The importance of a burial insurance plan is unhidden from most people. With the rising cost of funerals across the US, it makes sense to get insurance coverage so that your burial or cremation would not put a financial burden on your family members.
There are different burial insurance plans; one of them is the Guaranteed Issue Burial Insurance Plan. You can find many guaranteed issue policies like Gerber final expense insurance, and experts like Gary P. Cubeta of Insurance for Final Expense offers comprehensive reviews on the same.
Before getting started, learn about the health conditions for which you may need a guaranteed acceptance burial insurance plan.
What is a Guaranteed Issue Burial Insurance Plan?
Many insurance companies do a relatively poor job at providing details about their insurance plans. So if you’re not entirely familiar with the guaranteed issue burial insurance plan, you might be having some misconceptions about what it is and isn’t.
When you’re in the market to buy a final expense insurance policy, you’d have two options. One is to purchase a guaranteed issue burial plan, and the second is a simplified issue burial plan.
The difference between the two is the way they’re issued to the policyholder. In the case of a guaranteed issue plan, there are no medical questionnaires or checks involved. Everyone who applies for the package gets accepted. That’s why this type of policy is called the guaranteed issue policy.
On the other hand, simplified issue insurance policies have medical questionnaires in place. You’d have to fill out a form that asks questions about your current and past health. It checks for any pre-existing conditions. Based on the answers provided, you’re either accepted or rejected. The answers will also influence the premiums you pay per month.
Health Tiers for Insurance Policies
When you’re applying for a final expense policy, the agent will learn more about your health conditions. So you’d have to fill out a form detailing your past and current health. You’ll be graded based on the answers you provide. The health tiers for the final expense are as follows:
- Preferred Plus – You have perfect health. If you have any pre-existing conditions, you won’t qualify for this tier of insurance plans.
- Preferred – You have almost perfect health. You might have a minor pre-existing condition that will disqualify you from preferred plus plans.
- Regular Plus/ Standard Plus – You have a pre-existing condition that is of low-risk. Because of the low risk, you do not qualify for the preferred plans.
- Regular/ Standard – You have average health with a minor to moderate pre-existing condition.
What is a Pre-existing Condition?
Since the pre-existing condition has such an influential role in insurance policies, you must know what a pre-existing condition means.
It is a health condition that you have at the time of applying for insurance coverage. As per a study by the Centers for Medicare and Medicaid Services, one in two Americans has some form of a pre-existing condition.
Every insurance carrier will have its underwriting process. It means that some carriers will be pickier than others. But generally speaking, they’ll be looking for any of the following conditions:
- Any type and stage of cancer
- GERD or Gastroesophageal Reflux Disease
- High blood pressure
- Heart disease
- HIV/ AIDS
If you have the above conditions, you’ll be either denied coverage or charged a higher fee. In such cases, you’d have to opt for a guaranteed final expense policy.
How to Buy a Burial Policy with Pre-existing Condition?
If you have a pre-existing condition, you shouldn’t shy away from applying for regular burial policies. Every insurance carrier has a different list of pre-existing conditions they look for. Not all companies will deny you coverage for your health condition.
Next, you should look for guaranteed final expense policies. Since they have no medical considerations, you’ll more likely get accepted for the coverage. The coverage can be as much as $50,000 or more for some carriers. But before you apply, you should keep yourself healthy and eliminate any other associated conditions you might be suffering from. Eat responsibly and exercise regularly for a few months leading up to the application. These are the things under your control, so you should be able to handle them.
Finally, you must be working with the right agent. By working with an experienced independent agent, you will get access to the policies of multiple companies. It would help if you compare their final expense policies and select the right one for you.
Experienced insurance agents like Gary P. Cubeta of Insurance for Final Expense recommend their clients to compare Gerber final expense policy with other carriers.