Seniors with diabetes have a tough time finding the right final expense insurance. Then, you may notice that some still treat the health condition as a complicated and high-risk disease. Perhaps, you can have a look at the reviews by Gary P. Cubeta from Insurance for final expenses to know more about burial insurance AARP or other providers.
Some insurance companies outright reject your application or quote a higher premium. They also come with a 2-year waiting period.
However, there is no need to compromise for more rates than you would like to pay. Secure final expense insurance for yourself and peace of mind for loved ones with this guide.
Getting Whole Life Insurance When You Have Type 1 Diabetes
The first thing to do is work with an independent final expense insurance agent. They are specialists in handling various types of policies from several top-rated A+ insurance providers. Therefore, they will be more knowledgeable and can guide you to make the right decision.
Some whole life policies offer instant approvals, too. So, they can help you find the best affordable policies for seniors with Type 1 Diabetes. You can compare innovative features and additional benefits free of charge.
The Best Kinds of Burial Insurance Policies
Features of the best final expense insurance are:
- Low rates
- Immediate protection from the day of approval
- Simplified underwriting process
- Remains level throughout your life
The standard questionnaire also requires you to provide very few details, such as:
- Drug and alcohol habit
Most of these factors can affect your current diabetes condition. Besides, you should furnish information about when you were diagnosed and the prescriptions you are taking. Other questions related to amputation or surgeries you had, the amount of insulin you take daily, etc.
Answering Health-Based Questions
Every insurance provider has a set format and wording for these questions. So, it is crucial to know how to answer them carefully and tactically to avoid negative results.
This underwriting process is crucial for the insurance company to assess the risk you pose. Excessive and in-depth answers may get you disqualified, while understatements may mean that you lied or misrepresented. Hence, stay away from giving false answers if you want to get approved.
Type 1 Diabetes Complications
Burial insurance by AARP or other such providers, use your answers to evaluate the seriousness of potential complications, such as:
- Heart stroke
- Diabetic coma
- Eye issues
- Kidney problems
- Circulatory issues
- Nerve problems
Your insurance provider can flag these health risks associated with having Type 1 Diabetes. In such a case, you may pay higher rates or look at waiting periods. Or, your underwriting application may be rejected.
Other Options If Your Burial Insurance Is Denied
Many companies underwrite people with Type 1 Diabetes differently from other providers. If one rejects you based on a factor, others may gladly accept you.
If you cannot get a simplified policy with immediate coverage and the lowest payment rates, do not worry.
You can still get burial insurance with:
Guaranteed Issue Burial Insurance
This is a no-exam life insurance policy that you can secure instantly, almost within 30 minutes. Same-day approval is available, and there are not a lot of medical questions. However, you may have to produce medical records to the underwriter.
Moreover, they have the highest rates and a 2-year waiting period. Furthermore, partial benefits apply if you pass away during the waiting period. But if you die of accidental causes, your beneficiary will receive a full death benefit.
That said, when you choose a guaranteed or a modified insurance policy, it means you have some other health problems.
Modified Burial Insurance
Applicants with considerable risks are ideal for getting this insurance. Carriers may include health conditions like stroke, cancer, alcoholism, etc. The same 2-year waiting period and partial benefits apply.
If you pass away in year one with non-accidental causes, your beneficiary receives 110% of the premiums paid. For non-accidental death in the second year, it is 120% of the premiums you paid. Beyond that, the full death benefit is awarded.
Graded Type of Burial Insurance
If you have additional diseases like systemic lupus, COPD, liver disease, you will be a client for a graded plan. Your beneficiary will have to wait for two years after your death to receive the entire death benefit.
Furthermore, some do not pay out until after three years. For non-accidental death occurring in years, one and two will payout 30% and 70%, respectively, of the full benefit.
If your simplified or level type insurance gets declined, do not just assume that your condition is the reason. So, first, check there is another factor involved, such as foreign travel, driving records, prescription drug history. You can speak to your insurance agent for a clear explanation. Reviewing this information can help in your further search.