwriting: How Does Lupus Affect Life Insurance?
Underwriting is how the company determines whether it will provide insurance coverage based on the submitted application. The application process consists of 10 – 20 yes or no health questions to determine eligibility.
Most carriers also require a MIB and prescription history check. MIB stands for Medical Information Bureau and is essentially a background check for your medical records. They do this to confirm the accuracy of the answers on your application.
With the prescription history check, certain medications will throw up red flags. If you take a drug associated with SLE, the carrier will assume you have this condition.
Can You Get Final Expense Life Insurance with an Autoimmune Disease?
You can absolutely get life insurance to cover your final expenses with an autoimmune disease diagnosis. The main things that life insurance companies will look for are specific autoimmune disorders and the time since your last treatment.
With systemic lupus erythematosus specifically, you can get final expense coverage with no waiting period from several insurance companies.
Mixed connective tissue disease and rheumatoid arthritis present similar symptoms as SLE, but neither will affect final expense life insurance coverage. In fact, companies rarely ask about mixed connective tissue disease or rheumatoid arthritis on the application, which means they do not care if an applicant has these conditions.
Is Lupus Considered a Pre-Existing Condition?
Lupus is considered a pre-existing condition for many funeral insurance policies that offer immediate protection. SLE patients can qualify for policies with no waiting period with specific companies, but not all.
How a Treatment Schedule Affects Coverage for Lupus Patients
Final expense applications will address your Lupus diagnosis in 1 of 3 ways.
“Have you ever been diagnosed or received treatment for lupus?”
This is a very common way that an application will ask about systemic lupus. Asking this way does not usually, but could disqualify you from coverage with the carrier.
“In the past 24 months, have you been diagnosed or received treatment for lupus?”
The average amount of time companies will look back is 24 months. Some will look back up to 5 years, but that is uncommon.
The application may not ask at all.
If this is the case, the company is not worried about applicants with an SLE diagnosis and will accept you. Having said that, most life insurance companies that do not ask about Lupus will enforce a waiting period.
Be aware that applications could ask about autoimmune disease in general, make sure to answer accordingly, including systemic lupus.
How Life Insurance Companies React to Lupus
The life insurance company will choose to move forward in 1 of 3 ways, depending on your answers.
Denial of Coverage: This is not typically the case with SLE. Most companies will accept lupus patients, but you may encounter a waiting period.
Acceptance with a Waiting Period and High Premiums: This is common with several companies. However, only if you have additional health concerns should you move forward with a plan that has a waiting period.
Acceptance with No Waiting Period and Fair Premiums: This is the ultimate goal given your diagnosis. We strive to get each client a plan with no waiting period. Several companies offer this option.
How To Find The Best Final Expense Life Insurance For Lupus Patients
Each insurance company establishes varying underwriting processes. This is important to understand because if you have an additional health concern, it could affect the coverage eligibility for lupus patients.
You will want to watch for a few things when obtaining insurance to cover funeral costs.
What to Look for in a Policy
You’ll want to look for three things before taking out a policy: cost, company, and coverage.
Cost: The cost is a big deal because you will be entering into a long-term contract with the carrier, so you’ll want to ensure the premium is affordable well into the future.
Company: A solid financial rating is vital when looking into burial insurance companies. Being financially stable will ensure that the company is around many years from now and thus will be able to pay the claim when it is filed.
Coverage: A funeral insurance policy that immediately offers full protection is essential. Being a lupus patient will not disqualify you from gaining immediate coverage, so there is no need to compromise on this aspect.
Types of Policies
Now that you know all the aspects to look for in a policy, there are a few types of plans within final expense life insurance coverage.
No Waiting Period: The lowest prices with no waiting period are what you can expect from a premium final expense plan. These policies have the tightest qualifying requirements, but seniors with systemic lupus will be able to qualify.
The best burial insurance for lupus patients currently undergoing treatment will be from Aetna life insurance.
Plans with a Waiting Period: Final expense insurance waiting periods last 2 – 3 years. You will still need to answer health questions and qualify for these plans.
If the insured passes away during the waiting period, the beneficiary will receive a return of paid premiums, plus interest. Complete coverage is available after the waiting period, and premiums are more expensive.
Guaranteed Acceptance: These plans accept every single applicant and ask no health questions with a 2+ year waiting period. During this time, the beneficiary usually will be given the paid premiums plus interest if the insured passes away.
Often guaranteed acceptance plans are marketed to the masses with the lure of no health questions. While this sounds appealing initially, these plans are more expensive than policy options with no waiting period.
If you have lupus, there is no need to get a plan with guaranteed acceptance unless you have other severe health concerns.
How to Buy Life Insurance with Lupus
There are two ways to purchase small whole life insurance to cover funeral costs.
Directly from a Company: Agent representatives can only offer you their company’s products if you call directly. This is problematic because you are not able to compare coverage options.
Insurance agency: Specialized life insurance agencies have access to several policies allowing them to compare underwriting and prices to best meet their customers’ needs.
Final Thoughts On Lupus Life Insurance
a. Final Expense Insurance with lupus is available at affordable rates. Several companies will provide immediate coverage for this diagnosis.
b. You want to look for a low-cost plan with no waiting period from a reputable company when applying for coverage.
c. It is wise to work with an agency specializing in funeral insurance with access to several life insurance policies.