You may have heard the phrase, “Burial Insurance With No Waiting Period!”
But what is Burial Insurance With No Waiting Period?
No waiting period implies that your beneficiaries will receive the entire immediate death benefit as soon as the policy is instated, even if you were to die the next day.
Some policies have a modified waiting period, or none at all.
In this guide, you’ll learn everything you need to know about:
Let’s dive in.
Burial Insurance with no waiting period, or Final Expense Insurance, is the type of insurance that’s in place to cover the funeral costs after your passing.
While final expense coverage is generally used to cover funeral/burial costs, one may use the funds in any way desired.
In this way, some brokers claim that there is essentially no difference between final expense insurance and another regular Whole Life Insurance Policy. In a way, this is true, as either way you’re relieving any potential financial burdens regardless of your coverage.
Additionally, these plans can coexist with Medicaid, depending on your total assets.
If said assets are too high to qualify, one may withdraw and use these funds to purchase additional coverage or what have you, maximizing your beneficiaries’ payout.
Burial Insurance with no waiting period essentially means that if death prematurely occurs before the two year period, the payout associated with your policy will still be administered to the beneficiary listed on your policy. There are no stipulations regarding the time frame in which these unfortunate circumstances occur if there is no waiting period, meaning that if you died the day after your policy was instituted, the full payout would still be received.
Generally, to qualify for no waiting period you must be in above average health, implying no to almost no underlying health conditions.
Although this may seem daunting,
most people actually qualify for “first-day-coverage” plans (no waiting period),
as long as you explore your options and align yourself with an agent you can trust.
If you’re in need of an agent, we encourage you to fill out the quote tool on the right hand side of this page, as at Final Expense Benefits, we specialize in providing our clients with the information most people don’t want you to know, so that you may make the informed decision for yourself instead of having someone make that decision for you.
To qualify for Burial Insurance With No Waiting Period, you’re going to be given one of two options, with those both revolving around the insurance provider assessing your risk to the company via a series of health questions in the form of a:
an in-person examination with a medical professional.
Obviously, the medical questionnaire is going to be less demanding than an examination, although you must provide the truth to your knowledge regarding both, as the company providing your coverage is easily able to confirm with your records.
Life Insurance comes in many forms, usually centering around the way in which you qualify or what your goal is. For example, a term life insurance policy usually has rigorous underwriting and a medical examination, but you do receive the most lucrative rate in the insurance realm.
A Guaranteed Acceptance Life Insurance policy does exactly what it says, in that you are guaranteed to be accepted to this policy type. The tradeoff is that you’re assumed to be a moderate risk to the company immediately, and are therefore given a rate that someone at risk would receive.
A Term Life Insurance policy is a policy that exists in terms, requiring that you renew it when it expires. The terms generally exist in 5 year benefits. This policy type has an immediate death benefit and a medical exam. Term life insurance with no waiting period contains the most lucrative rate relative to your monthly premium.
A Whole Life Insurance policy is one that is instated throughout the lifetime of the consumer, remaining indefinitely so long as premiums are paid.
Burial Insurance With No Waiting Period, otherwise known as Final Expense Insurance, is in fact a form of whole life insurance with no waiting period, as it remains in force throughout the lifetime of the client so long as premiums are maintained.
The three main differences between Burial Insurance and a generic Whole Life Insurance policy is as follows:
Most Insurance policies require at the bare minimum you fill out a medical questionnaire so that they may assess the risk level associated with insuring you.
A Medical questionnaire may be the easier option of the two, but both are going to require that you answer/participate with your health as honestly and correctly as possible. Intentionally falsifying your answers is not a great idea in any circumstance, as the provider can easily and efficiently confirm this via your medical records.
A Medical Exam also *usually* implies that your premium will be less, or the waiting period non-existent – with the hard part being qualifying or “passing” the exam.
Key Takeaway: Insurance policies without a medical exam or health questions will result in a waiting period.
– Habits (smoking, drinking, etc.)
Physical Inspection –
Blood/Urine Sample –
Unfortunately, some medical conditions will guarantee a waiting period.
The good news is,
Not a lot of chronic conditions disqualify you from coverage.
A few examples include, but are not limited to:
There are some conditions that may not disqualify you from coverage but will guarantee your rate will increase if a medical exam/questionnaire is involved.
A Graded Death Benefit, or “Partial Waiting Period” implies that only a portion of your death benefit may be paid out to beneficiaries before the end of the two year period. Graded death benefits exist as a feature respective to permanent whole life insurance policies.
The relative ratio to coverage amount you may receive depends on the provider.
Graded Death Benefits will always be accompanied by a higher monthly premium, as you’re immediately considered a higher risk to the company.
Just as with burial insurance with no waiting period, graded death benefits require that you complete a medical questionnaire meant to assess your relative risk level.
It’s Important to Note: Although it’s still a type of waiting period, graded death benefits are always more lucrative than a guaranteed acceptance life insurance policy.
A guaranteed life insurance policy does exactly what you’d expect it to do,
providing guaranteed acceptance to those that apply.
This insurance policy specializes in accepting all applicants, regardless of
Unfortunately, there is not policy out there that simultaneously has no health questions, and no waiting period.
All Guaranteed Acceptance Whole Life Policies will have a two-year waiting period minimum, as this is the associated risk when insuring someone automatically regardless of their physical condition and/or habits.
Similar to a BMI chart, or other indication system,
Burial Insurance providers will assess the risk you pose to them via their own rankings.
This chart is divided into five subsections, indicating an increasing risk the further you descend.
Some conditions will automatically place you in a specific category, as providers will usually place minimum/maximum weight and height restrictions on each rating.
Your age, habits, and pre-existing conditions may also automatically grant you a specific rating.
Spoiler Alert: Not all providers are the same, some will place emphasis on different aspects and ask you different questions. You may be able to qualify for one provider and not another using the same information.
You’re offered a medical questionnaire over an exam. A medical questionnaire is much easier to handle vs an entire medical exam, as the exam paints a more extensive picture as to your physical condition.
It’s a Whole Life Insurance Policy. A whole life insurance policy remains instated throughout the remainder of the policy-holder’s lifetime, so long as premiums are paid each month.
Low monthly premium relative to your total coverage amount. Relative to your average whole life insurance policy, the monthly premium you can expect to see regarding your burial insurance policy is going to be much lower than another generic whole life insurance policy.
Large amounts of coverage are unavailable. Generally, the most you can expect to receive regarding burial insurance with no waiting period is going to be $50,000, whereas most whole life insurance policies go much higher than this.
No medical exam, which could possibly qualifying you for a competitive rate. A medical exam is simultaneously a way to qualify or disqualify you from your desired coverage/rate
– depending on your physical condition.
Burial Insurance with no waiting period is hard to qualify for.Generally qualifying for burial insurance with no waiting period requires that you pass a medical questionnaire/exam with around 90% efficiency. This is generally reserved for those with a very low risk posed to the provider.
The most important thing to keep in mind is that you have choices, and don’t have to align yourself with a specific insurance provider. We’d actually recommend exploring as many options as possible if you’re unsure of how to receive the most competitive rate possible.
All insurance companies don’t ask the same questions on their questionnaire, in fact, underwriting commonly changes depending on the provider requesting the information.
The three things to keep in mind when browsing for burial insurance with no waiting period,
We encourage you to utilize the quote tool to the right hand side of this screen if you’d like to see a cost and consultation free quote.
Burial Insurance With No Waiting Period is surprisingly inexpensive.
It’s quite possible to achieve a monthly premium of less than $50 for $50,000 in coverage.
Below is a chart meant to demonstrate the average price one may expect to see a month if they follow the respective criteria.
Our top pick when it comes to Burial Insurance with no waiting period. Mutual of Omaha makes the top spot on our list because of their insanely easy going underwriting process, allowing for many pre-existing conditions, tobacco use, etc, and still providing coverage at a competitive rate.
Monthly Premium: $34.51*
Coming in at #2, we have AIG. AIG offers a wide variety of products while still maintaining a relatively easy underwriting process and a low monthly premium.
Monthly Premium: $37.65*
And finally, we have prosperity. Prosperity offers a fair rate as well as easy going underwriting.
Monthly Premium: $37.65*
We hope that after reading this guide, you feel more confident moving forward, and that it’s more than possible to achieve burial insurance with no waiting period, even with health conditions.
-You have options! Don’t settle.
-Keep in mind what you will be asked on a medical questionnaire, with this centering around your habits, pre-existing conditions, medications, height, and weight.
-Keep in mind what policy you’d like, or your options if your first choice doesn’t work out. Guaranteed acceptance is always an option for those who find themselves struggling to qualify.
Generally, you will receive payment from your provider between 14 and 60 days after the claim has been submitted.
Term life insurance with no waiting period, as well as rarely whole life insurance with no waiting period. Every guaranteed acceptance policy will have a waiting period.
They do not if you’re able to answer yes to the questions proposed in the underwriting of their term application.
Yes, but this may be avoided if you can answer no to all of the questions proposed in “part 2” of their application.