When looking for burial insurance with angina, it can be difficult to find the right carrier.
In the United States, it costs over $9,000 for a standard funeral service. This can be a crippling amount for many who are unprepared. Fortunately, the best final expense insurance companies and plans can help ease this financial burden.
Final Expense Insurance With Angina
Seniors with an angina diagnosis can get affordable final expense coverage. The insurance companies will look for the timeline of diagnosis and treatment of this heart disease.
Final Expense Insurance Explained
It is a type of whole life insurance designed specifically for seniors to plan for their final expenses affordably. This allows the insured to not leave a burden behind for their loved ones, so they can grieve and not be financially burdened. Final expense coverage is also called funeral insurance or burial insurance.
Whole Life Basics
Since this protection falls under whole life insurance, it has four specific benefits.
No Expiration: As long as you pay your premiums, whole life insurance never expires.
Coverage Lock: The death benefit amount that is initially taken out will never decrease. Unlike other life insurance options, your burial coverage is locked in for life.
Price Lock: The premium paid on the first month will remain the same throughout the insured’s entire life. The premiums payments will never fluctuate.
Builds Cash Value: Acting as a living benefit, policy owners can access some of the money while still living. With each payment made, a portion goes towards the cash value. This account grows over time and provides a built-in loan option.
Specific Funeral Insurance Benefits
Low-Cost: These policies come in death benefit options of $2,000 – $40,000, while traditional whole life insurance begins at around $50,000 and extends into the millions. The less coverage you have, the less the policy will cost.
No Medical Exam: It goes through a “simplified issue” underwriting process, meaning you will never be asked to get a medical exam. There will be a series of yes or no health questions to qualify for a top-tier plan.
No Waiting Period Options: For those that qualify, immediate coverage is available. The timeline of your angina will determine waiting period eligibility. However, each final expense insurance company reacts a little differently.
Underwriting: Why Angina Matters
Underwriting is the process a company goes through to determine if it will provide coverage to an individual. This process is largely done by a health questionnaire on the application.
Since angina can be a precursor to other heart conditions, this diagnosis can concern insurance carriers. While it is not considered a heart disease, it is most often a symptom of an underlying heart problem, usually coronary artery disease (CAD).
In addition, some of the medications and treatment methods could also limit your ability to get coverage. Treatments, medications, and associated conditions that are likely to affect qualifying are listed below.
- Coronary artery disease
- Coronary microvascular disease
- Congestive heart failure
- Heart attack
- Heart murmur
- Lung disease
- Ranexa prescription
- Stent placement
Ways the Application Asks About Angina
Most often, on the application for coverage, insurance carriers will ask about the timeline of treatment and/or diagnosis in three ways. Some companies will ask about “heart or circulatory disorders.” This usually includes angina since this is a common symptom of heart disease.
“Have you ever been diagnosed with or advised to seek treatment for angina?”
This is not typically the case when dealing with angina specifically, but they may ask about a related heart condition in this way.
“In the last 24 months, have you been diagnosed, received, or advised to receive treatment for angina?”
Asking about your health timeline is the most typical way insurance companies will ask about your chest pains. Often they will ask about treatment or diagnosis within 12 months and then again within 24 months. Your answers to these questions will qualify you for different tiers of coverage.
Some insurance companies will not ask about the treatment or diagnosis of angina at all.
If this is the case, it means that angina will not affect your ability to get coverage at all. The company essentially does not mind that you have this condition. However, this type of plan can often come with a waiting period before full coverage begins. Mutual of Omaha Life Insurance does not ask about Angina for its immediate coverage plan.
How Your Answers Determine Coverage
Companies will award different types of coverage based upon how applicants answer the health questions asked.
Immediate Coverage with Lowest Prices: For many companies, you would qualify for a plan with low prices and no waiting period if your chest pain and treatments were over 24 months from the date of application.
Immediate Coverage with Higher Prices: This is commonly the case if you have had your last chest pain and treatment within the 12-24 month window.
Waiting Period with Highest Prices: This is another possibility depending on the company and your diagnosis timeline. This is typical of modified plans and guaranteed issue plans. We rarely recommend getting a modified plan because most guaranteed issue plans are going to be less expensive.
No Coverage: This would typically only happen if your angina has happened within the last 12 months. However, some companies will still accept you if this is the case.
There are four main plan types that burial insurance comes in. Qualifying for each will be highly dependent upon the insurance company issuing the policy. Not every carrier offers all plan types.
Level: This comes with no waiting period. Some providers divide level into 2 categories, preferred and standard. Typically standard is going to be more lenient and slightly more costly.
Graded: These policies provide partial coverage immediately with full protection after 2 years. During this time, the progressive payout structure is usually 30% in year 1, 70% in year 2, and 100% once the waiting period ends.
Modified: Often called a “return of premium” policy, modified plans have a 2-year waiting period. If the insured passes before the waiting period is over, the beneficiary will get the premiums paid plus some interest. These plans are known to be the most expensive.
Guaranteed Issue: This plan is offered by several insurance providers and accepts seniors with virtually any health history. No health questions are asked. Due to the extreme leniency, there is a 2-year waiting period with a similar payout structure as modified.
Finding The Best Funeral Insurance With Angina
Each final expense insurance company sets its own standards for acceptance of applicants. In addition to angina, other pre-existing conditions could affect qualifying for a policy.
Everyone will be able to get coverage, but some seniors will encounter a waiting period due to their health and individual company standards.
With all this aside, there are really three main things you’ll want to look for before submitting an application with an insurance company.
Financial Strength: A company with a high financial rating will be reliable for many years to come. This is important so it will have the resources to pay the claim when it’s filed.
Cost: Getting a policy that has low and affordable premiums is important. Since the price will never change, seniors can budget this cost into their expenses for the foreseeable future.
Start of Coverage: Whenever possible, people should get a policy with an immediate death benefit. Make sure your agent has exhausted all possibilities before getting a plan with a waiting period. Seniors with angina may encounter a waiting period depending on their timeline of diagnosis and treatment.
Captive vs. Independent Agents
Captive: A captive agent sells products from one carrier only, limiting the scope of products an agent can sell. These policies commonly have strict underwriting requirements or have guaranteed acceptance. This really narrows the options available to the agent and, ultimately, the client.
Independent: An independent agent can offer several products from multiple insurance companies. There is no limit to the number of carriers an independent agency can represent.
It puts the control into the client’s hands by offering a wide array of products from multiple carriers. Essentially the agent can do the policy comparing on behalf of their client, saving them time and money.
How Willamette Life Can Help
Willamette Life is an independent agency that specializes solely in funeral insurance coverage. This allows our agents to be experts in the field. Finding coverage for seniors with high-risk medical conditions is our specialty.
We will work with you and your specific pre-existing conditions to obtain the best burial coverage you want and need to take care of your loved ones.
Speak with a Willamette Life agent to see if final expense coverage is worth it for you.
a. It is possible to get affordable final expense insurance with angina.
b. The determining factors are when your diagnosis and last treatment were, medications you have filled, and additional pre-existing health complications.
c. It is crucial that you work with an independent agency with access to several providers that will accept certain high-risk conditions. They will be able to save you time and money.
Give Willamette Life 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.