More than 8 million adults in the United States are currently taking a blood thinner. People are usually on blood thinner prescriptions for preventative measures or to treat existing blood clots and heart disease.
The truth is, the ability to get life insurance on blood thinners can be affected. Luckily, top burial insurance companies and plans are still available.
Can Seniors Get Burial Insurance On Blood Thinners?
Seniors on blood thinners can qualify for burial insurance. However, each life insurance company sets its own acceptance standards for health. The specific blood thinners and the associated health concerns that these medications treat will also play a role in getting insurance coverage with no waiting period.
Several benefits make burial insurance the ideal coverage for seniors.
Burial Insurance Benefits
Burial life insurance was created specifically for seniors to provide an affordable way to budget for their final expenses. This coverage is also known as final expense insurance or funeral insurance. The below features are what make burial insurance worth it.
Affordable: Funeral insurance policies are affordable due to the small coverage amount (death benefit) they come in. Traditional whole life insurance starts at around $50,000 of protection while funeral insurance ranges from $2,000 – $40,000. The smaller the death benefit, the less expensive the monthly premiums will be.
No Medical Exam: Final expense insurance has simplified issue underwriting. This underwriting process means that you will never be asked to get a medical exam. There will be a short series of yes or no health questions to qualify for a policy with immediate coverage.
No Waiting Period Options: Immediate coverage is available to seniors that qualify. You must answer favorably to the answers in the health section of the application. If you do not, there could be a 2-year waiting period enforced.
Features of Whole Life Insurance
Final expense insurance is a type of whole life coverage. With this comes several benefits.
Coverage Lock: Whole life insurance never expires or fluctuates the death benefit. This protection is locked in for life.
Price Lock: The price will never change, giving you peace of mind that you will always be able to afford the premiums.
Builds Cash Value: Over time, a cash value will build that you can borrow from. With each payment made, a portion will go towards this account, thus increasing over the years.
The Underwriting Roadmap
Many insurance companies will not ask specifically about blood thinners on their applications for coverage. Instead, what they will ask about are the pre-existing conditions for which you take the blood thinners.
Common reasons for taking blood thinners are listed below. For most life insurance companies, these conditions will affect the coverage you are able to qualify for more than the medications you take.
- Atrial Fibrillation (AFIB)
- Coronary Artery Disease
- Deep Vein Thrombosis (DVT)
- Heart Attack
- Transient Ischemic Attack (TIA)
How Final Expense Life Insurance Companies React to Prescriptions
It is rare to be disqualified for funeral insurance just by taking blood thinners. Whether or not someone will be able to qualify for immediate coverage is what is at stake.
Each insurance provider has different acceptance standards when it comes to applicant’s health and pre-existing conditions. Companies will either award immediate coverage or institute a waiting period before full coverage is available upon death.
3 Coverage Options
Immediate Protection & Lowest Cost: This is the premier option. These plans will essentially treat you as though you do not take blood thinners. This is possible from several companies but could also depend on the timeline of your prescription refills.
Immediate Protection & Moderate Cost: These plans would be your second choice option. Many companies will still give this protection with no waiting period but charge slightly higher rates due to the risk tolerance it has with the specific blood thinner you are on. The timing of filling the RX plays into this option as well.
Waiting Period & Higher Cost: This will depend heavily on the specific blood-thinning prescription, what it is being used to treat, and when you filled it.
Common Blood Thinners
While the below medications are commonly used to thin the blood of its users, they will not all affect acceptance with every carrier. Certain ones will, and some will not. It truly depends on each specific company.
Anticoagulant blood thinners
- Apixaban (Eliquis)
- Dabigatran (Pradaxa)
- Edoxaban (Savaysa)
- Fondaparinux (Arixtra)
- Heparin (Fragmin, Innohep, and Lovenox)
- Rivaroxaban (Xarelto)
- Warfarin (Coumadin, Jantoven)
Antiplatelet blood thinners
- Clopidogrel (Plavix)
- Dipyridamole (Persantine)
- Prasugrel (Effient)
- Ticagrelor (Brilinta)
- Ticlid (Ticlopidine)
- Vorapaxar (Zontivity)
How Do Insurance Companies Check Prescription History?
While carriers will never require you to get a medical exam, they will check your prescription history and medical background to confirm your answers to the health questions.
During the application process, you will be asked to allow the company to access your MIB and prescription history. This is done by collecting an e-signature. The company will then verify their findings with your answers to determine policy eligibility.
Timeline of Filling Prescriptions
Many companies will ask about when you first filled your prescription or when it was originally prescribed. Since each company reacts differently to each medication, it is best to work directly with an insurance specialist.
Over 24 Months: Generally, most carriers will not care about your prescription if the first fill was over 2 years ago, even if you are still on it.
12 – 24 Months: For some companies, this is where the higher rates and immediate coverage option kicks in. For others, this is when a waiting period might apply.
Under 12 Months: If the first fill of the prescription were within the last 12 months, certain carriers would issue a waiting period. However, there are plenty of companies that do not care about blood thinners at all.
Finding The Best Funeral Insurance On Blood Thinners
Since each company has its own unique criteria for the plans they offer, there is not one particular company that is the best for everyone.
When finding the best burial life insurance policy, the main thing to look for is the best coverage at the lowest cost from a good company.
Lowest Cost: Getting the lowest price will allow you to have the highest death benefit within your budget.
Good Company: A company would be considered “good” if it has a strong financial rating. The financial rating can be found with an easy internet search and signifies its ability to payout claims in future years.
Best Coverage: Protection that begins immediately is what you’ll strive to get. If you had a recent heart attack or stroke, this could prove difficult. If your blood thinners are just precautionary, you’ll have no issue qualifying for immediate burial insurance.
What an Insurance Agent Will Ask About Your Blood Thinner Prescriptions
To better understand which policy is the best fit for you, our agents will ask the following questions.
- What prescriptions do you take?
- What do you treat with it?
- How long have you been taking it?
- Have you been continually filling and using this medication since you started?
Captive vs. Independent Agents
There are two types of agents you can buy final expense insurance on blood thinners from.
Captive: This type of agent can only sell products from the one company they work for. This creates a disadvantage for consumers because you will not have access to other plan options that could be more favorable for your pre-existing health concerns.
Independent: An independent agent can represent as many insurance providers as they wish. Having this flexibility allows them to have a larger offering of plans to fit the varying pre-existing conditions of their clients.
Why Work with Willamette Life
Willamette Life is an independent agency specializing in final expense insurance coverage. Our agents have assisted many people in getting immediate coverage for their high-risk health concerns.
Our expansive portfolio of funeral insurance products allows us to compare many plans to find the best fit for your specific needs.
Call Willamette Life at 844-576-0019
a. Each company sets its own unique health standards to qualify for final expense coverage.
b. Many carriers will provide burial insurance on blood thinners with no waiting period. With many other companies, it will depend on when you first filled the prescription.
c. Since each company differs in which blood-thinning medications it accepts, working with an independent agent with access to many policies is the best way to get funeral insurance on blood thinners.
Stacie manages the content for Willamette Life by keeping it up to date and accurate. By taking the questions frequently asked by clients she has been able to assist in developing a series of blogs that will hopefully be able to help more people than just those we are able to speak with.
We would be happy to answer your specific questions if there is anything we haven’t covered yet.