Best Burial Insurance Policy with Fibromyalgia
Like any other chronic health issue, obtaining the best burial insurance policy when you suffer from Fibromyalgia ( Fy – bro – my – al – ja) can be challenging. Although this chronic condition is not considered life-threatening, there is no cure for it, only management.
What is Fibromyalgia?
According to WebMD, Fibromyalgia is a very common musculoskeletal condition that is often misdiagnosed and misunderstood. Fibromyalgia is considered a syndrome since it presents a set of common symptoms:
- Anxiety or depression
- Decreased pain threshold
- Severe fatigue than can be incapacitating
- Pain that is widespread in many areas of the body
There are currently over 2 million people in the U.S. who are suffering from Fibromyalgia. Of this large group of sufferers, most are women between the ages of 25 and 60. In fact, women are more than ten times likelier to get the disease than men.
Because of the many symptoms associated with the disease, Fibromyalgia can be crippling which makes it difficult to find the best burial insurance policy.
What are the Symptoms of Fibromyalgia?
- Widespread body pain
- Severe fatigue
- Difficulty sleeping
- Foggy brain – the inability to concentrate
- Severe morning stiffness in joints and muscles
- knots in the muscles
- Severe cramping
- Dizziness and problems with balance
- Itchy and/or burning skin
The person suffering from fibromyalgia may suffer from some or all of the symptoms at once which can easily lead to severe depression and anxiety.
Can I get the best Burial Insurance Policy with Fibromyalgia?
Depending on the severity of your condition, applicants suffering moderately from fibromyalgia are typically assigned a standard rating that will deliver a very affordable price for your policy.
If, however, the information accumulated during the underwriting process reveals that your case is causing severe anxiety or depression, your underwriter may assign a high table rating or decline your policy altogether.
The Underwriting Process
When you apply for a burial insurance policy, you will typically be asked additional questions when you reveal that you suffer from fibromyalgia.
The underwriter will want to know when you were first diagnosed, how severe are your symptoms, the meds that have been prescribed for reducing your symptoms, and if you have the ability to care for yourself without help from another family member, friend, or caregiver.
Since Burial Insurance companies do not require a medical exam or blood/urine tests, the medical underwriting is simplified to a report from the medical information bureau and a pharmacy report (both done electronically).
After all of your underwriting information has been received and reviewed by the underwriter, your agent will then be notified of the rate class you’ve qualified for. Your agent will then provide you with a formal quote so you can determine if you wish to proceed with your insurance purchase.
If your underwriter is unwilling to approve your application, your agent will then attempt to qualify you for a graded benefit policy which allows some medical conditions that a level benefit policy will not accept.
A graded benefit burial plan is priced slightly higher than a level benefit burial plan but the death benefit is paid out on a graded schedule for the first two years of coverage.
Although companies vary on the graded benefit payout, typically if death takes place in the first year, the beneficiary would receive 30% of the full benefit and in the second year, the company would pay 70% of the full benefit.
After the 2-year waiting period has expired, the full death is available to the beneficiary.
What is Guaranteed Issue Life Insurance?
A guaranteed issue insurance policy is a life insurance policy that does not require a medical exam, and there are no health questions on the policy. Typically, the only qualifications for a guaranteed issue policy are that you are within the eligible age group and that you are not currently in a nursing home or hospice.
It’s also very likely that your guaranteed issue life insurance will have a two or three-year waiting period. If you die from natural causes during the waiting period, the death benefit will equal the sum of all premiums paid plus an additional 10%.
With most companies, however, if you die as a result of an accident during the waiting period, the insurer will pay to your beneficiary the entire death benefit that you selected when you purchased your policy.
Since your guaranteed issue life insurance is a whole life insurance policy, you will have the same benefits of any traditional whole life policy such as:
- Guaranteed death benefit following the expiration of the waiting period
- Level periodic premiums that will never increase because of age or illness
- The policy cannot be canceled unless you do not pay the periodic premiums
- The policy builds cash value over time that you can access through policy loans
Most guaranteed issue insurance policies have a maximum death benefit between $25,000 and $30,000. Since there are no medical underwriting requirements, the policy is typically issued in a couple of days, and with some companies, with a couple of hours.
Aren’t all Life Insurers the Same?
There are currently over 800 life insurers in the U.S., and they typically vary when it comes to products, riders, and underwriting guidelines.
The best way to navigate all of these different companies and understand their underwriting guideline is to contact an independent insurance professional who represents the majority of life insurers and who is familiar with which companies are better suited for applicants with fibromyalgia or any other pre-existing condition.
Since an independent agent represents multiple carriers, they can send your information to all their carriers simultaneously and be able to deliver a better solution for your individual needs.
If traditional insurance does not appear likely, an independent agent will also have access to multiple insurers who offer graded benefit and guaranteed issue life insurance. This will help you find the most affordable product according to your circumstances.
Your agent will also walk you through the shopping and underwriting process to help you navigate the confusing landscape of life insurance.
Independent agents like LJM Life Insurance have the experience needed to get high-risk cases issued and are willing to invest the time needed to get your policy issued at a price that is affordable.
They will also advise you about available riders and how they can help broaden the coverage of your policy to meet your specific needs.