Final Expense Insurance With A Pacemaker: A Detailed Guide

final expense insurance with a pacemaker
Final Expense Insurance With A Pacemaker: A Detailed Guide

Whether it was a heart attack, atrial fibrillation, or heart failure, a pacemaker will help you live with more peace of mind.

While you will not necessarily notice the device after the surgery has healed, you will have to change some of your activities.

From informing airport security to not placing your cell phone in your breast pocket, there are many things that you will have to adjust to.

You will also need to be selective with your final expense life insurance company because not every carrier will accept a person with a pacemaker.

Final Expense Insurance With A Pacemaker

Insurance companies will accept seniors with a pacemaker implant, though it will depend on the amount of time that it has been since it was placed.

Can I Get Life Insurance if I have a Pacemaker?

Seniors with a pacemaker can get affordable burial life insurance. The length of time that has passed since the procedure will determine which company will provide coverage. If it has been over 24 months, there will be more options available.

Understanding the basics of funeral insurance coverage is important to know for you and your family to make an informed purchasing decision.

Final Expense Coverage

Final expense is a type of whole life insurance intended to cover the end-of-life costs for seniors. It is also referred to as funeral or burial insurance.

This protection lasts for your entire life, which is very important when finding a plan to cover inevitable funeral expenses.

If you are not prepared with a financial plan, these expenses fall onto unexpecting loved ones. With typical final expenses ranging from $8,000 to $12,000, it can be a tremendous burden.

Basic Whole Life Features

These are all standard benefits of a whole life policy. Some companies have additional benefits built into the plans or added on for a small additional fee.

No Expiration: Unlike other types of life insurance options, final expense coverage falls under whole life insurance, which lasts for the entire life of the policyholder. As long as the premium payments are made, you never have to worry about this coverage expiring.

Coverage Lock: The amount of protection that you get remains the same. The death benefit coverage that you take out will never fluctuate. Other plans reduce coverage the older you are.

Price Lock: The cost of the monthly premiums will continue to remain the same. Under no circumstance will the price increase over the lifetime of the policyholder.

Builds Cash Value: With whole life policies, a cash value will build over time to provide a living benefit. For each premium payment made, a small portion will go towards the cash value of the policy. If wanted, the policy owner can access the money from this amount in the form of a loan.

Unique Funeral Insurance Benefits

Affordable: These plans are considered a low-cost option because of the smaller policy amounts that they come in. Most whole life options start at $50,000, but burial insurance ranges from $2,000 to $40,000, making the premium payments much more affordable.

No Medical Exam: Final expense coverage for seniors is simplified issue whole life insurance, meaning that candidates will never be asked to get a medical exam to qualify. Applicants will be asked a series of health questions that will need to be answered favorably to gain immediate coverage.

No Waiting Period Options: For people that qualify, immediate coverage is available. For those with a pacemaker, immediate coverage is available depending on when you received the implant and any other health concerns that insurance providers could consider high-risk.

puzzle sitting on a table with stethoscope

Underwriting For Funeral Insurance With A Pacemaker

A pacemaker is a small device placed in your chest that helps monitor and assists with abnormal heart rhythm, essentially making your heartbeat more consistent. Once you are told you need to get a pacemaker, it may cause initial stress and worry, especially given your pre-existing condition.

While some insurance companies will not ask about a pacemaker specifically, they may inquire about the condition that caused you to get it.

Common pre-existing conditions:

The majority of applications will ask about the above conditions.

Ways Insurance Companies Will Ask About a Pacemaker on the Application

Companies will sometimes not ask about a pacemaker directly on the health questionnaire. Instead, they will ask about a “circulatory or heart surgery/procedure” this more broad questioning would include a pacemaker.

You will need to answer “yes” to the questions about a circulatory or heart surgery/procedure as it relates to your pacemaker since the installation of a pacemaker falls into this category.

“Have you ever had a pacemaker?”

This question could disqualify you for top-tier coverage if you have ever had a pacemaker, whether it is still implanted or not. You’ll want to avoid applying with a company that asks about a pacemaker in this way. Luckily, this is not the case with most carriers.

“In the last X years, have you had or been advised to have a pacemaker?”

If you have had this procedure in the past X number of years that they ask about, you will be ineligible for the plan. Typically the timeframe is 24 months, but some companies look back 5 years.

They won’t ask at all.

The application will ideally not ask about having a pacemaker at all. This way, you do not have to worry about how long you have had it for, and you will get coverage as though you have no pacemaker.

Ways a Company Will React to Your Answers

The date you received your pacemaker and any other health concerns will be the key factors in gaining final expense insurance.

Immediate Coverage with the Lowest Pricing

You may qualify for the best plan a company offers with no waiting period and their lowest available prices. This is usually the case if the application does not ask any questions regarding a specific condition.

Immediate Coverage with Higher Prices

Some companies will grant coverage with no waiting period but slightly elevated prices. The higher prices are to offset the additional risk they are taking on with this health concern.

Waiting Period with Even Higher Prices

A two-year waiting period is the typical amount of time when there is, in fact, a waiting period imposed. Several companies offer these plans, including guaranteed issue policies.

Modified, graded, and guaranteed issue plans all have a waiting period. You must understand the payout structure during this time, as some are much more favorable than others.

No Coverage

Some companies will not provide coverage to those with a pacemaker, but denial for coverage is often due to the length of time since the surgery.

Woman and man sitting in the grass smiling

How To Find The Best Burial Insurance With A Pacemaker

It is the overall health of the applicant that will determine eligibility for a burial insurance plan.

All insurance companies set their own qualifying standards, resulting in varying health criteria. The best plan for someone with a pacemaker will be different from someone with an alternate medical concern.

Due to varying health standards, the timeline of when you received your pacemaker plays the biggest role in qualifying for funeral insurance coverage.

If your implant was less than twelve months ago, Guarantee Trust Life is the best option. Aetna’s standard plan will provide immediate financial protection for seniors who got a pacemaker twelve to twenty-four months ago. If it has been over two years since the pacemaker procedure, Mutual of Omaha provides the best coverage at the lowest rate.

Best Company for final expense insurance with Pacemaker

Guaranteed Issue Policies

Some insurance agents might tell you that a guaranteed issue policy is your only option after getting a pacemaker, especially if it was recent. This is only the case if the agent does not have access to a variety of pacemaker-friendly companies.

The only times that a guaranteed issue policy would be your best option is if you have the following conditions or treatments.

  • 24-hour Oxygen Use
  • Recent Kidney Dialysis
  • Recent Defibrillator Implant (ICD)
  • Recent Organ Transplant
  • Alzheimer’s or Dementia
  • Current Invasive Cancer
  • Terminal Illness or Hospice
  • Bedridden or Nursing Home Confinement
  • AIDS, HIV, or ARC

While this may look like a long list, these are all relatively advanced conditions that most companies will not cover. However, a guaranteed issue policy will cover these pre-existing conditions because you do not need to answer any medical questions.

With 100% acceptance comes a higher price and a 2-year waiting period. Typically payouts during the waiting period would be a return of paid premiums plus 10%.

How Willamette Life Can Help

Willamette Life is an independent agency that specializes in high-risk funeral insurance.

We represent several carriers that have the widest array of lenient acceptance and low, affordable pricing. This allows the team at Willamette Life to take your unique situation into account when finding a policy to fit your individual needs.

Willamette Life prides itself on being a resource for the public and allowing our experts to find the policy that you want and need at the most affordable rate.

Give us a call at 844-576-0019

Heart with pulse line

Final Thoughts

a. Affordable final expense insurance with a pacemaker is possible to get if you use the right company. The main thing that will determine eligibility is how long it has been since you had your pacemaker implanted.

b. Letting an independent agent sort through all of the underwriting standards will be the easiest way to obtain the best coverage to meet your budget. The lowest price with no waiting period is the ultimate goal whenever possible.

c. Speaking with an independent agency like Willamette Life will provide you with the top options for coverage given any and all health concerns you have.

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