In What Situations Will My Burial Insurance Have a Waiting Period and How Does That Work?
When applying for senior burial insurance no waiting period policies, whether or not you have a waiting period will depend on your health and the type of insurance policy you apply for.
For instance, if you have a terminal illness, you won’t qualify for simplified burial insurance and will need to apply for guaranteed issue life insurance. In that case, you will have a waiting period of 2-3 years, depending on your state of residence.
On the other hand, if you are 99 years old and want to purchase burial insurance to ensure that your loved ones don’t have to pay the average of $10,000 for your funeral, you can purchase a guaranteed issue life insurance policy, no matter what your health is. If you pass shortly after purchasing the policy, your beneficiaries will receive the death benefit.
In short:
- You can purchase guaranteed issued burial insurance no matter what your health, age, or preexisting conditions are, but you will pay a higher premium and have a 2- to 3-year waiting period.
- If you can honestly answer some health and lifestyle questions, the insurance company may issue you a simplified burial insurance policy with no waiting period.
FAQs
Here are some of the most common questions about burial insurance with no waiting period.
Q: Is there a waiting period for burial insurance?
A: There is a waiting period for certain types of burial insurance. You can also purchase burial insurance policies that do not have a waiting period.
Q: Is there any life insurance that takes effect immediately?
A: Yes, simplified life insurance takes effect immediately. You will only have to answer a few health and lifestyle questions to qualify for it.
Q: What happens if I die before my life insurance waiting period is over?
A: If you pass before the 2- to 3-year waiting period ends, the insurance company will refund your beneficiaries all the premiums you paid, plus interest – usually 10%.
Do You Qualify for No Waiting Burial Insurance?
If you don’t want to leave your loved ones with an expensive bill for your funeral, burial insurance (also called final expense insurance) is a great way to ensure that you cover your expenses. The policies are a type of whole life insurance, which means that the premiums will stay the same and will build cash value.
To get an idea of what a no-waiting burial insurance policy will cost, head over to Lincoln Heritage, and fill out an easy questionnaire that will give you a free estimate of your premium.
