At any point in this article you can use our quick quote form or speak to an agent by calling us a call at 888-519-9119
Most websites about life insurance will tell you that securing affordable burial insurance with a defibrillator is really hard or not possible…
Having a defibrillator does not automatically mean high burial insurance premiums.
The reality is, we can help you find a final expense life insurance plan that doesn’t break the bank. We have assisted many folks with defibrillators, and we will show you how we were able to help them, so you learn the secrets for yourself.
In this article, we will reveal how funeral insurance companies underwrite this issue, what options you will have, and how you can find the best burial insurance policy for you and your family.
The Reality of Burial Insurance with A Defibrillator
Ironically, for all the hype about it being difficult, you will find that it’s extremely rare for any burial insurance company to even ask if you have a heart defibrillator implant. With that, even if an insurer does not specifically ask if you have an ICD, it could have an effect on the underwriting process.
In most cases, having a defibrillator will have no effect whatsoever on your burial insurance application. There are lots of final expense companies that won’t even ask if you have one. In the life insurance world, if they don’t ask, it means they don’t care.
Yes, there are some companies that view a person with an ICD as higher risk. But a defibrillator will usually only present an issue of some kind is if you recently had it installed.
The Good news is that NO final expense life insurance policy will require you to endure a physical or medical exam. There’s only going to be a health questionnaire on the application.
Underwriting is just a fancy term for the insurance company using a process to determine the risk level of offering you coverage. The process of underwriting can be asking questions, pulling prescription history, etc. This is all done to determine how much risk they’re taking on. In general, each company has their own process for underwriting but there are also certain conditions that across the board, the insurance companies care about.
Once we learn you have a defibrillator, there will be some specific questions we will ask so we can start to narrow down which company is going to give you the best deal. To do this, we need to determine what effect, if any, your defibrillator will have. Here are the questions we will have for you:
1. When was your defibrillator installed?
2. Have you had a battery change? If so, when was the last one?
3. What caused you to need a defibrillator?
4. What other health conditions do you deal with, if any, and what medications do you take?
These four questions will give us all the information we need to give you a clear picture of what to expect.
The biggest issue at hand will be WHEN your ICD was installed. Every health questionnaire will specifically ask about having a recent heart or circulatory surgery. In almost all cases, every burial insurance application will ask about heart or circulatory surgeries within the last 12 months or the last 24 months. You will rarely ever see them go beyond the 2-year mark. Having an ICD installed will fall into the definition of heart/ circulatory surgery.
Here’s what you should expect
If you’ve had a recent heart or circulatory surgery, it will have an impact on what you pay, and whether or not you receive a waiting period on your policy. Remember, the insurance company isn’t concerned with the ICD, they’re concerned with the recent surgery that effects a major part of your body. Below you will see how the installation date of your ICD has an impact, if any.
1) ICD Was Installed Within the Last 12 Months
In this circumstance, you will pay a higher monthly premium and you will have a two-year waiting period on your policy. Unfortunately, there is no way to avoid this. Thankfully, you can still get coverage, and it won’t even cost you a ton more. Usually, your price will be about 15-30% higher than what a healthy person would pay.
2) ICD Was Installed Over A Year Ago, But Within the Last 2 Years
Luckily, some burial insurance companies only look back one year on heart and circulatory surgeries. With them, you will qualify for their lowest rates and immediate protection since your ICD was installed over a year ago.
3) ICD Was Installed Over 2 Years Ago
You will easily obtain a level death benefit from nearly all funeral insurance companies. Your rates will be as low as they can get, and you’ll have 100% coverage from day one of your policy.
How About Battery Changes?
A battery change involves a simple outpatient surgery that is relatively minor. The truth is that some insurance carriers will view this procedure as a heart or circulatory surgery and others won’t. If you’ve recently had a battery change, our best strategy will most likely be to simply find a company that doesn’t view a battery change as an operation.
How To Find The Best Burial Insurance With A Defibrillator
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.