Burial Insurance With Neuropathy

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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There is no doubt that having a peripheral neuropathy diagnosis impacts your everyday life.

The pain endured changes everything about life as you knew it, from dieting to massages to keeping track of how you sit.

You may not have thought about how this condition will affect your eligibility for final expense life insurance policies. Or perhaps you have been searching around for coverage but have been unable to find a plan that accepts this pre-existing condition.

Can I Get Affordable Burial Insurance With Neuropathy?

You have options when it comes to getting Final Expense Insurance with Neuropathy. Several life insurance companies will accept this diagnosis. The important thing to understand is that each carrier has its guidelines for acceptance built around the applicant’s health.

Some of the top final expense insurance companies have lower rates but are harder to get approved for. Other providers have higher rates but have guaranteed acceptance. And then there are all of the companies in between.

The Basics of Final Expense

Final expense insurance is a straightforward type of whole life insurance that comes in small policy amounts, typically $40,000 or less. This senior-focused coverage is commonly referred to as funeral insurance or burial insurance. All whole life insurance coverage is permanent and will last for the insured’s entire life.

The payout is intended for funeral expenses but can cover anything deemed necessary by the beneficiary. The features below are characteristics of what many senior whole life insurance policies offer.

  • Affordable
  • Never Expires
  • Coverage Lock
  • Premium Price Lock
  • Builds Cash Value
  • No Medical Exam
  • No Waiting Period Options

Young woman and elderly woman talking and smiling

Underwriting: Why Does Neuropathy Matter For Coverage?

Since neuropathy is often a complication stemming from other health conditions, it is crucial to understand that your overall health is considered when applying for an insurance policy.

For example, whether your nerve damage was caused by diabetes or cancer treatments, the primary condition matters just as much as the conditions it caused.

Since most cases stem from diabetic complications, it is important to look into what carrier would be the best for seniors with diabetes. Unsuccessfully managed blood sugar levels can cause diabetic nerve damage and further health complications.

Ways Insurance Companies React to Neuropathy

Depending on the predetermined qualifying standards, life insurance companies will react in 1 of 2 ways.

Immediate Coverage: Someone with diabetic neuropathy can get burial insurance coverage with immediate protection. However, you must apply with a carrier willing to accept this condition.

Waiting Period: This is the most common; however, there is no need to move forward with a plan that makes you wait for full death benefit unless you have additional pre-existing health concerns. Policies with a waiting period will be more expensive than plans that provide immediate protection.

How Your Neuropathy Affects Coverage & How They Ask

Most insurance companies either ask about diabetic neuropathy or don’t ask about it at all.

If an application does not ask about it, this essentially means that they do not care if you have it and will accept you as though you are 100% healthy.

“Have you ever been diagnosed with or received treatment for diabetic complications including neuropathy, nephropathy, or retinopathy?”

Most carriers ask about this diagnosis in the above manner or ask about the past two years. So, if your nerve damage is due to another health concern, you can answer “no” to this question.

If you have a peripheral neuropathy diagnosis due to diabetic complications, you’ll want to look for a provider that does not ask about it on the application.

Untreated diabetic neuropathy can lead to infection, amputation, or another disability. Diabetic amputation will significantly limit the ability to get insurance coverage with no waiting period.

Neuropathy Patients with Additional Health Concerns

Several conditions can lead to nerve pain, but not all will affect the ability to qualify for senior final expense coverage.

Getting insurance for funeral expenses is still possible with the pre-existing conditions below. However, it could affect the type of funeral insurance policy you are eligible for.

Conditions that will NOT Affect Coverage

  • Exposure to Toxins
  • Vitamin Deficiencies
  • Medications
  • Trauma
  • Bone Marrow Disorders (excluding cancer)
  • Inherited Disorders

Conditions that COULD Affect Coverage

Diabetes: Certain companies look more favorably on diabetic seniors than others. Diabetic-friendly companies include Transamerica and Royal Neighbors of America.

Autoimmune Diseases: Lupus, Sarcoidosis, Scleroderma, Multiple Sclerosis, and Type 1 Diabetes will be autoimmune diseases that could affect getting a burial insurance policy.

Cancer/Tumors: If you are in remission, immediate coverage is possible depending on how long you have been cancer-free. If you currently have cancer, a life insurance policy with guaranteed acceptance will be your best bet.

Kidney Disease: Hepatitis and other kidney disorders will affect coverage with most companies, but the treatment timeline also influences acceptance.

Liver Disease: Depending on the severity and timeline of the condition, you may have to endure a waiting period.

neuropathy written on clipboard by doctor

How To Find The Best Final Expense Insurance With Diabetic Neuropathy

What to Look For in a Policy

You need to look for three main things in burial insurance with neuropathy.

Cost: The price point needs to be affordable. The monthly burial insurance premium will never fluctuate. Ensure that this insurance coverage is something you can afford well into the future. After all, this plan will last your whole life.

Coverage: Getting coverage that starts immediately is possible with neuropathy. A waiting period is unnecessary unless you have an additional pre-existing condition that makes it unavoidable.

Company: Finding a life insurance company with a solid financial rating is key to making sure it is still around to pay the death benefit to your beneficiary.

How to Buy Funeral Insurance with Neuropathy

There are two main ways to purchase life insurance coverage with or without a pre-existing condition.

Directly from Company: This option provides limited coverage choices because these agent representatives can only sell products offered by the company you called.

While this might not sound like an issue, it is. Since insurance companies set their own qualifying standards and pricing, neuropathy patients will most likely not qualify or pay more for coverage.

Insurance Agency: Specialized life insurance agencies have access to many policies, allowing them to find more optimized coverage options for people with pre-existing conditions.

Final Thoughts On Life Insurance With Neuropathy

a. Immediate coverage for Final Expense Insurance with neuropathy is obtainable.

b. You should speak with an insurance agency that will consider your health complications when selecting your best policy.