A high cholesterol diagnosis can be surprising and can come along with recommendations to change your lifestyle. With elevated cholesterol, doctors will often suggest a change in diet, increased exercise, and possibly medication.
There are actions you can take to lower your cholesterol levels. However, you will not need to lower your cholesterol for a life insurance exam if you’re looking for a top funeral insurance policy.
Funeral Insurance With High Cholesterol
Seniors looking for burial insurance with high cholesterol will be able to get immediate coverage. It will not affect the ability to qualify because most funeral insurance policies will not ask about cholesterol levels.
These final expense policies are built for seniors as an affordable way to plan for their funeral expenses.
Also referred to as burial insurance and final expense coverage, funeral insurance is a type of whole life insurance. Many benefits set this protection apart from a traditional whole life policy.
Final Expense Insurance Coverage Basics
Affordability: The less coverage you have, the less you will pay. Burial policies range from $2,000 to $40,000 in coverage, while traditional whole life starts around $50,000 and extends into the millions. This makes burial coverage much more affordable.
No Medical Exam: These plans go through a simplified underwriting process which means you will never be asked to get a medical exam. There is typically an application with around ten yes/no questions regarding your health history.
No Waiting Period Options: While there are options that ask no health questions (these are called guaranteed issue plans), it is in your best financial interest to spend the extra 10 minutes answering questions in an attempt to qualify for a less expensive plan with no waiting period.
The Benefits of Whole Life Insurance
Final expense policies also keep the permanent benefits that make whole life insurance coverage appealing for so many.
Coverage Lock: These policies never expire or decrease the amount of coverage. This is critical when obtaining coverage that is intended to cover final expenses.
Price Lock: The premiums remain the same for the life of the policyholder. An insurance policy that never increases in price allows for the policy owner to budget accordingly.
Builds Cash Value: Acting as a living benefit, a cash value builds over time. With each payment made, a small portion is allocated to this account. The policy owner has the opportunity to borrow from this account if they choose.
Underwriting Guidelines: Does High Cholesterol Matter?
Cholesterol levels do not matter when it comes to getting accepted for burial insurance coverage. If you have other health concerns in addition to your high cholesterol, these could potentially throw up a red flag.
Cholesterol is a waxy substance found in your blood. High cholesterol, also known as hypercholesterolemia, causes fatty deposits to be formed in your blood vessels, making it hard for enough blood to flow through.
When you have hypercholesterolemia, you are at a higher risk of experiencing chest pain, a heart attack, or a stroke.
However, due to the simplified underwriting that these plans go through, most companies do not mind that you have elevated cholesterol.
Health Concerns Associated with High Cholesterol that Could Affect Burial Insurance Acceptance
Some of these are risk factors for getting high cholesterol. Others are complications of having elevated cholesterol levels for a prolonged period of time. Regardless, each of the related conditions below will play into qualifying for final expense insurance.
Risk Factors to Getting High Cholesterol
Smoking: Smokers will incur a higher monthly premium than non-smokers.
Weight: Many insurance companies have an acceptable height and weight chart that you must fit into. If this is of concern, a handful of carriers will not ask about applicants being overweight or obese.
Age: Each company sets its own age restrictions. Generally speaking, anyone 50 – 85 will have many coverage options.
Diabetes: A diabetes diagnosis will affect coverage. Some companies are considered more diabetic-friendly than others. Treatment of your diabetes is also commonly asked about on applications.
Complications Stemming from High Cholesterol
Angina: It is possible to get immediate coverage with angina, but your options are more limited.
Stroke: The main thing stroke victims need to worry about when looking into final expense insurance is the length of time since the incident.
Heart Attack: As a more serious complication, insurance carriers will ask about the time that has passed since becoming a heart attack survivor.
An insurance company will place you into one of the following plan tiers depending on how you answer the application questions. Not every company has all plan types.
Level: As the only policy with immediate coverage, level plans offer the lowest prices and have the highest qualifying criteria. This plan is available to seniors with high cholesterol that can answer all other health questions favorably.
Graded: These plans are for people in slightly worse health and cost a little more. Graded policies have a progressive payout structure during the 2-year waiting period.
Modified: Also known as a “return of premium” policy, modified plans have a 2-year waiting period before full coverage is awarded. If the insured passes during this time, the beneficiary will get the paid premiums plus interest as the death benefit.
Guaranteed Issue: These are plans that ask no health questions and accept everyone that applies for coverage. Several companies offer guaranteed acceptance policies. These plans are often the most expensive on the market and have a 2-year waiting period.
How To Choose A Life Insurance Company With High Cholesterol
Each company has its own qualifications when it comes to being accepted for coverage. This is why there is no one-size-fits-all plan. Several companies offer multiple plans to cover final expenses—each with different price points intended for people in various health brackets.
Each company has the ability to set its own standards on which pre-existing conditions it will accept or decline. The best company for you could be very different from the best company for someone else as everyone’s health varies.
With that said, there are three main things that you’ll want to look for in a life insurance company.
Price: Getting a policy that is affordable for the foreseeable future is important. After it’s issued, the price of the policy will never change, but your income might. Make sure the premiums are low enough to allow for flexibility in your budget.
Financial Rating: Third-party organizations look into the financial future of insurance companies to determine their strength and ability to pay future claims. To be safe, work with an insurance provider that has a high rating.
Immediate Coverage: With high cholesterol, getting coverage with no waiting period is easy. If you have additional health concerns getting immediate coverage is still something you should attempt to qualify for.
An agent can assist you in sorting out which plan is your best option.
Captive Agency vs. Independent Agency
You can purchase a policy from both types of agents. The biggest difference between these two is the access to life insurance companies and plans.
Captive Agency: A captive agency sells plans from only one company. This presents an issue to seniors in search of life insurance because these agents have limited access to policies.
Independent Agency: An independent agency represents many insurance companies allowing agents to shop around on behalf of the client to find the best coverage that fits their individual needs.
How Willamette Life Can Help
Willamette Life is an independent agency that understands the importance of covering your final expenses and treats every prospective client as an individual.
Every employee at Willamette Life aims to find coverage for those who want and need it at the lowest rate available.
By representing multiple life insurance companies, Willamette Life agents can shop around on your behalf. We understand the requirements of every policy and specialize solely in final expense insurance coverage.
a. It is possible to get immediate coverage for funeral insurance with high cholesterol.
b. There are several options available to you with elevated cholesterol levels.
c. It is in your best interest to work with an independent agency like Willamette Life to find the best company given your cholesterol levels and any other health concern you may have.
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.