The way burial life insurance companies have underwritten COVID-19 has changed dramatically over the past year.
Unfortunately, there are many companies that will not insure you or raise your rates if you ever had COVID, and if you are looking you may have come across this problem.
The good news is there are carriers that have relaxed underwriting for COVID and are accepting people who had this virus no matter your age or other health conditions.
In this article we will go over all the ways to save and how to get approved for burial insurance even if you have COVID currently.
Table Of Contents
- How Insurance Companies View COVID-19
- Types Of Burial Life Insurance Coverage
- Can I Still Get Burial Life Insurance With COVID-19?
- How Does The Company Know If I Had COVID-19?
- Guarantee Your Life Insurance Pays Your Family
- Find The Best Rates
How Insurance Companies View COVID-19
At the beginning of the pandemic, insurance companies didn’t know how bad the virus would be and it’s affect on life expectancy. But that was over a year ago.
Since then, many companies have learned and found ways to underwrite this condition, even if you currently have it.
The key is to know where to look.
Regardless of if the company will accept you or not, most will ask you a question like…
“Within the past 12 months, have you been treated for, examined for, diagnosed with, or tested positive
for the novel coronavirus (COVID-19) by a medical professional?”
Or something very similar.
Now, if you did have COVID-19, this does not exclude you from coverage or raise your rates with some companies. Also keep in mind that no company will ask about your vaccine status whatsoever.
Types Of Burial Life Insurance Coverage
Many of you have probably heard of burial life insurance that asks no health questions, and must be wondering why we are talking about all of this information that the insurance company will ask.
This really comes down to your preference and type of coverage that you want!
Guaranteed Issue (No Health Questions)
Guaranteed issue policies that ask no health questions, including about COVID-19, are just like they sound, guaranteed. So what’s the catch?
All guaranteed issue policies come with a two year waiting period where if you die, they only pay out what you’ve paid in with 10% interest. After two years they pay the full death benefit.
If you don’t want the hassle of health questions and a health and prescription check in real time, then you can go with a guaranteed issue policy.
However, we don’t recommend one of these policies unless it is absolutely necessary. It only takes a few minutes to go through the health questions to qualify for coverage with no waiting period and at reduced rates.
In the end the choice is yours.
Getting people level coverage at the best rates available with no waiting period is our specialty at Seniors Mutual. To get this however you would need to answer a few health questions and see which companies offer you this type of coverage at the lowest rates.
We can even get this coverage for you if you have COVID currently. It all depends on your overall health and prescriptions you take.
Can I still Get Burial Life Insurance With COVID-19?
Yes you can still get coverage at rock bottom rates with quite a few companies. Companies over the past year have figured out this health condition and will offer you the best rates available, even if you currently have COVID.
You just need to go with the right companies, as not every company insures COVID-19.
Remember, this was not the case at the beginning of the pandemic, but companies have relaxed underwriting in the past few months.
How Does The Company Know If I had COVID-19?
Every insurance company that is not for a guaranteed issue policy will do a quick medical and prescription check in real time during the application. While many people get COVID and never go to the hospital or doctor so this will never come up on any records, it may in the event of your death.
Every company has what’s called a contestability period, which is the first two years of every policy for most states. If you die in the first two years, the insurance company will order a copy of your medical records and look over your health with more scrutiny than if you have had the policy for years.
If they find that you did have COVID and it is with a company that does not accept COVID, they will deny your death claim. This is why it’s important to be honest with us or whoever you do business with so that we can pair you with a company that does accept COVID no problem.
In general, make sure you give us the full truth of your entire health profile and prescriptions. We at Seniors Mutual have never had a claim denied from a client who passed because we make sure to go over all of the potential risks. Unfortunately a lot of people know someone who’s life insurance didn’t pay out. That never happens with us.
How To Guarantee My Burial Life Insurance Pays
First of all, you must be honest with us and the insurance company. While a random prescription for tylenol won’t affect anything, saying you don’t smoke when you actually do will.
Like we mentioned before, we have never had a claim not paid to a client’s family in our entire history. The key is to be honest and let us find the company that will offer you the best rates that we know will give your family what it needs.
Find The Best Rates
To find the best rates for burial life insurance, whether you or a loved one has had COVID-19 or not, you need to work with an independent insurance agency like Seniors Mutual.
If you go to one company to get rates, almost every time those will not be the best rates available, or they may deny you because they are a company that does not accept COVID.
We work with all of the top insurance companies in the business and can find you affordable coverage no matter your prescription and health conditions, including COVID-19.
Give us a call today or fill out our quote form and we will be in touch ASAP to get over all of your coverage options with the carriers that will accept you.