The Best 3 Companies for Burial Insurance with Oxygen

Burial Insurance with Oxygen
The Best 3 Companies for Burial Insurance with Oxygen

When you are diagnosed with a condition that then requires continuous oxygen, it can be hard to know where to turn or how to deal with this new lifestyle.

Whether the reason for needing oxygen is temporary or permanent it can be difficult to know what else this will affect in your life.

Something that will need to be taken into consideration is if you will be able to qualify for the best burial insurance plans with this new reality.

old women with a cane and nurse

Burial Insurance with Oxygen

The fact of the matter is when you are receiving oxygen or have been recommended to have oxygen, it drastically limits your ability to qualify for coverage.

If you are currently on oxygen at night to treat sleep apnea, you will still be able to qualify for immediate coverage.

Either way, there are a couple of options that are available to you.

Burial Insurance Basics

These plans were built specifically with seniors in mind to create an affordable way to pay for the inevitable end-of-life expenses without leaving a burden behind for their loved ones to deal with.

Standard Features:

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

To determine what plan you are able to qualify for, you must go through the underwriting process.

Underwriting

The first thing to understand is that each insurance carrier determines its own acceptance criteria.

There are a lot of companies each with varying criteria in order to qualify for their plans, specifically when finding burial coverage.

For example, one company will not accept someone who has had a heart attack but another will accept that same person with the same health history with no waiting period.

The underwriting process consists, in part, of a health questionnaire on the application.

There are 3 ways that an application for coverage will ask about your oxygen usage.

1: “Are you currently receiving oxygen equipment to assist breathing?”

If you are currently using this treatment, you will be denied, however, if you received this treatment on a temporary basis and have since discontinued use (at the recommendation of your doctor) you will be able to answer “NO” to this question.

2: “Within the last 24 months have you received oxygen equipment to assist with breathing?”

The timeline with this question will change from carrier to carrier. Often it will ask about your 12-month or 24-month history with oxygen but some companies will ask you about your health history for up to 5 years.

3: “Have you ever received oxygen equipment to assist with breathing?”

This would result in an automatic denial of coverage if you have ever received or been advised to receive this treatment.

NOTE: Commonly these questions will be followed directly by “excluding use for sleep apnea” or “excluding the use of a CPAP machine” meaning that if you are only using oxygen at night for sleep apnea, you will still be able to qualify and the question essentially does not apply to you.

Based upon your answer to the question above the carrier will come to 1 of 2 conclusions.

1: Denial of Coverage

This, unfortunately, is quite commonly the way the carriers will react.

2: Acceptance with a waiting period

It is possible to find a company that will accept those who are receiving oxygen, however, not with full immediate coverage.

A 2-year waiting period is the standard amount of wait time, although there are some companies that will make you wait 3-years for full coverage. You do not need to add on this additional year, so make sure you find a plan with only a 2-year waiting period.

Best Companies

Again, each company has its own standards for determining if applicants will qualify for a plan.

The list of companies below takes into consideration if you are currently on oxygen or if you have used it recently in your health history.

The recommendations are based upon oxygen use ONLY and do not take into consideration any other pre-existing conditions that you might have. Depending on what your reason for using oxygen is will also play a role in what you can be eligible for.

person holding up a sign that says the winner is

Sentinel Security LifeSentinel Security Life logo black and white

The number one company on the list, if you are using oxygen (other than CPAP for sleep apnea), is Sentinel Security Life.

Sentinel Security Life is the only company on the market that will accept people using oxygen with Graded coverage.

A Graded plan offers partial coverage upon approval with full protection after 2-years. Sentinel Security Life refers to this plan as New Vantage II.

New Vantage II is a true Graded plan.

During the 2-years before full coverage can be awarded the payout structure is:

  • Death in year 1 – 30% of death benefit given to beneficiary
  • Death in year 2- 70% of death benefit given to beneficiary
  • Death in year 3 or later – 100% of death benefit given to beneficiary

There are 3 policies offered by this company, each with different qualifying criteria.

  • New Vantage I (cannot qualify for with oxygen use)
  • New Vantage II (approval with oxygen use)
  • New Vantage III (not recommended, better options available)

There are several other qualifying health questions but as it pertains to oxygen use the health question is listed below.

Health question:

1. Within the past 5 years, has the Proposed Insured been diagnosed or treated by a licensed member of the medical profession or taken medication for a Chronic disorder which requires the use of oxygen, or Chronic Obstructive Pulmonary Disease (COPD), which includes emphysema, chronic asthma, or chronic bronchitis?

If you answer “YES” to the question, you are eligible for New Vantage II.

If you answer “NO” you are eligible for New Vantage I.

If you want to learn more about this company, the plan types, and see the full list of qualifying health questions please visit the “blog” section under the main menu.

Quotes:

Male

Monthly Non-Smoking Premiums

$10,000 of coverage

Age New Vantage I New Vantage II New Vantage III
45 $25 $31 $37
50 $28 $38 $44
55 $34 $50 $56
60 $42 $65 $72
65 $54 $84 $93
70 $70 $110 $121
75 $97 $165 $175
80 $147 $235 $259
85 $203 $325 $396

Female

Monthly Non-Smoking Premiums

$10,000 of coverage

Age New Vantage I New Vantage II New Vantage III
45 $20 $26 $29
50 $23 $32 $36
55 $27 $38 $42
60 $34 $48 $51
65 $42 $61 $64
70 $53 $80 $85
75 $76 $121 $134
80 $108 $173 $191
85 $161 $268 $291

Mutual of OmahaMutual Of Omaha Logo

This company is one of the most respected in the industry due to its financial rating, longevity, and name recognition.

Mutual of Omaha will accept you with immediate coverage if you are:

a. not currently on oxygen OR

b. if you only use a CPAP machine for sleep apnea

There are 2 plans offered by this company, Level and Graded.

Level – no waiting period & lowest prices

Graded – 2-year waiting period & high prices

If you only use oxygen for speed apnea or have discontinued use at the recommendation of a doctor, you will be eligible for Level coverage, assuming you meet the rest of the health requirements.

This Graded coverage is more expensive and has the same waiting period payout structure as other less expensive plans. This is not a true Graded plan. With this plan, if the insured passes away during the 2-year waiting period the beneficiary will receive the paid premiums plus 10%.

Health question:

1. Are you currently requiring any of the following (excluding fractures/surgery) wheelchair, electric scooter, or oxygen equipment to assist breathing (excluding use for sleep apnea)?

If you answer “YES” to this question you are ineligible for the Level & Graded plans.

If you answer “NO” to this question, you are eligible for both plans.

To read more about Mutual of Omaha and to see the full list of health questions visit the “blog” section under the main menu.

Quotes:

Male

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
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 $183 NA
Female

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
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 $136 NA

Guaranteed Issue

A lot of agents will tell you that if you are on continual oxygen treatment that a Guaranteed Issue policy is your only option.

While this may be true for them given the companies that they represent, it is not the complete truth. As you read above, Sentinel Security Life will accept this condition.

However, if you are unable to qualify for the plan from Sentinel due to other health concerns, a Guaranteed Issue policy will be your best option.100 percent guaranteed

A Guaranteed Issue policy has the following features:

  • No health questions
  • No medical
  • No expiration
  • Price lock
  • Coverage lock
  • 2+ year waiting period

As an industry-standard, if the insured passes away during the waiting period, the beneficiary will receive the premiums that have been paid plus 10% interest.

While this may not sound as good as the plans mentioned above, it is still better than nothing.

10% is far better than any bank would return if you put your money there instead.

This time will pass whether you get the plan or not, why not have the peace of mind knowing that your family will have coverage.

There are several companies that offer this type of guaranteed coverage, the company we recommend the most is AIG.

AIG

The guaranteed plan from AIG has some of the lowest monthly premiums you will find for a plan of this type.Black and white AIG logo

In addition to the competitive pricing, they also offer 3 additional benefits built into the plan at no added cost. They are included in the quoted price.

3 bonus benefits:

  • Accidental Death Benefit
  • Chronic Illness Accelerated Death Benefit
  • Terminal Illness Accelerated Death Benefit

To learn more about this company and the plan details that they offer, visit the “blog” section found under the main menu.

Quotes:

AIG

$10,000 of Coverage

Monthly Premiums

Age Male Female
45 NA NA
50 $52 $36
55 $55 $43
60 $63 $50
65 $84 $62
70 $98 $75
75 $139 $107
80 $246 $175
85 NA NA

two people working in a office

Captive vs Independent

A captive agency represents only one insurance company. These are companies that you have more than likely seen advertisements for on billboards, television, and in your mailbox.

An independent agency is able to represent multiple companies. This allows the agents to get to know and understand the wishes of the client to find the best plan for them. Because independent portfolios are larger and often more specialized, there are basically more options available to the client.

Working with an independent agency allows the agent to essentially shop around doing the hard work for you.

If you wish to shop around with products offered by captive agencies, you yourself will have to do the calling around to price check and re-explain to each representative what you are looking for, what your health is like, and what your goals for the policy are.

With an independent agency, you will only have to go through that process ONCE.

Why Willamette Life

Willamette Life is an independent agency that focuses exclusively on Burial Insurance. Because of this specialization, we are able to focus all of our attention on placing our clients with the policy that fits their needs.

Willamette Life prides itself on being able to find excellent coverage for those people who have health concerns that could throw up a “red flag” with providers.

It is our mission to help our clients get immediate benefits at the lowest possible premiums whenever possible.

We understand that each person has a unique set of circumstances and goals when it comes to life coverage, we get to know you and understand your needs before assuming the best policy.

Final Thoughts

a. Using oxygen greatly reduces your options for qualifying for this coverage.

b. The top company for Burial Insurance with oxygen is Sentinel Security Life as they offer partial coverage upon policy issue.

If you are currently receiving treatment and are unable to qualify for Sentinel’s plan, a Guaranteed Issue plan is your next option, we recommend AIG.

c. Working with an independent agency will save you time and money when looking for the best policy to fit your specific and unique needs.

Give Willamette Life a call at 844-576-0019

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