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According to the World Health Organization (WHO), schizophrenia affects 20 million people worldwide.
Something that probably is not at the forefront of the mind of someone who has this condition is if they are able to get Funeral Insurance.
This is a type of coverage that you must qualify for. Qualification is highly dependent on the health of the proposed insured.
Funeral Insurance with Schizophrenia
Can people with a schizophrenia diagnosis qualify for this coverage?
YES! While not all plans will accept people with this diagnosis, there are several that will. In fact, there are some carriers that do not ask about it at all!
We will recommend these top companies with the lowest prices shortly, but first, let’s talk about schizophrenia and coverage basics.
Why It Matters
People with untreated schizophrenia can experience the following symptoms.
- Delusions
- Hallucinations
- Disorganized thinking (speech)
- Extremely disorganized or abnormal motor behavior
- Lack of ability to function normally
If left untreated these symptoms can pose a threat to the individual as well as others around them.
Policy Basics
This plan is a type of Whole Life coverage that, as the name suggests, lasts for the entire life of the insured.
This is an extremely important feature of the plan as it is intended to cover the inevitable end-of-life expenses.
With standard services starting upwards of $8,000 there has never been a more important type of financial peace of mind.
The following benefits are standard in each and every Whole Life plan.
- No Expiration
- Coverage Lock
- Price Lock
- Builds Cash Value
- No Medical Exam
- No Waiting Period Options
In order to qualify for a plan with no waiting period, your application will be put through an underwriting process.
Underwriting
Underwriting is basically the decision-making process. As part of this process, you will be asked a series of questions pertaining to your current and historical health.
Within these questions, companies can choose to ask about mental health or not. This is a predetermined part of the application process and has nothing to do with the specific individual. This is not a personal decision, it was a liability decision previously made by the company.
The application will address mental health in one of three ways.
“Have you EVER been diagnosed with or treated for schizophrenia or any other mental health disorders?”
If you have ever received this diagnosis and answer “YES” to this question, it will either rule you out of coverage altogether or will put you into a different plan type. Typically the other plan type will not come with immediate coverage.
“Within the last 2 years has the proposed insured been diagnosed with or treated for any mental health issues including schizophrenia?”
If it has been over 2 years since your treatment has subsided and you no longer have the diagnosis, you will be able to answer “NO” to this question and move forward in the process of obtaining coverage.
Some companies will inquire about a longer time period, some up to 4 or even 5 years.
Not addressing this diagnosis at all.
This ideally is what you will be looking for when dealing with this health concern.
The three companies listed below do not ask anything about mental health, which is why they made our list!
Top Companies
The list of recommended companies below is for those people with schizophrenia only.
If you are looking for coverage and have additional health concerns please contact our office to find the most optimal plan to fit your situation.
Every health condition matters when finding a policy to cover end-of-life expenses.
Below is the quote breakdown from the top plans of each recommended company. We took the liberty of putting these premiums side-by-side for you to compare given your age range, with the lowest premiums highlighted.
Male$10,000 of Coverage Non-Tobacco Monthly Premiums | |||
|---|---|---|---|
| Age | Foresters Preferred | Aetna Preferred | Royal Neighbors Level |
| 45 | NA | $30 | NA |
| 50 | $32 | $34 | $40 |
| 55 | $37 | $44 | $46 |
| 60 | $45 | $51 | $50 |
| 65 | $56 | $58 | $59 |
| 70 | $73 | $73 | $75 |
| 75 | $103 | $101 | $110 |
| 80 | $147 | $140 | $154 |
| 85 | $201 | $196 | $213 |
Female$10,000 of Coverage Non-Tobacco Monthly Premiums | |||
|---|---|---|---|
| Age | Foresters Preferred | Aetna Preferred | Royal Neighbors Level |
| 45 | NA | $26 | NA |
| 50 | $26 | $27 | $34 |
| 55 | $31 | $34 | $38 |
| 60 | $34 | $41 | $38 |
| 65 | $43 | $48 | $45 |
| 70 | $53 | $58 | $56 |
| 75 | $75 | $76 | $80 |
| 80 | $111 | $101 | $110 |
| 85 | $166 | $137 | $149 |
#1 Foresters Financial
The application for coverage does not ask about mental health disorders within the health questions. This means that this carrier ultimately does not care if you have this condition and will in turn provide coverage.
Foresters Financial offers 3 plans:
Preferred (Level) – No waiting period & lowest prices
Standard (Level) – No waiting period & slightly higher prices
Basic (Modified) – 2-year waiting period & highest prices
Assuming you are otherwise in good physical health, you will be able to qualify for the Preferred plan since no mental health questions are asked on the application.
With other companies, some prescriptions are considered “knock-out” medications, for your peace of mind, below are all the medications that are explicitly listed by Foresters Financial as allowing acceptance for Preferred coverage.
- Abilify
- Ativan
- Citalopram
- Eskalith
- Haldol
- Haloperidol
- Lithium
- Mellaril
- Moban
- Olanzapine
- Paxil
- Prozac
- Quetiapine
- Risperdal
- Risperidone
- Seroquel
- Zoloft
- Zyprexa
If you are on an alternate medication make sure to mention this to your agent so he or she can make an appropriate plan recommendation.
For more information about how to qualify for this plan visit the “blog” page found 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 |
#2 Aetna (CVS Health)
Aetna has a great reputation and actually falls under the CVS umbrella of companies.
This company will accept those with schizophrenia and other mental health concerns as they also do not ask about this on the application for coverage.
Aetna offers 3 plans:
Preferred Level – No waiting period & low rates
Standard Level – No waiting period & slightly higher rates
Modified – 2-year waiting period & higher rates
Qualifying for the Preferred Level plan with this diagnosis is possible.
The rates Aetna provides are just slightly higher than Foresters Financial pricing.
This plan might be right for you if you are a male aged 71-85, a female aged 76-85, or are unable to qualify for Foresters based on other health concerns.
To learn more about what it takes to qualify for this plan from Aetna view our full review on the “blog” page found under the main menu.
Quotes:
Male$10,000 of Coverage Monthly Non-Smoking 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 Monthly Non-Smoking 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 |
#3 Royal Neighbors of America
While the rates from Royal Neighbors of America come in a bit higher than the previous two recommendations, there are benefits to taking a policy out with this company.
The underwriting is much more lenient.
There are only nine total health questions in order to be accepted for its top-their plan. Specifically for those with diabetes, obesity, or a recent TIA, this plan could be your best option.
Unlike most other companies, Royal Neighbors does not have a height-weight chart to determine eligibility.
There are 2 great plans available:
Level – No waiting period & low cost
Graded – 2-year waiting period & slightly higher cost
During the 2-year waiting period for Graded coverage if the insured dies the beneficiary will receive the following payout structure.
- Death in year 1 – 30% of policy amount
- Death in year 2 – 70% of policy amount
- Death in year 3 or later – 100% of policy amount
We would only recommend the Graded plan if you for whatever reason are unable to qualify for the Level plan. However, the Graded plan does provide fair partial coverage for people unable to qualify for a Level plan.
Quotes:
Male$10,000 of Coverage Non-Tobacco Monthly Premiums | |||
|---|---|---|---|
| Age | Level | Graded | |
| 45 | NA | NA | |
| 50 | $40 | $58 | |
| 55 | $46 | $65 | |
| 60 | $50 | $69 | |
| 65 | $59 | $86 | |
| 70 | $75 | $117 | |
| 75 | $110 | $169 | |
| 80 | NA | NA | |
| 85 | NA | NA | |
Female$10,000 of Coverage Non-Tobacco Monthly Premiums | |||
|---|---|---|---|
| Age | Level | Graded | |
| 45 | NA | NA | |
| 50 | $34 | $46 | |
| 55 | $38 | $51 | |
| 60 | $38 | $52 | |
| 65 | $45 | $63 | |
| 70 | $56 | $84 | |
| 75 | $80 | $123 | |
| 80 | NA | NA | |
| 85 | NA | NA | |
Guaranteed Issue
Guaranteed Issue policies ask no health questions and thus accept all applicants.
If your only health concern is that you are schizophrenic, do not apply for a guaranteed policy.
These plans are intended for high-risk individuals, also this policy type is more expensive and has a waiting period before full coverage can be awarded.
The typical waiting period structure is:
- 2-years
- Return of paid premiums +10%
While 10% might sound like a good investment, receiving the full policy amount or even a percentage of the policy is going to provide much more money into the pocket of your beneficiary.
Captive Agency vs Independent Agency
A captive agency is one that is contractually only allowed to sell products from the one company that they represent.
An independent agency is able to represent several different insurance companies. This brings extreme value to the consumer because the agent can bring countless plan options to determine which would provide the best coverage to their client.
By representing more options and getting to know the unique wishes and conditions surrounding each individual client, independent agencies are able to pinpoint the most ideal plan.
This actually saves the client time and money by having the agency, with all its resources, do the leg work of determining eligibility and price shopping.
Why Willamette Life
Willamette Life represents the Funeral Insurance market exclusively. By doing this it allows our agents to understand the fine details of what each plan will accept in terms of health.
Since each plan is very specific with what it will or will not accept, it is vital that you work with a company that prides itself on this.
Willamette Life understands the importance of providing for your family and protecting your legacy.
From West Virginia to Washington and everywhere in between, Willamette Life will help you get the protection that you want, that you need, and that you can afford.
Final Thoughts
a. Finding affordable Funeral Insurance with schizophrenia is easy if you work with the right company.
b. Not all carriers will accept schizophrenics with immediate coverage but there are a few that will, our top recommendation in Foresters Financial.
c. It is critical that you work with an independent agency, such as Willamette Life, to ensure you get the lowest rates and immediate coverage that fits your individual needs. This is especially important when you have multiple health concerns.
Call Willamette Life 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.