While you will not necessarily notice the device after the surgery has healed, you will have to change some of your activities. From informing airport security to not placing your cell phone in your breast pocket, there are many things that you will have to adjust to.
You will also need to be selective with your final expense life insurance because not every policy will accept a pacemaker.
Burial Insurance With A Pacemaker
Many insurance companies will accept seniors with a pacemaker implant, though it will depend on the time since the procedure.
Can I Get Life Insurance if I have a Pacemaker?
Seniors with a pacemaker can get affordable burial life insurance coverage. The time that has passed since the procedure will determine which company will provide coverage. If it has been over 24 months, more options will be available.
Understanding the basics of funeral insurance coverage is important for you and your family to make an informed purchasing decision.
Final Expense Coverage
Final expense is a type of whole life insurance intended to cover the end-of-life costs for seniors. It is also referred to as funeral and burial insurance.
Funeral insurance is more affordable than traditional whole life insurance because it is available in smaller death benefit amounts.
This protection lasts for the policyholder’s entire life, which is very important when finding a plan to cover funeral expenses. If you do not have a financial plan, these expenses will fall onto unexpecting loved ones. It can be a tremendous burden, with typical final costs ranging from $8,000 to $12,000.
Basic Whole Life Features
These are all standard benefits of a whole life policy. Some companies have additional benefits built into the plans or added on for a small additional fee.
No Expiration: Unlike other life insurance options, final expense coverage falls under whole life insurance, which lasts for the policyholder’s entire life. As long as the premium payments are made, you never have to worry about this coverage expiring.
Coverage Lock: The amount of protection that you get remains the same. The death benefit coverage that you take out will never fluctuate.
Price Lock: The cost of the monthly premiums will continue to remain the same. Under no circumstance will the price increase over the lifetime of the policyholder.
Builds Cash Value: With whole life policies, a cash value will build over time to provide a living benefit. A small portion of each premium payment will go towards the policy’s cash value. If wanted, the policy owner can access the money from this amount in a loan.
Underwriting For Funeral Insurance With A Pacemaker
A pacemaker is a small device placed in your chest that helps monitor abnormal heart rhythm, making your heartbeat more consistent. Once you are told you need to get a pacemaker, it may cause initial stress and worry, especially given your pre-existing condition.
While some insurance companies will not ask about a pacemaker specifically, they may inquire about the condition that caused you to get it.
Common pre-existing conditions:
The majority of applications will ask about the above conditions.
Ways Insurance Companies Will Ask About a Pacemaker on the Application
Companies will sometimes not ask about a pacemaker directly on the health questionnaire. Instead, they will ask about a “circulatory or heart surgery/procedure” this more broad questioning would include a pacemaker.
You will need to answer “yes” to the questions about a circulatory or heart surgery/procedure related to your pacemaker since the installation of a pacemaker falls into this category.
“Have you ever had a pacemaker?”
This question could disqualify you for top-tier coverage if you have ever had a pacemaker, whether it is still implanted or not. You’ll want to avoid applying with a company that asks about a pacemaker in this way. Luckily, this is not the case with most carriers.
“In the last X years, have you had or been advised to have a pacemaker?”
If you have had this procedure in the past X number of years that they ask about, you will be ineligible for the plan. Typically the timeframe is 24 months, but some companies look back 5 years.
They won’t ask at all.
The application will ideally not ask about having a pacemaker at all. This way, you do not have to worry about how long you have had it, and you will get coverage as though you have no pacemaker.
Ways a Company Will React to Your Answers
The date you received your pacemaker and any other health concerns will be critical factors in gaining final expense insurance.
Immediate Coverage with the Lowest Pricing
You may qualify for the best plan a company offers with no waiting period and their lowest available prices. This is usually the case if the application does not ask questions about a specific condition.
Immediate Coverage with Higher Prices
Some companies will grant coverage with no waiting period but slightly elevated prices. The higher prices offset the additional risk they take on with this health concern.
Waiting Period with Even Higher Prices
Waiting periods are usually 2 years but can be longer. Several companies offer these plans. Modified, graded, and guaranteed issue plans all have a waiting period. You must understand the payout structure during this time, as some are much more favorable than others.
Though it’s uncommon, some companies will not provide coverage to those with a pacemaker, but denial of coverage is often due to the time since the surgery. Applicants with pacemakers are usually only denied if the underwriting is very strict and the carrier has no other policy options.
How To Find The Best Burial Insurance With A Pacemaker
The overall health of the applicant will determine eligibility for a burial insurance plan.
All insurance companies set their qualifying standards, resulting in varying health criteria. The best plan for someone with a pacemaker will differ from someone with another medical concern.
Due to varying health standards, the timeline of when you received your pacemaker plays the biggest role in qualifying for funeral insurance coverage.
The top final expense carriers will be affordable, have an excellent financial rating, and award full coverage as soon as possible, given your health.
Best Final Expense Life Insurance Companies after Pacemaker
Guarantee Trust Life would be the best option if your implant were less than twelve months ago. Aetna’s standard plan will provide immediate protection for seniors who got a pacemaker twelve to twenty-four months ago. If it has been over two years since the pacemaker procedure, Mutual of Omaha provides the best coverage at the lowest rate.
No Need for Guaranteed Issue Life Insurance with a Pacemaker
Some insurance agents might tell you that a guaranteed issue policy is your only option after getting a pacemaker, especially if it was recent. This is only the case if the agent cannot access various pacemaker-friendly companies.
Burial Insurance with a Pacemaker Quotes
The monthly premium will depend on when got your pacemaker. If it has been over 2 years, expect to pay a lower price; if it has been less than 12 months, expect to pay the higher price.
Speak with an agent to get a more accurate quote and to see which policy you qualify for.
a. Affordable final expense insurance with a pacemaker is possible if you use the right company. The main thing determining eligibility is how long it has been since you had your pacemaker implanted.
b. Letting an independent agent sort through the underwriting standards will be the easiest way to get the best coverage to meet your budget. The lowest price with no waiting period is the ultimate goal whenever possible.
c. Speak with an independent agency that will provide you with the top options for coverage given any health concern you have.