According to the World Health Organization (WHO), schizophrenia affects 20 million people worldwide.
Something that probably is not at the forefront of someone who has this condition is getting a top-rated funeral insurance plan. This is a type of coverage that you must qualify for. Qualification is highly dependent on the health of the proposed insured.
Can I Get Funeral Insurance With Schizophrenia?
While not all plans will accept schizophrenics, there are several that will. Some carriers do not ask about any mental health diagnoses. If you are a diagnosed schizophrenic, you will be treated as though you are not by some companies because they do not base their underwriting on these criteria.
Funeral Insurance Policy Basics
This plan is a type of whole life coverage that, as the name suggests, lasts for the insured’s entire life. This is a significant feature of the plan as it is intended to cover the inevitable end-of-life expenses.
With standard services starting upwards of $8,000, there has never been a more important type of financial peace of mind. The following benefits are expected in every whole life final expense plan.
- No Expiration
- Coverage Lock
- Price Lock
- Builds Cash Value
- No Medical Exam
- No Waiting Period Options
Your application will be put through an underwriting process to qualify for a plan with no waiting period.
Underwriting Burial Life Insurance For Schizophrenics: How To Qualify
Underwriting is the decision-making process. As part of this process, you will be asked a series of questions about your current and historical health.
Within these questions, companies can choose to ask about mental health or not. This is a predetermined part of the application process and has nothing to do with the specific individual.
The application will address mental health in one of three ways.
Ever Been Diagnosed or Treated: If you have ever received this diagnosis, it will either rule you out of coverage altogether or put you into a different plan type. Typically the other plan type will not come with immediate coverage.
Diagnosed or Treated within 2 Years: If it has been over two years since your treatment has subsided and you no longer have the diagnosis, you can move forward in the application process. Some companies will inquire about a more extended time, some up to 4 or even five years.
Not Asking About Mental Health at All: This ideally is what you will be looking for when finding final expense life insurance with schizophrenia. The providers in the next section do not ask about this diagnosis.
The Cost of Life Insurance for Schizophrenics
The price ranges below are quotes from schizophrenic-friendly life insurance companies that provide immediate burial insurance coverage. Prices may vary if you have additional health concerns.
Final Expense Insurance with Schizophrenia
$10,000 of Coverage
Non-Tobacco Monthly Premiums
|45||$26 – $30||$30 – $35|
|50||$26 – $34||$32 – $40|
|55||$31 – $38||$37 – $46|
|60||$34 – $41||$45 – $51|
|65||$43 – $48||$56 – $59|
|70||$53 – $58||$73 – $75|
|75||$75 – $80||$101 – $110|
|80||$101 – $111||$140 – $154|
|85||$137 – $166||$196 – $213|
Top Final Expense Insurance Companies For Schizophrenics
You want to look for three things before applying for a policy with any life insurance provider.
Coverage: Whenever possible, get immediate coverage. People with schizophrenia should not settle for a policy with a waiting period because immediate coverage is available from several carriers.
Company: Ensure the provider you are applying with has an excellent financial rating. Ratings are given by third-party organizations and shine a light on their ability to pay claims in the future.
Cost: Make sure you are not overpaying for your policy. Prices vary based on the provider and the plan, so make sure to do your research.
Three low-cost final expense life insurance companies that do not ask about mental health during the underwriting process are listed below. Each of these companies ranks among the top on our best burial insurance companies list.
The application for coverage does not ask about mental health disorders within the health questions. This means that these carriers ultimately do not care if you have been diagnosed with schizophrenia and will, in turn, provide coverage.
How Do You Get Life Insurance if Your Schizophrenic?
There are many ways to purchase life insurance. The primary way to look for a policy is by working with a licensed life insurance agent. Life insurance agents usually work for either a captive or independent agency. The way these types of agencies go about recommending a policy for you is very different.
Captive Agency vs. Independent Agency
Captive Agency: This type of agency is contractually allowed to sell products from only one company. This provides a much smaller selection of policies to their clients.
Independent Agency: This agency can represent several different insurance companies. Independent agencies can find the ideal plan by representing more options and getting to know each client’s unique wishes and conditions.
This brings extreme value to the consumer because the agent can offer countless options to determine the best coverage. This saves the consumer time and money by having the agency, with all its resources, do the leg work of determining eligibility and price shopping.
Final Thoughts On Burial Insurance With Schizophrenia
a. Finding affordable funeral insurance with schizophrenia is easy if you work with the right company.
b. Not all carriers will accept schizophrenics with immediate coverage, but there are a few that will.
c. It is critical that you work with an independent agency to ensure you get the lowest rates and immediate coverage. This is especially important when you have multiple health concerns.