HomeBurial insuranceNo waiting period
Burial insurance with no waiting period
If you can answer the health questions, most burial insurance pays the full amount from the first day. The two-year waiting period everyone worries about applies to one specific type of policy, and a lot of people are sold it who did not need to be.
The three kinds of policy, and which one waits
| Policy type | Health questions | Pays out |
|---|---|---|
| Level benefit | Yes, and you answer them all favourably | Day one, full amount, any cause |
| Graded benefit | Yes, with some conditions declared | Partial in years one and two, full after |
| Guaranteed issue | None at all | Premiums refunded plus interest for two years, then full |
Every one of them pays in full immediately for accidental death. The waiting period only ever applies to death from natural causes.
Who gets day-one coverage
Far more people than expect to. Being on medication is not by itself a problem. Carriers care about what the medication treats and how well controlled it is. Controlled high blood pressure, controlled diabetes, high cholesterol, arthritis and a long-ago cancer that has stayed clear are all routinely written at level benefit.
The conditions that usually force a graded or guaranteed policy are recent cancer treatment, congestive heart failure, COPD requiring oxygen, dialysis, dementia, a recent stroke, an organ transplant, or currently being in a nursing home.
The only way to know is to be asked the questions
Carriers disagree about which conditions matter. One will decline what another writes at the best rate, which is exactly why working with an agent who holds several appointments matters more than any single company’s advertising.
(786) 818-0383Talk to one of our licensed agentsHow to tell what you are being offered
Ask one question. “Is this a level benefit policy, and does it pay the full death benefit from day one for natural causes?” A straight answer is yes or no. If the reply is about how easy it is to qualify or how nobody gets turned down, you are being offered guaranteed issue, which always carries the two-year wait.
The heavily advertised policies with no health questions are guaranteed issue almost by definition. That is the right product for someone who genuinely cannot qualify elsewhere, and the wrong one for everyone else.
Carriers people ask about
These are our editorial notes on carriers in this market. Inclusion here does not mean we represent them.
| Carrier | What they are known for |
|---|---|
| Mutual of Omaha | Strict on health questions, best rates for clean applicants |
| Aetna / Accendo | Competitive for tobacco users |
| American Amicable | Often approves conditions others decline |
| Americo | Fast underwriting, no medical exam |
| Transamerica | Accepts many applicants other carriers decline |
| Corebridge Financial | More lenient on health history |
| Foresters Financial | Membership benefits alongside the policy |
| Royal Neighbors of America | Fraternal, strong for female applicants |
| Gerber Life | Guaranteed acceptance, two-year waiting period |
| AARP / New York Life | Heavily advertised, rarely the cheapest |
What it needs to cover
A burial runs about $15,395 once the cemetery is included, and a cremation with a service considerably less. Work out your own number first, the calculator takes about ten seconds, then buy coverage to match it rather than a round figure someone suggested.