Buying burial insurance with the guaranteed issue is relatively simple compared to most other insurance policies. Since this policy is mostly meant for senior citizens, most insurance companies are very considerate about their needs. The eligibility criteria for this insurance are likewise much less complicated, and it is easier to qualify. Many companies like Omaha burial insurance can help you with the details. Here are some factors that are taken into account by insurance companies when you apply for burial insurance with guaranteed issue.
1. Medical History
Unless you have been diagnosed with a terminal illness very recently, you will most likely be eligible for the insurance. There are some burial insurances with no waiting period. Still, everyone cannot qualify for it for the simple reason that they will wait till they are on their deathbeds and then expect a payout after a couple of months when they are dead, with the sum being paid to the beneficiaries. If you do not have any significant illness, then you can qualify for burial insurance.
To be eligible for burial insurance with guaranteed issue, you must be a senior citizen above 60 years of age. Some companies might consider you eligible once you have crossed the age of 55. Since it is mostly considered that the elderly ponder about death or think about how they would like to make their journey to the afterlife, this insurance is not meant for youngsters.
3. Prescription History
Just like your medical history, prescription history is important too. Most insurance companies will ask you to fill up a form about the medications you are on or which you were currently taking. This implies your overall health condition and gives the insurance companies an idea about your life expectancy, based on which they might or might not agree to grant your request for buying insurance.
4. Pre-Existing Conditions
If you have high pressure, diabetes, or suffered a stroke or even an aneurism in the past, such conditions may have some bearing on whether you qualify for burial insurance. Most companies do not ask any questions because it is only natural that the elderly will have some medical condition. However, the severity of the condition is something they might consider, considering your age, gender, and overall current health.
5. Mental Health
People are becoming more aware of mental health these days, and insurance companies are also taking this into account. There have been cases when an applicant has been bi-polar, but it has not impeded their coverage. However, if their mental health is very severe or they are on medication because of it, some companies might want a guarantor or a witness to underwrite the insurance policy. They need to reach out to someone if the insured person suddenly cannot remember he has premiums to pay for insurance.
However, it does not require a lot to be eligible for burial insurance with guaranteed issue, and providers like Omaha burial insurance are always there to help. You can enquire about this policy if you have a clear vision of how you want to depart from this world and make arrangements for it. Get in touch with an experienced independent agent to find the best plan for your needs after comparing several options.