Being diagnosed with Grave’s disease brings multiple complexities. One complication you might be worried about is qualifying for a life insurance policy.
Can You Get Burial Insurance With Grave’s Disease?
It is easy to get burial life insurance with Grave’s disease. Most burial insurance companies will award immediate coverage if you are otherwise healthy with no other pre-existing conditions. This affordable life insurance is a great option for seniors with this autoimmune disorder.
Understanding Final Expense Life Insurance
Final expense and burial insurance are also known as funeral insurance. All names refer to the same type of whole life insurance. They are used interchangeably by various life insurance companies.
Final expense coverage was designed specifically for seniors who do not have enough money to cover funeral expenses.
Funeral Insurance Is Best If You:
- are unable to qualify for a policy that requires a medical exam
- do not want to get a medical exam
- want a permanent policy
- want a policy to cover funeral costs
- have no money set aside for your final expenses
- want your monthly insurance premiums to be locked in for life
- want your coverage amount to remain the same
Whole Life Insurance Features
Since it is a type of whole life insurance, final expense insurance coverage comes with the following benefits indicative of a permanent whole life policy.
No Expiration: The biggest thing that makes these policies fall under whole life coverage is that they never expire. Regardless of when the insured dies, the policy is permanent and will protect them for their entire life.
Price Lock: The premium cost will never increase, giving seniors peace of mind that they will know the monthly payments and can plan accordingly.
Coverage Lock: The amount of coverage will never fluctuate. With a death benefit locked in, seniors and beneficiaries will know exactly what to expect upon the insured’s passing.
Builds Cash Value: There is a cash value that builds over time. This acts as a living benefit for seniors with whole life insurance.
Final Expense Policy Benefits
Separate from whole life, funeral insurance has specific features that make it appealing for so many people.
No Medical Exam: This coverage goes through a simplified issue underwriting process, meaning that protection is easy to obtain, and you will never be asked to get a medical exam. Seniors can achieve policy acceptance completely over the phone.
No Waiting Period: For seniors with Grave’s disease, immediate life insurance coverage is available. This is assuming that you fit the other qualifying standards laid out by the burial insurance companies.
Affordable: These policies come in smaller death benefit amounts, making them more affordable than a traditional whole life plan. Final expense insurance provides $2,000 to $40,000 of coverage, while traditional life insurance begins around $50,000 and can extend into the millions. The less coverage you have, the less the monthly premiums will be.
Flexible Death Benefit: There are no restrictions on what the death benefit can be used for. The beneficiary has flexibility based on the deceased’s final wishes, from casket and cemetery plot to cremation and medical bills.
Underwriting: How Does Grave’s Disease Affect Life Insurance?
This autoimmune condition is very common and will not greatly affect your ability to qualify for a top burial life insurance plan.
Underwriting is the decision-making process that your application goes through and is either accepted or declined. While some insurance companies will ask about Grave’s disease and other autoimmune disorders, most do not.
Graves disease is an autoimmune disorder that causes your thyroid to overproduce. This overproduction is known as hyperthyroidism. Grave’s disease is known to be one of the leading causes of hyperthyroidism and, if left untreated, can lead to other health concerns.
Health Complications from Hyperthyroidism
While an overactive thyroid or Grave’s disease alone is unlikely to affect coverage, associated complications will play a role in obtaining a burial policy.
Risk factors that increase your chances of developing Grave’s disease are smoking and other pre-existing autoimmune disorders.
Health conditions affecting the heart are the most likely to affect final expense coverage acceptance. Many insurance companies will ask about heart rhythm disorders and heart failure. Both will affect your ability to qualify for immediate coverage.
Prescriptions & Treatment
Several medications and treatments can be used to combat hypothyroidism. Some of the most common include propylthiouracil, methimazole, beta-blockers, radioactive iodine therapy, or surgery.
Since beta-blockers are also used to treat other health concerns, this can throw up a red flag during underwriting. Similarly, radioactive iodine I-131 therapy is also used to treat thyroid cancer and can disqualify you from certain burial insurance plans.
If you have had surgery to remove your thyroid, this could be problematic if it was within the last year. Several applications will ask about recent or upcoming surgeries. Other life insurance companies will not ask about surgeries, and again it just comes back to the individual qualifying standards set by each company.
Is Goiter a Pre-Existing Condition?
A goiter is the enlargement of your thyroid, usually indicating hyperthyroidism or hypothyroidism. No funeral insurance application will ask specifically about a goiter. However, they may ask about an undiagnosed issue that you are awaiting the results of. If you are unsure what is causing your goiter, this could present an issue but is unlikely.
A goiter is not usually considered a pre-existing condition for final expense life insurance.
Final Expense Plan Tiers
Level: This is the only plan tier that has no waiting period. Level policies are the least expensive and the hardest to qualify for, but Grave’s disease patients can get this plan from most burial insurance providers.
Graded & Modified: Applicants still need to qualify for these policies medically. However, even after you qualify, there will be a waiting period enforced before you are fully protected. The typical waiting period is two years, with partial coverage during this time. Once the waiting period has concluded, you are fully covered.
Guaranteed Issue: This plan also has a waiting period, but you do not need to qualify because no medical questions are asked. There is no need to get a plan with guaranteed acceptance if you have Grave’s disease and are otherwise healthy. Guaranteed life insurance is best for people with a degenerative, chronic, or terminal illness.
How To Find The Best Funeral Insurance With Grave’s Disease
Since each carrier sets its own qualifying standards, it can be hard to know where to begin. There are seemingly countless top-rated final expense insurance companies to chose from. However, there are really just three things that you’ll want to review before applying for a policy.
Company: An insurance provider with a good financial rating is very important to get your policy from. Several third-party companies review the financial records of every life insurance company and rate them based on how they handle their financial assets. The better the financial review, the more trustworthy the company. Work with a company that has a B+ (good) rating or better from AM Best.
Cost: Make sure that you can afford the monthly premiums. This coverage is comparatively low, but you’ll still need to be able to afford the monthly payment. Remember, the cost will never change once the policy is issued.
Immediate Coverage: Some policies have a waiting period enforced before you are fully covered, which is not a concern for final expense insurance with Grave’s disease. Get immediate coverage whenever possible.
Captive vs. Independent Agents
There are two ways to purchase a final expense life insurance policy: from a captive agent or an independent agent.
Captive: This type of agent is contractually only able to sell products from one company. For example, State Farm and Lincoln Heritage employ captive agents. While these agents and policies are a fine way to proceed, they might not be the best option. Since the agent has access to only one company, they cannot compare other burial insurance companies’ qualifying criteria and prices. A lack of coverage options can lead to overpaying or denial.
Independent: An independent agent or agency has access to as many companies as they choose. Representing multiple carriers allows independent agencies to shop around based on your specific needs as they are not tied to just one provider.
Working with an independent agent will usually save you time and money because you can get the most optimized policy to fit your unique needs.
How Willamette Life Can Help
Willamette Life is an independent insurance agency specializing in senior final expense insurance. We represent several of the top burial life insurance companies, each with varying underwriting guidelines.
Our agents will look through every available policy to see which would be the best fit for your needs. Many providers that we represent look favorably on Grave’s disease and will award immediate and low-cost coverage.
a. Immediate acceptance is available when looking for burial insurance with Grave’s disease.
b. Treatment for Grave’s disease might play a role with certain companies but is unlikely. However, additional health concerns also play into qualifying for final expense insurance.
c. Working with a specialized independent agency like Willamette Life will save you time and money on your monthly premiums because you will get the lowest price available.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.