Most people who suffer from an ailment like AIDS think that there is no insurance option for them. But it is not entirely true. They can still apply for burial insurance. AIDS is considered a high-risk disease by many insurance companies, and they don’t want to risk their money insuring an AIDS patient.
However, in the case of burial insurance policies, there is no such condition. This policy is especially helpful for people who are not eligible for term life or a whole life insurance policy.
It might be shocking, but the funeral cost can be high. Once you die, it’s your family who has to suffer from your loss and the financial stress left behind. Gary P. Cubeta from Insurance for final expenses interprets the guaranteed acceptance life insurance no waiting period and how it will help them out in such trying times. You can plan your funeral costs by investing in burial insurance.
This insurance policy has the sole purpose of paying for your funeral expenses. The beneficiary can use the lump amount received as a death benefit for carrying out the funeral arrangements, transportation, accommodation of guests, and legal costs.
Why Shouldn’t You Skip on Buying Burial Insurance If You Have AIDS?
Simple Process
The underwriting of burial insurance is different from life insurance policies. Unlike the standard insurance process, the carrier will not ask you for any questions related to your health or run for medical tests. They will ask if you have AIDS or not.
If you already have it, you should reveal it. Besides, the provider will ask you a few questions related to you. The answers are yes or no. You should answer all the questions correctly because you might get rejected if they find you have said any lies.
Value Increases Over Time
Unlike the pre-paid plans sold by the funeral homes, the burial insurance value increases over time. You don’t have to pay the set amount to the insurer to get its benefits. Some insurance companies also offer refund components in the plan. Even if you pass away within two years of the plan, you will receive your policy money back and some additional percentage of it.
So, it means that you will not get only the amount you have paid all those years but the amount that the insurer has pledged in the contract. It’s important to note that burial life insurance policies are a little costlier than the term life insurance. So, the premiums might be more. However, this also depends on policy to policy.
Nearly No Waiting Period
Burial insurance policies have a significantly less and, in some cases, no waiting period. Waiting time is the time you have to wait to get full death benefits. In case a company has a two-year waiting period, and you die early before completing it. Then your family will not get full death benefits.
Different policy providers have different conditions for death benefits. However, most burial policies have no waiting period. The moment you start with your policy, you are eligible to get the full amount mentioned as the face value of your insurance.
Guaranteed Acceptance
Most of the life insurance policies promise to ensure you make it necessary to get some tests. It would help if you qualified for the medical tests to be eligible for the policy. But, guaranteed acceptance life insurance with no waiting period is different. This policy is designed for everyone who wants to save their family from financial burden. A burial insurance policy requires no medical reports. Whether you have AIDS or HIV, or any other untreatable disease, it will cover you. You will not have to feel disheartened as there is guaranteed acceptance in burial life insurance.
Good burial insurance can end up with a cash value as it is like a whole life policy in which the value accrues over a period. Let’s say you invest in a burial policy at the age of 65 and live at 90. Your policy will still have a cash value that you can access if you need some money for your medical expenses or other needs.
You must choose an insurance provider who is trusted. Once you approach them, they will provide you with various quotes. The quotes are usually based on the questions you have answered in their questionnaire. They will be related to your general health, diagnosis, age, and medical history.
To get the best policy that suits your needs, you must get quotes from different companies. You can also take the help of a certified agent who can help you select the best burial policy in your budget.
