3 Affordable Burial Insurance Options After A Stroke | Approved Today

Updated: November 24, 2022 at 5:11 pm

If you’ve had a stroke, you probably think you can’t obtain burial insurance.

That is right, John. I just applied and was denied burial insurance.

However, that is not true. If you’ve had a stroke or TIA, you can obtain burial insurance.

In this article, we tell you how and the 3 burial insurance options available to you.

Additionally, just about all of our clients who experienced a stroke have been able to obtain burial insurance through us.

Of course, like anything, there is a right way and a wrong way to obtain burial insurance, especially after something serious like a stroke.

We are going how to easily obtain burial insurance if you’ve had a stroke or TIA. Here’s what we will discuss:

However, as we said, there is no reason you can’t obtain some type of burial insurance coverage. All of our stroke clients have obtained some type of coverage through us.

We lay it all out here in this article.

Let’s first start off and give an overview of burial insurance.


What Is Burial Insurance?

Let me tell you a secret.

Burial insurance is actually life insurance.

Yes, that is right. That is all that it is.

I know people and the industry like to call it “burial insurance”.

However, burial insurance is a whole life insurance policy with a small or low death benefit like $25,000.

It pays for funeral expenses and burial needs.

That’s why people and the industry call it “burial insurance”.

Consequently, you may hear burial insurance called other names like:

  • Final expense insurance
  • Funeral insurance
  • End-of-life insurance
  • Cremation insurance

And on and on…

They all mean the same thing. The industry calls it burial insurance because that’s what it is intended to do.

Geez, John. Why don’t I just work with a funeral home directly, then?

Good question. You can.

Advantage Of Burial Insurance Versus A Funeral Home Plan

However, burial insurance (i.e. the whole life policy with a small death benefit) completes your funeral and burial needs in about 30 minutes (more on that later).

You see, you can go to a funeral home and set up a plan. You pay into their plan. But, what if you die and you still have an outstanding balance?

Then, yes, your loved ones will have to pay the rest.

Do you want that to happen?

No, John, I don’t.

Burial insurance completes your funeral and burial needs, up to the death benefit you select. And, without all the worry your loved ones will have to pay.

For example, you could pay 3 payments, have a heart attack, and pass away. The burial insurance carrier then pays the death benefit. (This, unfortunately, happened to a client of ours, but fortunately, he had burial insurance.)

Additionally, most people don’t wake up and say “Honey, it’s such a nice day out. Let’s go to the funeral home to set up our funerals.”

And then spend a few hours at the funeral home.

Alternatively, burial insurance essentially establishes this funding. It creates the maximum amount paid out for your funeral. If your funeral costs less, some money can go to your loved ones.

You can then set up your funeral on your own time.

That’s better, right?

Moreover, burial insurance is easy to qualify for, even for people with a stroke, TIA, or anything stroke-related. Let’s talk about the qualifications next in our underwriting section.


Burial Insurance Underwriting After A Stroke or TIA Event

Before we get into burial insurance for people who have had a stroke or TIA, let’s talk about burial insurance and underwriting. A stroke is a serious, high-risk situation. It’s important you understand how your stroke affects underwriting.

As we stated earlier, burial insurance is simply a whole life or permanent insurance policy with a small death benefit.

Usually, the available death benefits available are between $2,000 to $25,000 and sometimes more (such as $50,000) depending on age.to discuss burial insurance underwriting for people with a stroke

Underwriting for burial insurance in stroke situations is much different than that for traditional life insurance.

With traditional life insurance, these types of underwriting are going to want to know the severity of your stroke.

They will want to order your doctor’s records. Underwriters will want to know what tests were run, specific dates of diagnosis, symptoms, etc.

With burial insurance, underwriting is different. The carrier doesn’t care about all of that stuff. They don’t want to see your doctor’s records. They just want to know when you had your stroke.

It is that simple.

Additionally, most carriers have a “knockout” drug list. If you take a drug on this list, then the carrier automatically declines you. Most people after a stroke are on a blood thinner. As far as we know, blood thinner medication isn’t on any of the drug lists of the carriers we work with.

Yes Or No Questions

So, I just need to let them know when I had my stroke, and I am good to go?

Not necessarily.

You still have to qualify health-wise. The health questions on a burial insurance application are all “yes or no”. See the example here.

Carriers want to know if you have a certain medical condition or not. For example, the question could be as simple as, “in the past 2 years have you been diagnosed or treated for a stroke?” You would answer “yes” if you have or “no” if not.

If you answer “yes”, then your stroke doesn’t matter. You probably won’t obtain burial insurance with that specific carrier.

This brings us to the next point. Every carrier is different in how they underwrite.

Regarding strokes, here are some real questions on burial insurance applications:

to show a real burial insurance question about stroke

to show another set of questions that ask about stroke on a burial insurance application.Burial insurance underwriting is a simple “yes/no” application. Some carriers then follow the application with a phone interview. We prefer the ones that don’t when possible. After that, a coverage determination usually is instantaneous or a couple of days thereafter.

Carriers will run your background through a few different databases to make sure what you say on the application matches your records. One database is the MIB which lists your medical claim history as well as your insurance application history.

They will also look at your prescription drug history. Carriers can see all of that. If an answer to an application question does not match a prescription drug you take, that will be a red flag.

It’s really that simple.

Now, let’s discuss your 3 options. There are many types of burial insurance available. Your options depend on when you had your stroke.


#1 Immediate Benefit Burial Insurance If Your Stroke Happened Over 2 Years Ago

If your stroke happened over 2 years ago, then you should get approved with most burial insurance carriers for an immediate benefit. This is ideally what you want.

If you want to see your estimated rates, feel free to quote below.

An immediate benefit means you are covered from day 1. For example, if you pass away a week after you’ve been approved, then the carrier pays the death benefit (subject to contestability laws, but if you were truthful on the application, then there is no need to worry about contestability).

As we stated, blood thinner medication shouldn’t matter to the carriers. They are not usually knock-out drugs.

We work with many other carriers that do not participate in the quoting engine. So, if you are pretty healthy with the exception of a previous stroke, contact us. We can see what else might be available.


#2 Graded Benefit Burial Insurance If Your Stroke Happened Between 1 And 2 Years Ago

If your stroke was between 1 and 2 years ago, then most burial insurance carriers will offer a graded benefit.

If you want to see estimated rates, then select “decent health” from the health class along with your information in the quoter below.

Think of a graded benefit as a “staircase” of the death benefit.

For example, if you pass away from any illness or natural causes in the first two years of the policy, the carrier may pay:

  • 10% of the death benefit if you pass away in the first year,
  • 65% of the death benefit if you pass away in 2nd year, and
  • 100% of the death benefit in year 3 and beyond

Carriers usually cover accidental death on day 1. In other words, accidental death is covered 100%, even in the first 2 years of the policy.

As you can see, the premium is much higher compared to that of an immediate benefit policy.

Well, John. I am just going to wait until I hit that 2-year mark.

You can. It’s your decision. However, know that if just came off a stroke, you don’t know what can happen within a year from now.

You can become uninsurable. You just don’t know.

Well, John. I’ll just lie. They can’t find out anyway.

Sure they can. As mentioned, they can look up your information on the MIB and the prescription drug history. Lying on a life insurance application is fraud anyway. You don’t want to do anything that could jeopardize a death benefit paid to your family.

So just tell the truth. We can get you some type of burial insurance.


#3 Guaranteed Issue Life Insurance If Your Stroke Or TIA Happened Less Than 1 Year Ago

If your stroke or TIA happened less than 1 year ago, guaranteed issue life insurance is your only option.

Feel free to quote below. Just select “poor health” from the health class dropdown.

There is no other option unless you want to wait, which I generally don’t recommend.

Guaranteed issue is a waste of money, you say.

Well, I always say you need to try for something better. That is why I said it is one of the 5 types of burial insurances you don’t need to buy.

But, if that is your only option, then we have many affordable options for you.

Guaranteed issue means there is no underwriting. You just apply and voilà, you have life insurance.

However, because the carrier doesn’t underwrite and doesn’t know the health status of applicants, it places a waiting period on the death benefit.

Usually, the waiting period is 2 years. It’s not as bad as it sounds.

The carrier returns your premium if you pass away from illness or natural causes in the first 2 years of the policy. Accidental death is covered on day 1.

Additionally, we work with a ton of guaranteed issue life carriers, including term carriers.

We offer one guaranteed issue term carrier which you can apply here.

The rate is fixed for 5 years, and then it will increase when you enter age bands.

We also offer another one, a guaranteed issue term of $50,000 flat.

You can enroll here, although the enrollment portal is cumbersome (contact us so we can walk you through it).

We have many guaranteed issue plans available, even for people under the age of 40.

(Note: we also help your parents obtain burial insurance. So, if you want to get started on behalf of your parents, contact us.)


Premium Cost Comparison Of Burial Insurance Options

John, you said that these premiums are affordable.

They are.

Most brokers and agencies work with 5 to 10 burial insurance carriers.

We work with many more.

These rates won’t necessarily show up on the quoters above.

Here’s a comparison of a 63-year-old man and a 63-year-old woman for $15,000 burial insurance. (Rates are subject to change.)


Be Aware Of These Underwriting Situations

So, we discussed the 3 burial insurance options available to people with a stroke:

  • Immediate benefit
  • Graded benefit
  • Guaranteed issue

Great, John. My stroke was 3 years ago. I just had a stent placed a year ago, so I should be good for the immediate benefit plan!

Well, not so fast.

Look at the excerpt of the health questions again. If you can say “yes” to any of the questions, then your options are limited.

For someone who experienced a stroke, that means if you:

  • Had a stent or some other circulatory surgery,
  • Use an assisted walking device like a cane or walker,
  • Need help getting dressed, or
  • Have anything else going on

Your options may be limited.

For example, let’s say your stroke was 3 years ago. Great! However, you need a scooter and a cane to move around because of the stroke. Unfortunately, immediate and graded benefit burial plans wouldn’t be available. Your only option is a guaranteed issue plan.

Same if, for example, you were extremely overweight and your height/weight combination was outside the carrier’s height/weight table.

Many additional or residual health situations could lead to a different burial insurance outcome.

How to handle it? Contact us. We work with many burial insurance carriers and have direct access to many underwriters as well.


How To Apply For Burial Insurance With Us

If you have had a stroke, applying for burial insurance through us is very simple.

Just call us, contact us, or use the form below

Tell us you’d like to apply for burial insurance, and that you’ve had a stroke (and when that happened).

Tell us other health conditions you have, if any, including tobacco or nicotine use.

We will analyze your options over the phone.

We select a carrier. You apply over the phone with us.

Depending on your situation, you could have burial insurance in 30 minutes.

It is very easy.

As mentioned before, we work with many burial insurance carriers (many more than typical brokers and agencies), so I am sure we can find you some amount of coverage based on your situation.


Now You Know The 3 Burial Insurance Options Available If You Have Had A Stroke

We hope you found this article informative. You can obtain burial insurance if you have had a stroke.

Are you ready to get started? Feel free to contact us or use the form below.

We work with many carriers in the burial insurance area and know we can find the right coverage for you.

As with everything we do, we work with your best interests at all times. That means if there is a better option for you than what we can provide, we will help put you in touch with someone who can.

Learn More

Are you interested in learning more about the information in this article? Please fill out the form below, and we will email you additional information or give you a call. We always work in your best interest. By entering your information, you are providing your express consent that My Family Life Insurance may contact you via e-mails, SMS, phone calls, or prerecorded messages at any phone number(s) that you provide, even if the number is a wireless number or on any federal or state do-not-call list. Additionally, you understand that calls may be placed using automated technology, and that consent is not a requirement for purchase. Your information will NOT be sold and will remain private. However, you may opt out at any time. We respect your privacy first and foremost.

Is The Colonial Penn 995 Plan Worth The Money? | We Give You An Expert, Unbiased Review And If There Are Better Options For Your Situation

Updated: November 13, 2022 at 1:54 pm

Sometimes, I’ll have CNBC, Yahoo! Finance, or some other news channel on here in the office, and invariably, the Colonial Penn 995 Plan commercial comes on.

You know the one. Before his death, Alex Trebek used to be the spokesperson for the Colonial Penn 995 Plan. Now an employee named Jonathan Lawson is.

Yes, I know the one, John! He says my plan will only cost $9.95 per month!

Well, yes, that is partly true.

But, it’s not the entire story.

In fact, if you don’t know the whole story, you may end up with the wrong plan. If so, you will have spent your hard-earned (likely fixed-income) money on something that isn’t right for you.

You don’t want that to happen, do you?

In this article, we give an overview of the Colonial Penn 995 Plan. We also give you other options that may be more appropriate for your situation.

You can then decide if the Colonial Penn 995 plan is right for you.

In this article, we will discuss the following:

Let’s discuss what the Colonial Penn 995 plan is all about.


What Is The Colonial Penn 995 Plan All About?

Colonial Penn makes an impact on its television advertisements. I recently had a person tell me she didn’t need what I was offering because she went with the “$9.95 plan” and then hung up.

She didn’t hear how I could have saved her money, but hanging up was her decision.

Colonial Penn is a good carrier. You may hear otherwise from other agents and websites. Colonial Penn is an A-rated carrier, owned by CNO Insurance. CNO is a conglomerate insurance carrier.

Colonial Penn offers a couple of insurance plans, but their “$9.95” plan has to be the most popular, augmented by great advertising. (Indeed, it is because most people construe $9.95 as low cost and value.)

It is whole life insurance. See the box for more information about the plan.to show what the colonial penn 995 plan is about

They say in the commercial that you all pay $9.95 per month for “guaranteed acceptance life insurance”.

Guaranteed acceptance life insurance means Colonial Penn guarantees to accept and approve you. In other words, you simply apply and you automatically have life insurance.

There’s no underwriting, no MIB lookup, and no prescription drug lookup. You are automatically approved.

Wait, John. I’ve read your articles, and this sounds like this is the guaranteed issue life insurance that you talk about.

That is right. It is.

Although we don’t work with Colonial Penn, we work with many other guaranteed issue carriers that are notably less in premium compared to Colonial Penn.

But, they said my insurance would cost $9.95 per month. How are your offerings lower?

Let me guess. Do you think $20,000 on yourself would cost $9.95 per month?

Yes.

$15,000 would cost $9.95 per month. Do you think that?

Yes.

OK, now is a good time to clarify how the “$9.95” works.


Here’s The True Cost Of The Colonial Penn 995 Plan

Colonial Penn’s guaranteed acceptance/issue life insurance does cost $9.95 per month.

But, that is $9.95 per unit per month.

What, John?

I said, “$9.95 per unit per month.”

What is a unit?

With Colonial Penn, they express their life insurance availability in terms of units.

A unit is the amount of death benefit that $9.95 per month pays for.

For example, 1 unit (i.e. $9.95 per month) will buy $1,515 in death benefit for a 53-year-old man.

to show how the unit pricing works in the colonial penn 995 plan5 units will buy $7,575 (5 X $1,515) of life insurance and will cost 5 X $9.95 or $49.75 per month.

Applicants can purchase up to 15 units.

However, the worth of each unit depends on the applicant’s age and gender.

Following our 53-year-old man example, 1 unit is worth $1,420 in death benefit for a 55-year-old man.

The unit is different for women. It is much higher because women live longer than men, on average.

But, it’s not grossly higher. One unit corresponds to a $1,845 death benefit for a 53-year-old woman.

Colonial Penn will accept an application up to age 85, whereupon the unit worth for an 85-year-old man is $418 per unit!

That means if the 85-year-old wanted 10 units, he would have to pay $99.50 per month for $4,180 in death benefit ($418 X 10).

What do you think now?

2-Year Waiting Period, Too

The Colonial Penn 995 plan also contains a “waiting period” on the death benefit. It means if you pass away in the first 2 years of the policy…

…my family receives the death benefit?

…no. It means they just pay your family the premiums you paid + interest. In other words, they return your money back.

This is a common provision of all guaranteed issue life insurance policies. Because carriers automatically approve you without underwriting, they don’t know the health conditions of applicants. To avoid a quick death benefit payout, they administer a waiting period.

Well, this all seems screwy. You mentioned that you have comparable plans. What are they?

Sure, let’s discuss that next. But first, let’s touch on underwriting.


Burial Insurance Underwriting

Before we discuss underwriting, let me say that if you want to go with Colonial Penn’s 995 plan, then please do so.

I’m not going to twist your arm. They are a good carrier, although there are many complaints about the plan because it is a little misleading. Just look at some of the reviews here. I think you have better options.

We discuss with underwriting first because I have found so many people are healthy enough that they don’t need a guaranteed issue plan, not even from Colonial Penn.

For example, the woman who hung up the phone on me. She could have been generally healthy and qualified for a much better plan. (More on that below.)

John, I don’t want to go through a blood test or fast, though!

I understand. That’s why I am starting off with underwriting. This type of insurance is simplified issue. It is known as “burial insurance” because people use it to fund their burials, funerals, and end-of-life needs.

Yes, John. That is why I am interested in the Colonial Penn 995 plan. I want to fund my funeral.

Great. With burial insurance, though, you don’t need to go through a paramedical exam or give a blood or urine sample.

Application Process

The underwriting process and application are all very simple.

You:

  • Apply with us over the phone
  • Sign your application over the phone with us
  • Wait on the phone with us as the carrier looks up your history through the MIB and prescription drug databases
  • Are approved if all checks out correctly. You then have the burial insurance

The application is all simple “yes/no” questions. See the example in this section. If you truthfully answer “no” to these questions, you likely have burial insurance.

It all takes about 30 minutes from start to finish.

Spend 30 minutes with us first to see what other options you have. If Colonial Penn is the best option for you, we will tell you that.

You have 30 minutes, right, to find out if you qualify for something better than the Colonial Penn plan?


Burial Insurance Options Versus The Colonial Penn 995 Plan

If you are generally healthy, you will qualify for burial insurance easily. Even if you have some health conditions, better options may exist.

Moreover, the cost is much less than Colonial Penn’s 995 plan.

There are 3 types of burial insurance:

Immediate benefit – which offers 1st day coverage. In other words, if you pass away the next day, the carrier pays the benefit. People in good, general health will qualify.

Graded benefit – think of this as a step up in the death benefit. For example, if you pass in the first year, your family receives 10% of the death benefit; 2nd year, 60%; and in the 3rd year and beyond 100%. These plans are generally reserved for someone with moderate health conditions.

Guaranteed issue life insurance – these plans automatically give you coverage no matter your health condition. As we discussed, the Colonial Penn 995 plan is a guaranteed issue plan.

But, John, I have multiple sclerosis. I won’t qualify for an immediate benefit.

That isn’t true. We work with many carriers that will offer an immediate benefit for multiple sclerosis and many health conditions.

That is the benefit of calling us first instead of Colonial Penn. We work with many other carriers and can match your situation to a carrier.

You’ll also potentially save a ton of money.

Search For Plans Yourself

You just need to contact us and we can help. Or, you can search for plans here.

If you are generally healthy, enter “excellent” in the health class field. If you have some moderate to severe health conditions or situations, select “decent” for graded benefit options. Finally, if you are in poor health, select “poor” from the drop-down menu. The quoter will then show the available guaranteed issue plans.

But, if you feel your situation is poor, we offer many guaranteed issue plans. We offer a guaranteed issue term life insurance plan that you can self-enroll. Additionally, we offer guaranteed issue whole life insurance for people under the age of 40. We also offer relatively affordable guaranteed issue whole life policies.


Price Comparison Of Our Plans Vs. The Colonial Penn 995 Plan

As we discussed, you likely have more affordable burial insurance options available to you compared to the Colonial Penn 995 plan. Even if you have health conditions, we can likely get you a better, affordable option.

Using the examples above, here are comparable options:

to illustrate the cost savings of the colonial penn 995 plan versus our offeringsLook how much you can potentially save!

A few things to note here:

If you are generally healthy, even with some health conditions, we can likely find you low-cost burial insurance.

Because we are an independent broker, we work with many carriers. As we have written in other articles, sometimes it makes sense to simply go with a guaranteed issue plan rather than a graded benefit plan. You can see the guaranteed issue plans we offer are usually less than graded benefit plans.

Colonial Penn seems to be competitive at upper ages; however, contact us first to find out your options.


Final Thoughts About The Colonial Penn 995 Plan

I hope you found this article informative. There are likely other options for you other than the Colonial Penn 995 plan.

We discussed that a majority of you may qualify for an immediate burial insurance plan. An immediate benefit plan would not only be the cheapest option, but also likely be the best option.

Remember that the Colonial Penn 995 plan has a 2-year waiting period. Again, an immediate benefit plan does not.

Moreover, if you only qualify for a guaranteed issue life insurance plan, we have cheaper options compared to Colonial Penn’s 995 plan.

You may spend 30 minutes on the phone with Colonial Penn to enroll in their guaranteed issue plan. Why not spend it with us and see if you qualify for something better?

Feel free to contact us or use the form below.

If you think we’ll constantly call you and bother you, you don’t need to worry about that. There’s no risk of contacting us. We only work in your best interests. We have to.

That means if there is a better plan available, even the Colonial Penn 995 plan, and we can’t help you, we will point you in the right direction as best we can.

It’s the only way we know how to work with our clients – putting you and your family needs first, not our own.

You can always reach back out to us if your needs change. We are happy to help in any way we can.

Learn More

Are you interested in learning more about the information in this article? Please fill out the form below, and we will email you additional information or give you a call. We always work in your best interest. By entering your information, you are providing your express consent that My Family Life Insurance may contact you via e-mails, SMS, phone calls, or prerecorded messages at any phone number(s) that you provide, even if the number is a wireless number or on any federal or state do-not-call list. Additionally, you understand that calls may be placed using automated technology, and that consent is not a requirement for purchase. Your information will NOT be sold and will remain private. However, you may opt out at any time. We respect your privacy first and foremost.

How To Get Life Insurance If Skydiving | Your Guide To Finding the Lowest Cost Life Insurance For Your Skydiving Hobby

Updated: November 9, 2022 at 2:26 pm

Let me guess. You like to skydive, are a skydiving instructor, or are a skydiving enthusiast, and you think you can’t obtain life insurance because of your hazardous hobby?

Yes, that is right. My agent told me his carrier would decline me.

Well, there is good news. You can obtain life insurance if you enjoy skydiving. Moreover, you can even obtain life insurance if you are a skydiving instructor.

How great is that?

Continue reading How To Get Life Insurance If Skydiving | Your Guide To Finding the Lowest Cost Life Insurance For Your Skydiving Hobby

2 Solid CD Alternatives That Grow Your Money | These Options Offer The Same Principal Protection But Higher Returns

Updated: October 14, 2022 at 6:38 pm

I get it: you want to grow your money safely, but Certificates of Deposit (CDs) offer a paltry return. You want safe CD alternatives that still grow your money.

You’ve come to the right place. There are 2 CD alternatives that provide the same principal protection as CDs, but they currently offer a better return.

Continue reading 2 Solid CD Alternatives That Grow Your Money | These Options Offer The Same Principal Protection But Higher Returns

How High-Risk Applicants Get Approved For Life Insurance | 3 Life Insurance Options Available To You

Updated: October 2, 2022 at 10:26 am

Here’s the situation: you’ve applied for life insurance, and the carrier says you are a high-risk or impaired risk. So, they decline your application.

If you are a high-risk applicant and need life insurance, you’ve come to the right place.

We’ve helped many high-risk individuals obtain life insurance, even if they have been declined before.

Continue reading How High-Risk Applicants Get Approved For Life Insurance | 3 Life Insurance Options Available To You