Exciting News About Burial Insurance with Crohn’s Disease

burial insurance with crohn's disease
Exciting News About Burial Insurance with Crohn’s Disease

Having Crohn’s Disease is something that makes you second guess a lot of moves that you make in your day to day life.confused stick figure icon

Can I eat this?

Will it cause a flare-up?

Where is the restroom?

Is it too late to cancel?

There are many factors that play into the decisions that you make due to this often uncomfortable diagnosis.

Fortunately, one thing that you will not have to worry about is your ability to qualify for Burial Insurance with Crohn’s Disease.

With an estimated 3.1 million Americans having some diagnosed form of Inflammatory Bowel Disease (IBD), 780,000 of this is Crohn’s Disease (CD) specifically, it is great news for many that most providers essentially look the other way when it comes to this condition.

Burial Insurance with Crohn’s Disease

Will I be able to qualify for coverage with this IBD diagnosis?

YES! The truth is that it will hardly affect your ability to receive immediate coverage at an affordable rate.

Most insurance carriers do not ask about this condition on the application, meaning you will get the rates that someone without this diagnosis has.

Later in this article, we will give recommendations for the premier companies to get a policy from, but first, let’s cover what these plans are all about and how the qualifying process happens. This will give you an idea of what to expect when obtaining coverage.

Policy Basics

These plans were built to cover the end-of-life expenses that often surprise families in a financially debilitating way.

By planning ahead and with a low monthly premium, people are able to secure coverage for these inevitable costs and make sure that their families are not burdened or financially stretched due to their passing.light green shield with check mark

The benefits of these plans are:

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • No Medical Exam
  • No Waiting Period Options

Burial Insurance is considered to be Simplified Issue Whole Life coverage.

Simplified Issue means that the process to obtain a policy is simple. This includes the fact that you will never be asked to get a medical exam in order to qualify and that the entire process can be done completely over the phone.

Whole Life coverage means that the policy will last for the ENTIRE LIFE of the insured. Whole Life policies never expire, adjust in price, or change the amount of coverage the beneficiary will receive.

You will need to qualify in order to get a policy that has no waiting period. However, this is hardly an issue for those that have Crohn’s because most providers are just fine with this disease.

How do you qualify, you ask? That is all in the underwriting requirements.

Underwriting

crohn's disease symptoms listed on chalkboard

The decision-making process is essentially what underwriting is, although it is a bit more complicated.

The first thing that you need to understand is that each company sets its own guidelines for qualifying.paper applications icon with check marks

This is done by asking a series of health questions on the application for coverage. These are all predetermined and not formed on a case by case basis, so don’t take it personally.

By answering favorably to these questions you will be accepted for coverage. If you do not answer favorably you could either be placed into a more restricted plan or denied coverage altogether.

Fear not, there is a plan for everyone, even if you were denied flat out by a carrier.

There are 4 types of coverage. Each company is free to choose which coverage types it offers, some offer just one while others offer all four.

1: Level

These are policies for generally healthy individuals that provide immediate coverage upon qualifying.

2: Graded

These policies have a 2-year waiting period and are for those that have some health concerns. The average payout structure for a true Graded policy is:

  • Death in year 1 – 30% of policy amount paid
  • Death in year 2 – 70% of policy amount paid
  • Death in year 3 or later – 100% of policy paid

3: Modified

Modified policies are similar to Graded however the payout structure is less favorable. The average payout structure for Modified is:

  • Death in year 1 & 2 – return of paid premiums +10%
  • Death in year 3 or later – 100% of policy paid

4: Guaranteed Issue

Guaranteed policies are for people with major medical concerns. These policies ask no health questions so virtually everyone qualifies. These are often advertised on TV as guaranteed acceptance.

These plans come with a 2-3 year waiting period. During this time if the insured passes the beneficiary will receive the paid premiums plus a percentage of interest given to them (usually 10%). Once the waiting period has concluded the full policy amount can be received.

People should only get this type of policy if they are unable to qualify for the prior 3 plans.

details of plan types chart

Once your agent has helped to place you with the best plan for your situation, the underwriting will take place.

Through this process, the company will confirm your answers to the health questions by running a MIB (Medical Information Bureau) report and prescription history check.medical file icon

If you have FILLED a prescription that indicates you are treating a condition that is not accepted, you could be denied as they will assume you do in fact have said condition.

If you have answered the questions open and honestly you do not have anything to worry about.

Most of Crohn’s prescriptions are a non-issue.

Now that you have a good understanding of the qualifying process, let’s move along to see which company will provide the best coverage given your Crohn’s diagnosis.

Company Recommendations

It is important to understand that the company’s below are listed for those that have Crohn’s Disease only.

If you are suffering from additional medical complications please let your agent know as it could negatively affect your coverage options.

In regards to those with CD, if you have recently been hospitalized or had surgery this will play a role in coverage options. Please let your agent know if you have been hospitalized within the past few years as this will limit coverage availability.

Mutual of OmahaMutual Of Omaha Logo

This well known and highly respected company will provide coverage with no waiting period through its Level plan.

This company offers 2 plans under its Living Promise coverage.

1: Level

This policy has some of the lowest rates you will be able to find for any end-of-life coverage in the market. This plan also has no waiting period, meaning that coverage is immediate upon approval.

2: Graded

This policy has higher premiums and a 2-year waiting period before full coverage can be awarded upon the death of the insured. If the insured passes during the waiting period the beneficiary will receive the premiums that have been paid plus 10%.

For those with any sort of Inflammatory Bowel Disease (IBD), Level coverage will accept you with open arms!

To learn more about this company visit the “blog” section under the main menu to find a full review.

Below are quotes for both policies.

Quotes:

Male

$10,000 of Coverage

Non-Tobacco Monthly Premiums

AgeLevelGraded
45$25$42
50$29$46
55$35$60
60$43$75
65$56$95
70$74$120
75$100$170
80$133$254
85$183NA
Female

$10,000 of Coverage

Non-Tobacco Monthly Premiums

AgeLevelGraded
45$23$35
50$25$38
55$28$46
60$33$53
65$41$65
70$53$86
75$72$127
80$98$184
85$136NA

Foresters FinancialForesters Financial Logo black and white

This company is a Fraternal Benefits Organization meaning that they operate as a non-profit organization. This allows them to give back to the community and provide premium savings to the consumer. In addition, there is a discount program in which members can save on services such as dental, hearing, legal, and vision.

There are 3 plans offered through the PlanRight program.

1: Preferred

This is a Level plan meaning that it comes with immediate coverage. By getting this policy you will have the lowest premiums offered by Foresters Financial.

2: Standard

Also a Level plan, Standard has no waiting period. The main difference between the two Level plans is that Standard is more lenient than Preferred and thus is slightly more expensive.

3: Basic

This is a Modified plan with a 2-year waiting period and the highest prices out of the 3 plans. During the waiting period, there will be a return of paid premiums plus 10% given to the beneficiary if the insured passes during this timeframe.

There are no health restrictions for those with any form of IBD, in turn, the Preferred plan will be available to those who can otherwise qualify.

For more information about this company and to see a full list of the qualifying health questions visit the “blog” page found under the main menu.

Quotes:

Male

$10,000 of Coverage

Non-Smoking Monthly Premiums

AgePreferredStandardGraded
45NANANA
50$32$45$47
55$37$59$60
60$45$74$74
65$56$93$95
70$73$112$118
75$103$161$171
80$147$216$259
85$201$308NA
Female

$10,000 of Coverage

Non-Smoking Monthly Premiums

AgePreferredStandardGraded
45NANANA
50$26$37$37
55$31$43$44
60$34$50$52
65$43$65$66
70$53$83$86
75$75$120$132
80$111$167$192
85$166$253NA

Royal Neighbors of AmericaRoyal Neighbors Logo black and white

This reputable company has been in business since 1895. Yes, you read that right, well over 100 years of helping families with financial services including coverage for end-of-life expenses.

This is also a non-profit organization with similar discounts as Foresters Financial.

What sets this company apart is the leniency of the underwriting process.

There are 2 plans offered.

1: Level

Immediate coverage and low premiums are what can be expected from this plan. Along with Crohn’s Disease, there are several other common health concerns that this policy will “look the other way” for.

2: Graded

This policy is even more lenient than Level, however, there is a 2-year waiting period imposed. Even though there is a waiting period, it still offers partial coverage immediately. The payout structure is listed below and is much more favorable than the previously recommended Graded and Modified plans.

  • Death in year 1 – 30% of policy amount paid
  • Death in year 2 – 70% of policy amount paid
  • Death in year 3 or later – 100% of policy amount paid

While these are both great plans, we would only recommend them to those who can not otherwise qualify for the Level options from Mutual of Omaha and Foresters Financial, as Royal Neighbors is slightly more expensive.

There are 9 questions on the application for coverage, 0 of them ask about any IBD conditions. This means that you will be approved for coverage with no issues.

To learn more about this company visit the “blog” section under the main menu to find a full review.

Quotes:

Male

$10,000 of Coverage

Non-Smoking Monthly Premiums

AgeLevelGraded
45NANA
50$40$58
55$46$65
60$50$69
65$59$86
70$75$117
75$110$169
80NANA
85NANA
Female

$10,000 of Coverage

Non-Smoking Monthly Premiums

AgeLevelGraded
45NANA
50$34$46
55$38$51
60$38$52
65$45$63
70$56$84
75$80$123
80NANA
85NANA

four happy seniors taking selfie on beach

Captive vs Independent Agencies

A captive agency is able to sell products from one company only. Even if the burial coverage they offer is sub-par (and I’m not saying that it is), the agents are contractually only able to offer this coverage option to you.

Examples of captive agencies are Allstate, State Farm, Geico, etc.

An independent agency is able to represent multiple companies thus having a large and varied portfolio of coverage options for its clients. This allows the agent to do most of the hard work for you, like price and acceptance guideline comparisons, to get you the most optimized coverage.Money moving fast

By working with an independent agency you will be able to save time and money.

Why Willamette Life

Willamette Life is an independent agency that specializes in assisting people with coverage for their final end-of-life expenses.

By focusing on this niche our agents are able to optimize the coverage that you are able to receive since we offer so many options.

From Rhode Island to Wyoming we are here to help you and your family in this time of need.

Give Willamette Life a call at 833-518-0080

Final Thoughts

a. Getting Burial Insurance with Crohn’s Disease is easy as most carriers will accept this diagnosis without reservation.

b. You will want to make sure that you apply with the lowest cost carrier that will accept this condition.

c. To do this, work with an independent agent that knows this coverage inside and out and has several carriers and policies to choose from.

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