A level benefit with immediate day one coverage means the benefit you purchase will never decrease, and most importantly, in our opinion, you will have coverage from the very first day. All companies ask different health questions. Because of our experience in the burial insurance industry, we know which companies are likely to provide a level benefit with first-day coverage for certain health conditions. For example, if you purchase a $10,000 death benefit policy and happen to pass away on the first day of your coverage is effective, the insurance company will pay the full $10,000 death benefit.
Graded Benefit plans have immediate death benefits from the first day, but they will pay a percentage of the full death benefit during the first two years. Usually, companies will pay 30% of the full death benefit if death occurs during the first 12 months of coverage and 70% of the full death benefit during the second 12 months of coverage. Starting on the 25th month of coverage, the policy will then pay the full death benefit purchased. A Graded Benefit plan is offered to applicants that answer at least one of the health questions on the application “yes.”
Like graded benefit plans, modified plans will not pay the full death benefit during the first two years. However, instead of paying a percentage of the full death benefit, a modified plan will return the premium that was paid up until the death of the insured plus a percentage. Most companies will pay the return of premium plus an additional 10%.
First Step– Use our quote engine to get an idea of the death benefit and cost you are interested in.
Second– Contact us to have a preliminary underwriting conversation. A list of your prescriptions will be very helpful. This will let us know which company will be best for you. Remember, the main difference between companies is how they underwrite certain health conditions.
Third– Answer health questions and input your information to the online application from the company that will fit your health the best.
Fourth– In most cases, a 3-way call with the health insurance company will occur next. They will confirm your information and health. A decision on your application could be made at this time.
This whole process usually takes around 20 minutes.
Contact an independent agency specializing in Burial/Final Expense Insurance with deep knowledge of how different companies underwrite different conditions. Being able to shop for the best price is only a very small part of what we do.
Our true expertise comes from our knowledge of how the different companies underwrite the different conditions.
For example, it is essential to know which companies will provide a Level Benefit with first-day coverage for people with diabetes taking insulin.
Those individuals that may be obese (Pro Advice. Some companies don’t ask your height and weight).
Which companies will offer you a Level Benefit with first-day coverage if you had cancer, heart attack, stroke.
This is where the knowledge of a professional will go to work for you.