Funeral Insurance after Amputation from Diabetes: Best Plans

Funeral Insurance after Amputation from Diabetes
Funeral Insurance after Amputation from Diabetes: Best Plans

There are many tips and medical advice on how to prevent needing amputation from diabetes. From proper foot hygiene to appropriate footwear, the list is long.

However, once you are the recipient of this procedure there are even more changes that will be happening in your daily routine.

OT, PT, and other medical professionals with acronyms could become a staple of your weekly routine, at least at the beginning of your recovery.

For those that have had a diabetic amputation, the risk of a second procedure increases significantly.

Something that might not have been at the forefront of your mind is whether or not you will be able to qualify for a top funeral insurance plan after amputation from diabetes.

Funeral Insurance after Amputation from Diabetes

The good news is that you can absolutely get coverage, however, there will most likely be a waiting period imposed before full coverage can be received by your beneficiary.

In this article, we will discuss the possibilities of coverage and what that looks like from your point of view. But first, let’s briefly review what these policies are all about.

What is Funeral Insurance?

This coverage was designed specifically for seniors to provide an affordable way to pay for their end-of-life expenses.

This coverage allows for people on a budget that may have little in savings to leave a lump-sum for their family, thus not leaving behind the financial burden of paying for a service out of pocket.

These plans are Simplified Issue Whole Life coverage.

Simplified Issue means that the policy can be taken out completely over the phone and you will never be asked to get a medical exam. Whole Life means that the policy will never expire and will be there for your family in their time of need.

Policy benefits include:

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • No Medical Exam

happy elderly couple on computer

Underwriting

Underwriting is essentially the decision making process.

All insurance providers have predetermined qualifications that must be met in order to be accepted into a plan.

Each provider also gets to determine what type of coverage it wants to provide.

There are 4 plan types:

Level – Lowest price, strict qualifying guidelines, no waiting period

Graded – Moderately priced, moderate qualifying guidelines, waiting period

Modified – High priced, lenient qualifying guidelines, waiting period

Guaranteed Issue – High price, accepts everyone, waiting period

details of plan types chart

When it comes to getting this coverage, each health complication that you have will play into whether you will be accepted or not.

For example, if you have had an amputation due to diabetes and are now in a wheelchair, your plan options are different than if you have diabetes with retinopathy. Likewise, if you have a heart concern in addition to being a diabetic, this will affect eligibility in a completely different way.

Let’s break it down into what related complications will affect coverage.

When speaking with one of the agents at Willamette Life we will ask the following questions in regards to your diabetic amputation.

1: When was it?

The amount of time that has passed since your procedure will play a role in coverage.

The majority of providers will ask if you have EVER had an amputation due to illness but there are a select few that will ask about procedures done within the last 24 months. Some will have different time frames, but the best options either do not ask about it at all or ask about a 24-month time frame.

2: Are you now confined to a wheelchair, scooter, bed, or hospital?

If you are requiring assistance to get around many carriers will not award coverage. Similarly, if you are bedridden or confined to a hospital or assisted living facility, coverage options are limited.

3: Are you requiring assistance with activities of daily living?

This includes bathing, dressing, toileting, eating, and mobility. If you are requiring assistance with any activities of daily living, your ability to get coverage is very limited.

All in all, there are so many factors that come into play that it is vital you work with an independent agent that has access to many carriers and specializes in finding coverage for as the insurance companies would refer to as “high-risk” individuals.

We will get into this a bit more later in the “Captive vs Independent Agency” section but first, let’s dive into the companies that we recommend for people with this complicated health history.

Paper coffee and laptop

Top Plans

These recommendations are for people who have had an amputation due to diabetic complications.

If you have not had this procedure your options will be very different. If you have had this procedure and also have another health concern unrelated to diabetes it is important that you speak with an agent and/or do the research on the other diagnosis as it will most likely be a determining factor in coverage availability.

Without further ado, here are our recommendations in no particular order.

Guarantee Trust LifeBlack and white GTL logo

This company has only one coverage option, The Heritage Plan. This plan is very lenient when it comes to its qualification standards as it only asks 5 health questions. None of these questions ask about diabetes or associated complications.

The Heritage Plan comes with a 2-year waiting period before full coverage can be received.

The payout schedule, should the insured pass during this time, is:

  • Death in year 1 – return of premiums +5%
  • Death in year 2 – 50% of policy amount
  • Death in year 3 or later – 100% of policy amount

This is very favorable and replaces the need to get a Guaranteed Issue for many people. It is also less expensive than most plans with guaranteed acceptance.

To see all of the qualifying health questions visit the “blog” section under the main menu.

If you are unable to qualify for this plan from Guarantee Trust Life our recommendation for a Guaranteed Issue policy is from AIG. But before you move into a policy that guarantees acceptance, please speak with an experienced independent agent that will exhaust their large portfolio of coverage options.

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

Sentinel Security LifeSentinel Security Life logo black and white

This company offers its plans to people who have had a diabetic amputation. However, they do ask about the timeline in which this occurred and other potentially related concerns.

There are 3 plans offered by Sentinel Security Life.

New Vantage ILevel coverage with no waiting period & low premiums

New Vantage IIGraded coverage with a 2-year waiting period & moderate premiums

New Vantage IIIModified coverage with a 2-year waiting period & high premiums

The questions below will help determine which plan you could qualify for. Keep in mind that while these questions were taken directly from the application for coverage, there are several more questions that you must answer in order to qualify. These three questions are listed because they may directly affect your ability to qualify based on your condition.

close up of seniors hand on wheelchair wheel

Health questions:

1. Does the Proposed Insured currently use a wheelchair due to a chronic illness or disease, or require assistance with activities of daily living such as bathing, dressing, eating or toileting?

If you answered “YES” to question 1 you are not eligible for coverage.

If you answered “NO” to question 1, move to question 2.

2. Within the past 2 years, has the Proposed Insured been medically treated or diagnosed by a licensed member of the medical profession, or taken medication for treatment for insulin shock, diabetic coma, neuropathy, had an amputation or any other complication from diabetes?

If you answered “YES” to question 2 you are eligible for the New Vantage III plan.

If you answered “NO” to question 2, move to question 3.

3. 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 diabetes treated by insulin more than 50 units daily?

If you answered “YES” you could be eligible for New Vantage II.

If you answered “NO” you could be eligible for New Vantage I.

To sum it up, Sentinel Security Life could be the right provider for you if you had this procedure over 2 years ago, are not currently in a wheelchair, and take less than 50 units of insulin daily.

If you can only qualify for New Vantage III, we do not recommend this plan.

If you can qualify for New Vantage II or New Vantage I, we recommend moving forward with either.

The reason we do not recommend New Vantage III is that Guarantee Trust Life offers a better payout structure during the 2-year waiting period.

The payout structure for New Vantage II is:

  • Death in year 1 – 30% of policy amount paid
  • Death in year 2 – 70% of policy amount paid
  • Death in year 3 or later – 100% of policy will be paid

The payout structure for New Vantage III is:

  • Death within 0-2 years of policy issue date – return of premiums +10%
  • Death after 2 years – 100% of policy amount will be paid

To learn more about what it takes to qualify for these plans visit the “blog” section found under the main menu.

Quotes:

Male

$10,000 of Coverage

Monthly Non-Smoking Premiums

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

$10,000 of Coverage

Monthly Non-Smoking Premiums

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

Captive vs Independent Agencies

A captive agency is able to sell plans from one company only. Captive agencies are the ones that have large marketing budgets and high brand awareness like your local State Farm or Allstate office, for example.

Most commonly these agencies offer coverage across many lines of insurance such as home, life, and auto.

An independent agency is able to have contracts with multiple companies, thus representing a larger portfolio that can meet the specific needs of more individuals.

Independent agencies can also offer plans across multiple lines of coverage or they can choose to specialize in certain areas of the market.

Why Willamette Life

Willamette Life is an independent agency that specializes solely in Funeral Insurance. Specifically finding people that many companies consider high-risk, we are able to find coverage for.

We have done the research and trained our agents to be some of the best in the industry. They find extreme pride in being able to help the people that many other agencies would place with a guaranteed issue plan.

Willamette Life will exhaust every resource to try and get immediate coverage for our clients whenever possible. For the conditions that immediate coverage is not possible, we will fight to get you the lowest rates available with the best coverage during the waiting period.

We hope that you will allow Willamette Life the opportunity to find you a plan, but if not it is vital that you work with an agency that has multiple providers in its arsenal.

From Massachusetts to Arizona, we are here for you and your family.

two elderly ladies smiling at each other

Final Thoughts

a. Finding affordable Funeral Insurance after amputation from diabetes is possible if you apply with the right company.

b. Overall Guarantee Trust Life will accept people with this condition and other associated complications. Sentinel Security Life has a few more hoops to jump through to get coverage but they also provide wonderful plans.

c. Working with an independent agency is important to ensure that you get the best coverage possible given your circumstance. Let your agent help you jump through any hoops necessary to obtain the best coverage available to you.

Give Willamette Life a call at 844-576-0019

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