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Many people are told that if you’re on blood thinners, you can’t get insurance. This is simply not correct, we help people constantly find coverage AND find it at rock bottom prices. Getting affordable funeral insurance with heart conditions can be challenging if it’s not what you do all day. Fortunately, you found us, and THIS IS all we do every day!
It is very possible that we can even find you a final expense life insurance plan that treats you the same as if you were a perfectly healthy and active person.
In this article, we will cover all the ins/outs of final expense insurance when you take medications to thin your blood. You will learn how insurance companies assess the risk level of a blood thinner prescription, what options you have and how we can help you find the best option at the best price for you and your family.
The Truth About Burial Insurance on Blood Thinners
It probably isn’t going to surprise you that being on blood thinners is considered higher risk from the insurance companies’ point of view. That said, not all insurance companies are the same, so while most may see blood thinners as an issue, there will be others that don’t. So being on blood thinners doesn’t mean you will be locked out of qualifying for some affordable coverage.
Burial insurance plans work differently from most insurances in that you will ever have you to take a physical or medical exam as part of their application. The most you will ever do is answer some health questions. No stress test, no EKGS, just the questionnaire.
Blood Thinner Underwriting
Typically, when you start the application process, there’s a health questionnaire. You most likely wont even see a question that asks about being on blood thinners. Don’t get too far ahead of yourself by thinking they don’t care, because they do. Even though they don’t directly ask the question, they will ask if your taking medications…and of course, they have a very long list of medications that create “red flags.”
Every final expense life insurance company will have their own medication list. There are always medications on these lists that result in different actions based on what the medication is typically used for and how risky the company sees that health issue. More often than not, blood thinner medications will be flagged.
It’s not necessarily the medication that’s the issue, it’s the way you’re taking it. Taking blood thinners because you get migraines isn’t the same as taking it because of a stroke…
Time and consistency are also another huge factor when it comes to medications. With most companies, their medication lists will often show different results depending on how long you have been on them. Lots of final expense carriers have what’s called a “first fill” protocol. Basically, this is where the insurer looks at your first prescription fill and us that as the way of deciding how long you’ve been on that medication.
Typically, insurers are more accepting about your blood thinner usage if it has been 2 years or more since your first fill, this shows stability (less risk). On the flip side, if you have first filled your prescription within the last 2 years, lots of insurance companies will consequently place you in a higher risk category because they don’t know if your condition is stable or will worsen.
Common Blood thinner Medications The Insurance Companies Look For
Blood thinners can be prescribed for a variety of reasons. Below is a list of some of the more popular blood thinner used by physicians that are also most likely to flag in the insurance companies’ system:
• Warfarin (Coumadin)
• Apixaban (Eliquis)
• Edoxaban (Savaysa)
• Dabigatra (Pradaxa)
• Rivaroxaban (Xarelto)
• Plavix (Clopidogrel)
• Ticlid (Ticlopidine)
The various ways burial insurance companies respond to blood thinners
As mentioned before, the insurance companies will all react to blood thinners in their own way. With that, there’s only a few ways they can respond since whole life is a pretty simple insurance product. Here’s a quick look at some possible responses from the burial insurance company.
1) They will require you pay more money per month
This is fairly straightforward. They merely require you pay a higher premium to offset the increased risk of being on medications that thin the blood. You are still covered 100% from day one with zero restrictions.
2) They impose a waiting period and charge you a higher monthly premium
Insurance companies that take this response are usually not fond of applicants on blood thinners. This one is usually when they deem your situation higher risk or maybe if you’ve been on the blood thinners less than two years. Your benefits will not pay out during the first 2 years (unless the death is accidental). This is quite common for a lot of insurance companies when you are on plavix, coumadin, etc.
3) They require you to pay a bit more money and they limit the payout of your death benefit during the first 2 years
With this option, you are only paying a little more (15-30% usually). This option is sometimes called graded because the death payout works on a “graded” schedule. Example – Pass away in year one, you get a third. Pass away in year two, you get 70%. Pass away after year two, you get 100%. There’s are only a few out there that do this.
4) They charge you as if you weren’t on blood thinners because they don’t care about your blood thinner usage
This one should be self-explanatory. These insurance company will offer 100% coverage from day one with no restrictions because they don’t see taking blood thinners as a problem. They generally have the opinion that as long as you’re not taking it for any medical issues they already asked about in the questionnaire, its not that high risk.
Questions we would have for you
We work with many insurance carriers and as we’ve mentioned, each has different ways they look at this situation. In order for us to help you find the insurance company that’s going to look at your health most favorably, we will need to know as much as we can about the blood thinners your taking. Here’s some questions we’ll ask so that we can get a clear picture of your situation and find the best fit for you:
• What blood thinners are you on now?
• When did you first fill a prescription for the blood thinner(s)?
• What was the reason why they prescribed it in the first place?
• Have you ever stopped filling your prescription and started it back up again within the last 2 years? (Basically, have you consistently filled the prescription on a regular basis since you were first prescribed it?)
• Have there been any changes to dosage amount? If so, when, how much and why?
This is just for the blood thinners. We would also want to know about any other health issues you deal with as well as any other medications you are taking. When it’s all said and done, we would analyze your entire health profile to match you with the best company that will give you the best deal. This is where are our expertise comes into play so that we can take a look at your entire situation and know which company will be okay with everything you’re dealing with and still give you the best price.
How To Find The Best Burial Insurance On Blood Thinners
The cold hard truth is that you need to lean on an experienced professional agency to help you with this. Everyone wants the best deal, and by best deal, we mean getting the most coverage from day one for the lowest price.
Simplegacy works with 20+ insurance carriers. Not only will we find a company to work with you, we will find multiple. When we do, we can compare rates and impartially recommend whichever carrier will give you the best value. We are not tied to any single company, which gives us the ability to unbiasedly tell you what your best solution is. Since we only work in the Burial/Funeral/Final Expense Insurance category, you will never have to worry about being “cross-sold” or pushed into a solution that doesn’t make sense in the long run for you.
We are here to help you in any way we can. We will use every resource available to us in order to help you find the best policy that will work for you and your family. Our goal is to approach every scenario the way we would if it was our own family that we were planning for.
Call us at 888-519-9119 or fill out the quick quote form for an instant quote.