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Although it is not considered to be dangerous, over time obstructive sleep apnea has been known to lead to other health concerns.
But one concern that you will not have when dealing with this sleep disorder is wondering whether you are able to qualify for a top burial insurance company and plan.
Can you get affordable Burial Insurance with sleep apnea?
The truth of the matter is that very few burial insurance companies will deny coverage for seniors who have sleep apnea. The only reason applications mention sleep apnea is in correlation with oxygen use. For people with no pre-existing conditions other than sleep apnea, approval is all but guaranteed.
Even if you use a continuous positive airway pressure machine, commonly referred to as CPAP, you will not be denied coverage by most insurance companies. The key is to make sure you are working with an agency that is able to connect you with the right carrier that will best fit your needs.
However, if you are on continuous oxygen, that is another story.
Underwriting
Before going any further it is important to note that each burial insurance provider sets its own individual standards on what they will accept. Meaning that a provider will decide if they will or will not accept a person based on specific health conditions.
This is determined through the underwriting process.
Underwriting is the process of contractually accepting liability. So in the case of obtaining life insurance for burial, the carrier is determining if they are willing to pay money to your beneficiary upon your death. This process is based on your health history and pre existing conditions at the time of application.
Each company sets its own underwriting guidelines.
For example, if you have Parkinson’s Disease, one company will not accept you but another company has no issue with this same exact diagnosis.
In order to find the best burial policy to fit your individual needs, whether you have pre existing conditions or not, it is best to work with an independent agency that specializes in this field.
Just like you would not go to a foot doctor about COPD, specialists in the insurance world are just as important when looking for the lowest price and immediate coverage.
There are 3 ways an application will address sleep apnea.
1: It will not mention it at all.
This is the most common. You will only have a potential issue if you use oxygen to treat this disorder.
2: “Has the proposed insured EVER used or been advised to use oxygen to assist with breathing?”
Typically this question is followed by “(excluding use for sleep apnea)” or “(excluding CPAP)”
3: “In the past 12 months has the proposed insured used or been advised to use oxygen to assist with breathing?”
Again, commonly this question is followed with “(excluding CPAP or sleep apnea)” but if it is not, you could be denied coverage if you answer “YES” to the question.
Based upon your answer to the questions, the carrier will move forward in 1 of 2 ways.
Approve coverage
This is obviously the goal and with this obstructive sleep as the sole pre existing condition, you will be approved. A potential denial of coverage could happen if you are using oxygen assistance while you sleep.
Deny coverage
You will only be denied coverage if you answer unfavorably to the health questions. Sleep apnea alone will not affect your ability to get coverage.
The main thing you need to know is that working with an independent agency will take all the worry and confusion off of your plate.
Top 4 Companies for Sleep Apnea
The top-rated and lowest cost companies are listed below.
Please keep in mind that this list of recommendations is for those with sleep apnea ONLY.
If you have additional health concerns that could throw up a red flag, such as COPD, you should also research that pre existing condition as well.
Better yet, give Willamette Life a call and we can do this leg-work for you!
Mutual of Omaha
Mutual of Omaha is a wonderful company that has an outstanding reputation in the life insurance industry.
Their plan for seniors that provides insurance for burial is referred to as Living Promise and had 2 options that fall into this category.
Level & Graded
Level has no waiting period and the lowest prices.
Graded has a 2-year waiting period and higher prices. During the waiting period if the insured passes away the beneficiary receives the paid premiums plus 10%.
Both plans accept people with this disorder, including if you use a CPAP machine.
While the Level plan is one of the best in the industry, the Graded plan is not recommended due to its pricing and waiting period. If you are unable to qualify for Level coverage due to additional health concerns, you should look into coverage from another company.
The question below refers to oxygen use and mentions sleep apnea as an exclusion to the question.
Health question:
1. Is the Proposed Insured currently requiring any of the following: 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 either Living Promise plan option.
If you answer “NO” to the question below, you could be eligible for the Level plan.
To learn more about eligibility with Mutual of Omaha view the full list of health questions in our comprehensive review that can be found in 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 | |
Foresters Financial
Foresters Financial is another great company that offers acceptance to each of its 3 plans for seniors with this obstructive sleep disorder.
3 Plans
Preferred Level – no waiting period & lowest prices
Standard Level – no waiting period & slightly higher prices
Basic Graded – 2-year waiting period & high prices
The main difference between the Preferred and Standard plans is the leniency of the health requirements. Standard provides immediate coverage but is more accepting of certain health concerns.
All three plans offer coverage to those with sleep apnea even if you are using a CPAP machine to manage your breathing.
Health question:
1. Within the past year (12 months), have you been advised to use, or have you used, oxygen equipment to assist with breathing (excluding use for sleep apnea)?
If you answered “YES” to the question above you are not eligible for any of the plans offered by Foresters Financial.
If you answered “NO” you are eligible for all three plans, depending on how you answer the rest of the health questions.
To view the full list of health questions for this life insurance company visit the “blog” section under the main menu.
Quotes:
Male$10,000 of Coverage Non-Tobacco Monthly Premiums |
|||
|---|---|---|---|
| Age | Preferred | Standard | Basic |
| 45 | NA | NA | NA |
| 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 | $308 | NA |
Female$10,000 of Coverage Non-Tobacco Monthly Premiums |
|||
|---|---|---|---|
| Age | Preferred | Standard | Basic |
| 45 | NA | NA | NA |
| 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 | $253 | NA |
Aetna
Aetna is under the CVS Health umbrella and will accept those who have this sleep disorder and use a CPAP for breathing assistance at night.
3 plans are offered by Aetna:
Preferred Level – no waiting period & low prices
Standard Level – no waiting period & moderate prices
Modified – 2-year waiting period & high prices
The Preferred plan is intended for the healthiest of individuals as it has the strictest qualifications of the three plans.
The Standard plan is slightly more relaxed in the underwriting process than the Preferred plan. This is a great low-cost option for seniors who have specific conditions that Aetna is willing to accept with immediate coverage.
The Modified plan is a plan that you still have to medically qualify for however the waiting period and price is not as favorable as other available options on the market. During the 2-year waiting period if the insured dies the beneficiary would receive the paid premiums plus 10%.
Great news for you, all three of these plans will accept someone who uses a CPAP machine to assist with breathing during the night.
Health question:
1. Within the past year have you used or been advised to use oxygen equipment to assist with breathing (excluding CPAP for sleep apnea)?
If you answered “YES” you are ineligible for all Aetna plans.
If you answered “NO” you are eligible for all plans contingent upon acceptance of other medical concerns you have.
To learn more about the qualifications of these plans read a full Aetna review in the “blog” section under the main menu.
Quotes:
Male$10,000 of Coverage Non-Tobacco Monthly Premiums |
|||
|---|---|---|---|
| Age | Preferred | Standard | Modified |
| 45 | $30 | $34 | $41 |
| 50 | $34 | $41 | $49 |
| 55 | $44 | $48 | $58 |
| 60 | $51 | $62 | $78 |
| 65 | $58 | $79 | $102 |
| 70 | $73 | $104 | $122 |
| 75 | $101 | $144 | $185 |
| 80 | $140 | $203 | NA |
| 85 | $196 | $312 | NA |
Female$10,000 of Coverage Non-Tobacco Monthly Premiums |
|||
|---|---|---|---|
| Age | Preferred | Standard | Modified |
| 45 | $26 | $30 | $35 |
| 50 | $27 | $37 | $39 |
| 55 | $34 | $44 | $49 |
| 60 | $41 | $51 | $60 |
| 65 | $48 | $62 | $68 |
| 70 | $58 | $77 | $89 |
| 75 | $76 | $98 | $144 |
| 80 | $101 | $140 | NA |
| 85 | $137 | $220 | NA |
Guarantee Trust Life
If you have multiple health concerns in addition to sleep apnea the Heritage Plan from Guarantee Trust Life (GTL) could be a great option for you.
This plan should only be used if you are unable to get accepted for a Level or Graded plan from another carrier. This plan is superior to a Modified policy because of the favorable payout structure during the waiting period.
This plan comes with a 2-year waiting period before full coverage will be awarded, with the following payout structure.
- Death in year 1 – return of paid premiums +5% to beneficiary
- Death in year 2 – 50% of policy awarded to beneficiary
- Death in year 3 or later – 100% of policy awarded to beneficiary
This is an extremely client-friendly payout structure for seniors given the leniency of the underwriting.
To give you a better understanding of what health conditions will be accepted please read the full review of Guarantee Trust Life under the “blog” section of the main menu.
Quotes:
Guarantee Trust Life$10,000 of Coverage Monthly Premiums |
|||
|---|---|---|---|
| Age | Male | Female | |
| 45 | $46 | $34 | |
| 50 | $51 | $36 | |
| 55 | $55 | $42 | |
| 60 | $67 | $51 | |
| 65 | $80 | $60 | |
| 70 | $101 | $73 | |
| 75 | $139 | $102 | |
| 80 | $232 | $165 | |
| 85 | $301 | $191 | |
Guaranteed Issue
If sleep apnea is the only health concern you are dealing with you do not need to get this type of policy.
Guaranteed Issue policies are also known as guaranteed acceptance. These plans have no health requirements in order to qualify and thus accept everyone.
These plans come with at least a 2-year waiting period before receiving full coverage. This is due to the fact that these plans should be reserved for seniors in unfavorable health or who have had a recent hospital stay.
There are several companies that offer this coverage, however, our recommendation is AIG.
In addition to offering the standard coverage, AIG also has 3 living benefits built into this plan.
Plan basics:
- 2-year waiting period
- Lowest prices for a guaranteed plan
- 3 living benefits
- No health questions
- No exam
To be clear, you do not need a guaranteed acceptance plan unless you have severe health concerns or a recent hospital visit. To these insurance companies, sleep apnea is not considered to be a severe health concern.
To learn more about AIG’s Guaranteed Issue policy visit the “blog” section under the main menu to read a full review.
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 | |
Burial Insurance Basics
Burial Insurance is a type of Whole Life coverage build for seniors. This type of coverage, as the name suggests, lasts for the entirety of your life. While other types of plans might change or expire at a certain point, Whole Life coverage stays consistent for the entire life of the insured.
Basic Features:
- No Expiration
- Coverage Lock
- Price Lock
- Builds Cash Value
- No Medical Exam
These are features that are standard to all policies for burial coverage. Some companies offer additional features, but it is up to the company.
Captive Agencies vs Independent Agencies
Captive agencies are able to sell policies from one company and one company only. These agencies are the ones that usually have high brand awareness and sell across multiple streams such as home, life, and auto.
Independent agencies are able to represent multiple companies. These agencies can also sell across multiple streams or can be specialized in a certain niche.
Why Willamette Life
Willamette Life is an independent agency that focuses specifically on burial coverage within the life insurance niche.
The agents at Willamette Life understand that everyone has unique needs when it comes to coverage. Because Willamette Life is so specialized, the agents know the ins and outs of what each carrier has to offer.
Burial coverage is very specific in the fact that one company will not accept a certain condition while another company will have no issue with accepting that same condition. The agents at Willamette Life have the tools to place you with the best burial policy that fits the needs of each of our clients.
Final Thoughts
a. Affordable Burial Insurance with sleep apnea is possible to get, even if you use a CPAP machine at night to assist with oxygen.
b. It is imperative that you work with an independent agency that specializes in this type of coverage and has a reputation for working with “high-risk” clients.
c. Finding the best burial coverage for seniors with pre-existing conditions is apart of the mission of Willamette Life
Give us a call at 844-576-0019
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.