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Did you know that the average funeral cost is $7,000 to $10,000? And that many people who purchase life insurance are doing so to cover their burial and funeral expenses? And why wouldn’t you? That is no small price tag by any means.
When you purchase burial insurance, you’ll be providing your family with the financial means to cover burial costs should something tragic happen to you. It’s a burden off them, and a selfless gift on your part.
Shopping for burial insurance can be tricky though if you have Lupus, specifically Systemic Lupus, or SLE. Final expense companies all handle clients with SLE different, which makes it difficult if you’re calling each company on your own.
In this article, we’re going to discuss what you need to know about burial insurance if you have Lupus and the best way to get it.
Who Should Purchase A Burial Insurance Policy
First things first, let’s talk about what burial insurance is and who might consider it.
Burial insurance is a type of policy that’s usually a term life insurance policy with lower death benefits, such as $5,000 to $10,000 dollars. The death benefits are paid to the named beneficiary who is free to use the death benefits however they see fit.
A person’s need for burial insurance depends on their individual situation. The two biggest factors that should be taken into account are your financial status and your family’s budget. Ask yourself if it makes financial sense to obtain a burial insurance policy to cover funeral, cremation, or burial costs.
You might want to consider this type of policy if:
- You do not have life insurance coverage
- You do not have the means of paying for a funeral or burial
- You want to provide coverage for your entire family
- You have minimal savings and no other means to pay for your funeral expenses
- You want a separate policy that will only cover your funeral or burial
What You Need To Know About Burial Insurance With Lupus
If you have spent time researching life insurance or burial insurance with Lupus, you’ve probably noticed that some companies seem more strict than others, and some will outright deny you. We get it, it’s difficult. But fortunately, no two companies are the same. There are many out there who understand the complexities of Lupus and will insure you.
If you’re interested in term life insurance for Lupus, not specifically burial insurance, we can easily help you with that.
For burial insurance with Lupus, some carriers will respond negatively, and others will treat you like a non-Lupus client. It’s just a matter of finding the right burial insurance companies.
The great news is, when you work with a company that welcomes Lupus clients, you will typically qualify immediately and your coverage will start in full on day one. There is no graded period.
Another perk to purchasing burial insurance is that you will not have to take a physical or medical exam. That’s because final expense life insurance plans are considered “simplified issue.” With these, you’ll only need to answer some basic health questions, which we’ll get to shortly.
If you’ve looked for burial insurance in the past and have been declined, you simply worked with the wrong company. At lupuslifeinsurance.com, we specialize in this market and have the expertise needed to get you insured. Now that the mortality rate for Lupus has dramatically declined due to medical advancements, obtaining burial insurance is completely possible.
We don’t want you to go into this blind, though, so let’s talk about what to prepare for when you apply.
What To Expect When You Apply
When you work with an agent the process will be simple, because we know exactly what the carriers are interested in. Fortunately, for burial insurance, the questions are very simple.
With Lupus, the only condition-related question you’ll be asked is if you are currently undergoing or have had treatment for your Lupus. It does not matter if your condition is mild or severe, only if you have been treated for it.
Typically you’ll be asked in one of the following ways:
- Have you ever been diagnosed with or been treated for Systemic Lupus (SLE)?
- In the last two years have you been diagnosed with or been treated for Systemic Lupus (SLE)?
Some carriers will want to know between a certain period of time, which is why you may be asked about a two or three-year period, but most will not.
On top of this, you’ll be asked a series of health questions that are very standard for all clients.
Carriers will also want to know what medications you’ve taken as part of your prescription history. This helps them with their risk analysis.
With a wide range of medications that can be used to treat Lupus, some carriers have them flagged and will be less likely to work with you. Others who openly accept Lupus patients, will not care as much or at all. Knowing who these carriers are is one more reason to reach out to an agent experienced in underwriting burial insurance for clients with Lupus.
The list of meds that could potentially affect your ability to get burial insurance with certain carriers, include:
- Azasan
- Azathioprine
- Benlysta
- Cytoxan
- Hydroxychloroquine
- Imuran
- Plaquenil
- Rheumatrex
How Carriers View Those With Lupus
Not all insurance carriers are created equally, and depending on who you work with you’ll be rated differently. The best case scenario is to find a company that does not ask about Lupus, and will therefore insure you the same as someone without Lupus.
In case you do apply on your own, without the help of an independent agent, we want to prepare you for the different reactions a final expense insurance company may have.
You Get Declined – Some companies will flat out not insure someone with Lupus, no matter what. Don’t worry, these companies are far and few between.
You’re Offered A Graded Plan – With a graded plan, you’ll experience a higher premium (typically 15-30% higher), and the benefits will be limited if you pass away within the first two years of the policy. If you die within the first year, they’ll usually pay 30-40%, and 70-80% during the second year. The percentages will vary by company and their policy on Lupus.
You’re Offered A Return of Premium Plan – This type of plan is usually referred to as a “modified plan,” and comes with two types of penalties:
- There is a two-year waiting period. This means they will not pay out a death benefit if you pass away within the first two years. They will instead, refund your premiums plus 10%.
- You will be charged a higher premium. This can range from 15-75% higher, depending on the company.
You’re Offered Immediate, Affordable Coverage – Best Case Scenario! – This is when you find a company that does not ask or care about Lupus. You will easily qualify for their lowest rate and first-day protection.
How To Get (The Best) Burial Insurance With Lupus
At the end of the day, the best course of action is to find a final expense life insurance company that will accept clients with Lupus.
The absolute best way to do this is to work with an independent agency that has access to dozens of different final expense carriers, and who has experience working with Lupus.
At lupuslifeinsurance.com, we work specifically with Lupus clients for final expense insurance and term life coverage. We know who the best companies are to work with, and will do the heavy lifting to get you covered.
If you’re ready to apply today, simply fill out the form to the side for an instant burial insurance quote. Results will be shown immediately.
