NO EXAM Low-Cost Burial Insurance are plans designed to cover the cost of your funeral or cremation expenses when you die. Burial life insurance pays the death benefit of your plan directly to your beneficiary who can use the money in any manner. Most plans that are sold are between $2,500 and $20,000 in coverage, which, of course, depends on what you want to leave to your beneficiary.
This article will explain everything you need to know about NO EXAM Low-Cost Burial Insurance.
What does No Exam mean?
NO EXAM Low-Cost Burial Insurance means that the insurance company will NOT send a nurse out to take a blood sample or anything like that. All you will have to do is answers some medical history questions. Most insurance companies run a medical history check to confirm that what you are telling them on the application is true and they will also run a prescription check to see what medications you are taking. That’s it, it’s as simple as that.
How long does everything take?
The average time I spend with a client is about an hr, that includes us talking and me running a quote and filling out the application. After that, the application is usually approved within 5 to 7 business days. Some companies even do it the same day and some take a little longer but on average 5 days. Once approved, they will mail the policy to you. That’s it, it’s that simple.
What medical questions do I need to answer?
The application is very simple and will ask basic questions. Your hight and weight, if you smoke or use any nicotine. Most insurance companies that sell Bruail Insurance look back 2 to 3 years for big stuff like cancer treatments, heart attacks, COPD or major surgeries. A lot of people think they can’t get insurance because of some medical conditions. I can tell you that is not true, anyone can get insurance, it just depends on what type it is, I will explain that more below.
You have 3 options based on your health
1. Level Coverage NO EXAM Low-Cost Burial Insurance
Level benefits are plans where you say “NO” to all or most of the health questions on the application. If you are approved for this plan, your coverage will be 100% from day one, and you’ll pay the lowest price they offer. We can get many people approved for level coverage who have been told they can’t qualify by other agents
2. Graded NO EXAM Low-Cost Burial Insurance
If you have health issues a Graded plan might be right for you. Graded plans provide partial coverage during the first two years of the policy. For example; Most graded plans will payout 30% in the first 12 months and 70% from 12 to 24 months. After the 24th month, the policy will pay 100%. Accidental death pays 100%
3. Guaranteed Issue NO EXAM Low-Cost Burial Insurance
These are the plans you see on TV, they don’t ask you any health questions. If you die from a medical condition in the first 24 month’s they will return every dollar you have given them, but they will not pay out the death benefit. After 2 years it will pay 100%. Accidental death pays 100% of the death benefit
How does Tabacco / Nicotine affect my eligibility?
It does not affect your actual eligibility, I can find you the coverage you want. But it will affect how much you pay for that coverage. On average a smoker will pay about 25% (and up) more per month than a non-smoker. I have a company that will give smokers a non-smoker rate if you promise to quit in the first 3 years.
What about Marijuana, E-Cigs, Cigars or Patches?
If it contains Nicotine, it’s considered Nicotine use. I do want to add that a few companies will let you slide if you only smoke a few cigars or pipes once in a while. With Marijuana becoming legal in many states, Insurance companies have started treating it the same way as they do regular Nicotine users. These are some of the biggest reasons why it’s important to work with someone who has the option to find these companies for you. Call me today at 813-842-1421 or Book An Appointment Online.
Can we do everything over the phone?
Of course, you can, but I always recommend if you are in my service area to schedule an appointment directly for me to come out and see you in person. The reason for that is several companies that I use to find the lowest price do not allow over the phone sales. If you don’t live in my area, I’ll find you the best I can over the phone at your convenience.
What is the “Fine Print” with these plans, anything I need to worry about?
After you are approved, the only way your plan can be canceled is if you stop paying the premium. That means that it does not matter how sick you get down the road you can NOT be canceled. These plans DO NOT have any termination dates as Term insurance does, they will NOT expire. As long as you keep making your payment, you can be assured that your loved ones will get a check.