3 Affordable Options for Burial Insurance with Dialysis

Burial Insurance with Dialysis
3 Affordable Options for Burial Insurance with Dialysis

10% of the population worldwide is affected by chronic kidney disease according to the National Kidney Foundation.

If you have ever received kidney dialysis you are not alone. In fact, 468,000 individuals receive this treatment due to kidney failure.

With this or any other medical condition, it is necessary that you plan ahead for the financial future of your loved ones.

Burial Insurance with Dialysis

Burial Insurance with dialysis is possible to get at an affordable monthly rate.

The most important item that will determine your eligibility is WHEN your last treatment was.

The thing that is most important here is that you obtain the coverage that you want, that you need, and that you can afford in order to take care of your family.

Oftentimes families are left behind to deal with the end-of-life expenses that can be a huge financial burden.

By obtaining coverage, you will allow your loved ones the ability to mourn your loss rather than stressing about how they are going to pay for these inevitable expenses.

While kidney dialysis is often not a temporary treatment, it can be. For this reason, some insurance companies grant a bit of leniency when it comes to gaining coverage after receiving this treatment.

hands in shape of a heart

Underwriting

All applications for burial coverage will ask about dialysis except Guaranteed Issue policies.

There are 2 ways companies will ask about dialysis treatment.

the number one green circle“Have you EVER received or been advised to receive dialysis?”

Whether it was temporary or permanent treatment, you will have to answer “YES” if you have ever received or been advised to receive this treatment.

the number 2 green circle“Have you received or been advised to receive dialysis within the last 24 months?”

In this question, the timeline may be different. Most applications ask about treatment within 12 months or 24 months.

After answering these questions the companies will do one of two things.

Accept or decline.

There are very few companies that will accept you if you are currently receiving treatment or if you have within the last 12 months. Unfortunately obtaining coverage with no waiting period is not possible in this scenario.

There are however very affordable waiting period options available.

clock with months on it

Best Companies

The best options for those receiving dialysis are going to be very different from the best options for someone with a different medical concern such as lupus or someone receiving home health care.

The recommendations below take into account dialysis only. If you have a secondary condition or treatment you are receiving, these recommendations do not apply to you.

However, since kidney disease is almost always a precursor to needing this treatment, we have included below some of the qualifying health questions in regards to this as well.

AIGBlack and white AIG logo

If you have received dialysis within the past 12 months, your best option is a Guaranteed Issue plan from AIG.

Guaranteed Issue plans offer acceptance to everyone. Your health essentially is irrelevant as there are no health questions asked.

There is a 2 year waiting period before full coverage can be awarded. During this waiting period if the insured passes away the beneficiary would receive the paid premiums plus 10% rather than the full death benefit.

This plan from AIG offers some of the lowest pricing and additional benefits that are built-in.

Included Benefits:

Accidental Death Benefit – If the insured passes from an accident (non-natural causes) during the first 2 years the full death benefit will be awarded.

Chronic Illness Accelerated Death Benefit – Upon qualification you are able to access up to 25% of the death benefit while you are living.

Terminal Illness Accelerated Death Benefit – Allows access of up to 50% of the death benefit if you receive a qualifying terminal diagnosis.

These 3 benefits are not typical in a plan with guaranteed acceptance.

Below are some quote examples for coverage from AIG.

If you want to learn more about this plan visit the “blog” section under the main menu.

Quotes:

AIG

$10,000 of Coverage

Monthly Premiums

AgeMaleFemale
45NANA
50$52$36
55$55$43
60$63$50
65$84$62
70$98$75
75$139$107
80$246$175
85NANA

Foresters FinancialForesters Financial Logo black and white

If it has been over 12 months since you last received or were advised to receive this treatment, Foresters Financial offers coverage through their Standard plan.

The Standard plan offers no waiting period and low prices.

Health questions:

1. Within the past year (12 months), have you been advised to have, or have you had kidney dialysis?

If you answer “YES” you are ineligible for coverage.

If you answer “NO” continue to the next question.

2. Have you ever been diagnosed with diabetes and have also been diagnosed with, or advised to receive treatment for Nephropathy (kidney disease or kidney damage)?

If you answer “YES” you are eligible for the Basic plan (not recommended).

If you answer “NO” continue to the next question.

3. Have you ever been diagnosed with, or received or been advised to receive treatment or medication for Hepatitis B or C, cirrhosis of the liver, or any other type of liver disease or condition? Chronic kidney disease, chronic renal insufficiency, or any other type of kidney disease or condition (excluding kidney stones)?

If you answer “YES” you are eligible for the Standard plan.

If you answer “NO” you could be eligible for the Preferred plan.

Calendar with blue thumbtack

Plans offered:

  • Preferred – No waiting period & low rates
  • Standard – No waiting period & slightly higher rates
  • Basic – two-year waiting period & high prices

Similar to the guaranteed plan offered by AIG, during the 2-year waiting period the beneficiary would receive the paid premiums plus 10%. This plan is more expensive than AIG’s so we do not recommend Forester’s Basic plan.

There are plans from other companies that offer coverage based upon the 12-month-since-treatment timeline, however, Foresters Financial offers the best pricing.

Quotes:

Male

$10,000 of Coverage – Monthly Premiums

Standard Plan

AgeNon-SmokingSmoking
45NANA
50$45$61
55$59$82
60$74$103
65$93$128
70$112$160
75$161$219
80$216$296
85$308$395
Female

$10,000 of Coverage – Monthly Premiums

Standard Plan

AgeNon-SmokingSmoking
45NANA
50$37$47
55$43$58
60$50$67
65$65$86
70$83$112
75$120$155
80$167$205
85$253$306

Royal Neighbors of AmericaRoyal Neighbors Logo black and white

If your treatment was over 24 months ago you are eligible for immediate coverage from Royal Neighbors of America with their Level plan.

They offer 2 plan types:

  • Level – Immediate full coverage & low prices
  • Graded – Immediate partial coverage & slightly higher prices

Health questions:

1. During the past 24 months, has the Proposed Insured been diagnosed as having, or been treated for Cirrhosis, liver disease, kidney failure (including dialysis), chronic kidney disease, or systemic lupus?

If you answer “YES” you are ineligible for coverage.

If you answer “NO” you are eligible for Level coverage.

There are other companies that will accept those who have received this treatment over 24 months ago, however Royal Neighbors offers the best plan for those that fit this timeline.

greater then 24 months

Quotes:

Male

$10,000 of Coverage – Monthly Premiums

Level Plan

AgeNon-SmokingSmoking
45NANA
50$40$52
55$46$61
60$50$68
65$59$83
70$75$110
75$110$157
80$154$206
85$213$287
Female

$10,000 of Coverage – Monthly Premiums

Level Plan

AgeNon-SmokingSmoking
45NANA
50$34$46
55$38$52
60$38$54
65$45$63
70$56$78
75$80$105
80$110$142
85$149$193

Burial Insurance Basics

This is a type of Whole Life coverage that has the following standard features.

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • No Medical Exam

Depending on the company that you take your plan out with, it could come with additional benefits. This is completely up to the discretion of the provider.

The 4 main determining factors that go into the price that you will pay are:

  • Age
  • Gender
  • Health
  • Policy amount

Another item that is less of a factor than the four listed above is your state of residence. While your policy will essentially travel with you should you move to another state, the initial price that you pay is determined in part by where you are living when you initially take out the policy.

So for example, if you live in California you could be paying a slightly different price than someone who took out a policy while living in Washington state.

nurse and women discussing medications

Each company sets its own criteria for acceptance. Some companies are very strict and will only accept people who are in great health. Other carriers are more lenient when it comes to providing immediate coverage.

It can be overwhelming and difficult to find the best provider, especially if you have a health history that could throw up a red flag.

For these reasons, it is best to put your trust in an agent who specializes in this coverage niche.

How to Find an Agency

There are two types of agencies, captive and independent.

Life Insurance Application laying on a desk

Captive agencies are able to represent and sell products for only one company. These agencies are more like insurance franchises and bind the agents to their products.

These companies are usually household names with advertisements that run during the Super Bowl and have large marketing budgets, to say the least. They also typically offer coverage over multiple lines such as home, life, and auto.

The burial plans from captive agencies often have health qualifications that are strict with no wiggle room.

Independent agencies represent the products from multiple companies. By having a larger or more specialized portfolio, agents working for an independent agency are able to compare the pricing and qualification standards of many companies rather than just the one.

These agencies are also able to offer coverage for home, life, and auto although not all do.

Willamette Life is an independent agency that specializes solely in Burial Insurance. By focusing exclusively on this niche our agents are able to know exactly which carrier is best for your specific situation.

We are here to help our clients protect their families from the inevitable end-of-life costs.

Women in purple shirt at the beach with her hands up

Final Thoughts

a. Getting Burial Insurance with dialysis is possible although if you are currently undergoing treatment a Guaranteed Issue policy is going to be your best option. AIG is our recommendation.

b. If it has been over 12 months since your treatment the Standard plan from Foresters Financial is the most affordable option with no waiting period. If it has been over 24 months, Royal Neighbors offers the best coverage in their Level plan.

c. It is imperative that you work with an independent agency that specializes in the area of coverage you are seeking.

Willamette Life prides itself on being a resource. We would be honored to assist you in finding the best plan that fits your unique needs.

Give us a call at 844-576-0019

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