People who live with needing oxygen supplements for their everyday lives have usually had a serious medical condition and wonder how it works buying burial insurance when on oxygen. Folks who are have been through a health crisis are often prompted to think about how their family would cope financially with the cost of burial and other final expenses. Assurance Life is a broker who helps people with health problems secure burial insurance offering peace of mind for you and your family. We can guide you through buying burial insurance when on oxygen or even with a cancer diagnosis or other serious medical conditions.
Not every application questionnaire is the same-
When buying burial insurance when on oxygen, you will answer a short application providing your basic information as well as a medical history questions with YES or NO answers. This format makes the application process quick and easy. After the application is completed, it is submitted for approval. This is where it is important to understand the process for those who are on or have been on oxygen. Not every company handles their medical questions about oxygen the same. That is where Assurance Life can be an invaluable advocate for you because we work with numerous companies and are familiar with how each one handles individual medical issues such as oxygen use.
Here are some examples of the way the questionnaire wording is different regarding the use of oxygen-
Company A- Do you currently use oxygen on a daily basis?
Company B- Have you used oxygen in the past 6 months for any reason?
Company C- In the past 12 months have you used oxygen due to a medical condition?
You will notice that one company only asks about current use while others go back 6 and 12 months. Also, there is a difference for some companies about if your oxygen use is due to a medical condition compared to needing oxygen on a temporary basis from a one time event or hospital stay.
Let Assurance Life help!
So this might seem a little overwhelming or confusing because while you have no problem answering the basic questions about your health background, you wouldn’t know what company will be the best one for your health profile as it relates to oxygen use. Assurance Life is a life insurance broker which means we work with many companies instead of just one agency. For stand alone agents, they usually represent one company which means if they happen to see oxygen use within the past 12 months as an automatic decline, you can’t get burial insurance with them.
Assurance Life specializes in placing you with the company that is best for your health background and we work for YOU, not the insurance company. We get the most coverage for the lowest premiums even when you are buying burial insurance when on oxygen.
Types of policies for those with health history that includes oxygen
So how will a health history of oxygen affect your burial insurance plan? Thankfully, there are numerous burial insurance companies with nationwide coverage and excellent ratings who cover clients with a history of oxygen use. While for some companies, current oxygen use means an automatic decline, there are plenty who welcome you as their client and want to help you protect your family from the high cost of burial expenses. Here are three types of policies you can be approved for with a health history of oxygen use.
Preferred coverage- no waiting period. This type of approval with DAY ONE coverage would be for clients who have had at least 12 months since their need for oxygen. The burial insurance would go into effect as soon as the first payment is received. Burial insurance is a whole life insurance policy so that means it stays in effect for your whole life and cannot be cancelled and the premiums are guaranteed never to be raised as long as the payments are made.
Graded coverage- death benefit is phased in over two years. Approval for graded coverage is for those who are not currently on oxygen but the health history of oxygen means you didn’t get approved for preferred coverage. Graded coverage means that if you die within the first two years of having the burial insurance, the death benefit is paid as a percentage that increases over a two year period. For example, one life insurance company pays out 40% the first year and 70% the second year and after the two years, the death benefit would be paid out in full. This policy is also a whole life policy meaning it never expires and rates do not increase as long as the premiums are paid. One thing to note is that if death is accidental, the death benefit would be paid in full, even during the first two years.
Guaranteed Issue plans. If you are currently on oxygen, many, many companies will automatically deny your application for burial insurance. However, Assurance Life works with reputable companies such as AIG who specialize in Guaranteed Issue plans for those with serious health conditions. This type of plan means automatic approval and you can even skip the medical questions if you know you won’t qualify for a preferred or graded plan.
Guaranteed issue is just what it sounds like- guaranteed! This plan does have a two year waiting period but when you are being declined by most other companies, that isn’t so bad. Also, if you should die in the first two years, your monthly payments are returned in full to your beneficiary so the payments you make in that time aren’t just lost. As with the other types of burial insurance, guaranteed issue plans are whole life insurance plans so they will be protected regardless of changes in your age and health as long as payments are made.
Burial expense insurance is a wonderful way to protect your family from paying the high cost of funeral expenses upon your passing. Even with serious medical problems, Assurance Life helps our clients find the best funeral insurance plans at the lowest premiums. Since you are buying burial insurance when on oxygen, this puts you in a higher risk category but that doesn’t mean you can’t have the same peace of mind for your family as those with fewer health problems. Get a free quote today and see how there is a burial insurance plan that is perfect for you and your family.