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If you have congestive heart failure and have spent more than five minutes looking fr insurance, you know it’s not going to be a walk in the park. While it’s true that having CHF makes it harder, we can confidently tell you that we can still help you find affordable coverage. The key is to work with an agency that has access to as many options as possible so that you get the option that fits your situation best and not just the one size fits all option.
In today’s article, you will learn exactly how burial insurance companies assess the risk of CHF, your options, and how YOU can find the best final expense plan possible.
The Truth About Burial Insurance with Congestive Heart Failure
We know that a lot of people may think it’s not possible to get coverage based on what they’ve been told by a friend or family member. So, we want to get that addressed right away, you CAN get coverage. Furthermore, you won’t have to pay through the roof prices compared to a healthy individual (If CHF is the only health issue). You may not get the rock bottom prices, but you shouldn’t have to pay the same as a high-risk person would.
The best thing to do is contact us so we can get the details from you, so we can determine what you are in fact eligible for. We want to find the best options for you, and then you can decide what you feel is best for you and your family.
We also have some good news for you! You will not have to take a medical exam, and we will not need you to provide any medical records. The only thing you’ll have to do is fill out a health questionnaire.
Your Best Options When You Have Congestive Heart Failure
There are several health issues you can have that can really make this part overwhelming due to the options and various factors to be considered. For CHF, it’s extremely simple and straightforward. There are really only two final expense companies you need to be concerned with. These two represent your best and cheapest options among all the carriers out there. Not all insurance companies will be okay with you CHF but these two will have the least issues with it AND still offer coverage at an affordable price.
Between the two, you’re still going to have to pick which option fits your situation best. Do you want to pay a slight bit more for some form of immediate protection or do you just want the absolute cheapest price?
With Assurity, if approved, this plan will pay out 40% of your death benefit if you die within the first year. If you pass away during the second year, they will pay out 75% of your death benefit. Of course, it you passed from an accident that would be 100% from day one.
With Gerber Life, it’s a guaranteed issue no health question policy. There are no questions or medical checks. They issue the policy immediately, but it comes with a full two-year waiting period. If you pass during this time, they will refund 110% of your premiums.
Final Expense Underwriting For CHF
Underwriting is just a term that mean the insurance company is trying to analyze how much risk they’re taking on by offering you coverage. That said, there is not a single company that won’t ask about congestive heart failure on their application. They will also be on the lookout for certain medications that would suggest a person has CHF. This is because CHF absolutey creates a higher risk situation. Some may view it has a moderate risk where others will see it as so high risk, they may not even offer coverage (this is why we already mentioned the two companies above).
The question on the application will ask if you have ever in your life had or been treated for CHF. The reason is simple. CHF is permanent and cannot be cured. If you ever get it, it’s guaranteed to be with you for the rest of your life no matter what.
How They Respond to Congestive Heart Failure
Every company is a bit different in how they respond to heart failure. With that, there are only a few possible reactions they could have. At the end of the day, we would place you with whatever carrier responds the BEST.
A) They Will Flat Out Decline You
This is by far the most common response companies will employ. Most companies will have heart failure in their list of immediate decline conditions.
B) They Will Offer You A Return of Premium Plan
Basically, they are going to charge you a MUCH higher premium and give you some type of waiting period (usually 2-3 years). There are almost no scenarios where this option would make sense for someone because the Gerber Life option, we mentioned earlier is going to be cheaper 99.9% of the time. We say 99.9 because I can’t fully know for sure if you’ll find a cheaper option, we just know that we’ve never seen it once in the decade we’ve been helping people with insurance.
C) They Will Offer You Partial Coverage
As of this article, Assurity is the only company we know of that offers any form of immediate protection to someone with CHF. Essentially, you will pay a higher premium compared to a healthy individual (15-40% more), and part of your benefit (40%) will pay out if you die within the first year. During the second year of your policy, your payout would increase to 75%. If you can qualify with a company that offers this plan, or experience says this plan is worth the extra cost to have some type of coverage today.
If you are or have been on any of these medications, expect insurance companies to look at you as a CHF patient.
The medications below will also send a big red flag to the insurance carrier and they will probably assume you have CHF as well. Remember, each company is different but if you are or have been on any of these, expect most of the final expense carriers to view you as a heart failure patient.
• Bumetanide (Bumex)
• Edecrin (Sodium Edecrin)
• Ethacrynic Acid
Of course, there are also prescription combinations that will ultimately suggest heart failure to some funeral insurance companies. The medication combos will always contain at least one water pill like Lasix, Furosemide, or Hydrochlorothiazide. Then they will look to see if you are on other serious blood pressure/heart medications like Coreg, Carvidelol, Metoprolol, Divoan, Lisinopril, or Lopressor. If you or someone you know takes these combinations and doesn’t have CHF, they should contact their physician immediately to better understand why they’re on that. Because the final expense company is going to assume the worst.
How To Find The Best Burial Insurance With Congestive Heart Failure
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.