Getting final expense burial life insurance can be a huge pain for some people. They look everywhere and can’t find any, or only get offered sky high unaffordable rates.
Luckily, there are many carriers out there that do not raise premiums whatsoever on people with Lou Gehrig’s/ALS, you just need to know where to look.
In this quick article we will cover all of your coverage options as someone who has Lou Gehrig’s/ALS, and best ways to save the most money on burial insurance.
Table Of Contents
- Age to Qualify With Lou Gehrig’s
- How Insurance Companies View People With Lou Gehrig’s
- Coverage Amounts
- Find The Best Rates
Age To Qualify For Burial Insurance With Lou Gehrig’s
First of all, anybody can qualify for burial insurance up to age 90.
Rates will be locked in for life once you start the policy, but keep in mind that the longer you wait to start the policy, the more monthly premiums will be. We recommend starting ASAP, especially before the proposed insured turns a year older.
How Insurance Companies View People With Lou Gehrig’s
Lou Gehrig’s disease is a very serious disease, and many companies will flat out refuse anybody who has this condition. However you still have a few options and companies competing for your business. Here are your options.
Your first option is a hybrid policy called graded benefit. Graded policies will have a 1 year waiting period on the policy, and will be your best and most affordable option if you qualify.
The only way you would not qualify for a graded policy would be if you have current cancer or have had it in the past two years, were on dialysis or are on oxygen. For most people, a graded policy is the path forward.
If you don’t qualify for graded coverage then you will have to go with a guaranteed issue policy. The good news with these is that everyone is guaranteed a policy and they don’t ask any health questions.
However, all of these policies come with a two year waiting period, where if you pass away in the first two years you will only get what you’ve paid in with 10% interest.
Guaranteed issue policies are available to anyone who doesn’t qualify for a graded policy.
Some people are not sure if they have Lou Gehrig’s/ALS, or claim it was just very minor.
In either case, if you are not going with a guaranteed issue policy, the insurance company will do a prescription history check. If any prescriptions were written for Lou Gehrig’s/ALS, then they will deny you any coverage immediately.
It is very important if you claim your condition was only very minor that we go over all of your prescribed medications, as these will come up on the prescription report.
If you don’t want to go over prescriptions or are not sure, a guaranteed issue policy won’t ask any medical or prescription questions.
When deciding how much in death benefit coverage to get, it is important to factor in your current age and inflation. Prices historically have doubled every 7-10 years for funerals and burials, and will continue to increase.
As of 2021, the average funeral and burial is just over $10,000 and some change. If you factor in inflation and are on the younger side of things (under 70) then something around $20,000.
Keep in mind the most final expense burial insurance companies will offer to people with Lou Gehrig’s/ALS is $25,000 in coverage ($40,000 for healthy people), but all the coverage in the world means nothing if it is not affordable and guaranteed.
Find The Best Rates Today
To find the best rates for burial insurance with Lou Gehrig’s/ALS, you will need to talk with a licensed independent agent.
Only independent agents and agencies can help you find the best rates available to you and look through all of your coverage options.
To see some quotes or go over the coverage options, fill out the quote form on the right or give us a call today, and in just a few minutes we will find you the best coverage available at the absolute lowest price.