Insurance will help people deal with risk. It does not matter what the financial threat looks like or the impact it may have, there is no doubt that a policy will make any financial loss smaller. Health conditions are matters that can influence the insurance premium, however. Insurance companies do not want to take on unnecessary risks because these result in substantial claims having to be paid. Because of a chance of a sizable death benefit claim, life insurance companies will consequently charge higher premium rates for various types of poor health. In this article, we will discuss getting burial expense insurance for those who have a pacemaker.
Cardiovascular disease, in any form, is a severe risk in the eyes of insurance companies. Life insurance companies are concerned because heart attack and stroke can result in immediate death. There are waiting periods with some insurance policies but once those days are over, the full death benefit must be paid. Higher premiums mitigate financial risk and people with health conditions must remember that as they go shopping. Something that is an anomaly is the pacemaker. This is a lifesaver, but it does impact life insurance costs.
The Role of the Pacemaker
The pacemaker has improved the lives of many with cardiovascular problems. It has allowed millions to enjoy a healthy life with a device that keeps a damaged heart functioning properly. Many are concerned that having a pacemaker will prevent them from buying burial expense insurance. The worry stems from the health questionnaire required of the insurance applicant.
Insurance companies that provide life insurance, whether it is a whole life or term life insurance policy, can insist on the health questionnaire being completed. Within the form are specific knockout questions. These are the inquiries which, if answered in the affirmative, can either disqualify someone or force them into an insurance category with higher premiums. Cardiovascular disease is a primary area for knockout questions.
An applicant must understand that certain health conditions pose a financial risk for the insurance company. It isn’t arbitrary, but the result of underwriting insurance guidelines. Lying on a health questionnaire is a big mistake. Insurance companies will check other sources of information to determine whether the applicant is telling the truth. A deception will cause the policy to be revoked almost immediately.
Where Does the Pacemaker Fit in the Scheme of Things in Burial Expense Insurance?
Insurance companies are not shy about those health questions. They want answers, and they expect responses to be accurate. Cardiovascular conditions, including the use of a pacemaker, raise a serious red flag to any company selling burial insurance.
The insurance company wants to know about the present and the past. This can include when you had any surgery (Insurance companies will also ask what medications you are taking. That information helps detect if an applicant has a heart problem).
It is not true that having a pacemaker will automatically disqualify someone from getting burial insurance. It is how an applicant is equipped with a pacemaker that draws the attention of a burial insurer.
A universal health condition question is if a person has had recent heart or circulatory surgery—the definition of recent means within the last 12 calendar months. Installing the pacemaker is considered by many burial insurance companies as heart or circulatory surgery.
It is the way a pacemaker is installed. Pacemaker installation involves invasive surgery. Wires will be threaded through a vein all the way up to the heart’s right ventricle, and these leads are used for monitoring the heart rhythm. Once it is determined that the wires are correctly working, they are connected to a pulse generator. That pulse generator is inserted under the skin right below the collarbone.
The procedure is not a simple outpatient process. An individual has to stay in the hospital for at least a day so that healthcare providers can confirm that the pacemakers is working correctly and can make any adjustments needed.
Because of the way it is installed, an insurance company will refer immediately to its underwriting guidelines. The company rules will determine if a person is denied insurance or is forced to pay higher than average premiums. It might seem unfair, but that is the way things happen in the insurance industry. Anything that might appear to be high risk will have a corresponding high premium attached to it.
Degrees Of Cost
Insurance companies are not trying to gouge anyone who happens to have a pacemaker. It depends on how long an individual has had a pacemaker. The longer a person has an operating pacemaker, the lower the premiums can be. For example, if a pacemaker was installed more than 24 months ago, a person can expect a low monthly premium and, depending on the insurance, coverage that begins on the first day.
A pacemaker that has been installed more than 12 months ago, but less than 24 months, will result in a larger premium and perhaps a waiting period before a person gets full coverage. Usually, that wait is 24 months.
A final possibility is if the pacemaker was installed in the last 12 months. That is the most expensive situation; there is a high premium and a waiting period. The premium can be up to 30% more than an ordinary insurance policy. If the insured dies within the waiting period, the beneficiaries will usually receive all of the premiums paid to that point along with some interest added on top.
People who have had a pacemaker for more than 24 months might have that device replaced. It doesn’t matter to some of the insurance companies. The underwriting guidelines of these establishments consider a replacement the same as a circulatory and heart procedure. The applicant will be required to accept a higher premium and a waiting period. This can be very annoying to any person who is trying to get burial insurance. It is a sticking point that can convince some people that getting burial insurance is a bad idea.
That isn’t true. Burial insurance is essential and an important part of financial planning for senior citizens. But it is understandable, however, if anyone with a pacemaker feels discriminated against for having a device that is recognized as a lifesaver.
Sometimes You Need an Interpreter
The health questionnaire is the most frustrating part of buying insurance. The language of the survey can make anybody wish they had an interpreter close by to explain things. People do not understand the terms and many times make a mistake in filling out the questionnaire. There can be quite a few questions about heart and circulatory matters.
Some of these are innocuous, but others are bona fide knockout questions. What is sad about this is that people will forgo affordable insurance due to anxiety over the health questionnaire. They will resort to guaranteed acceptance insurance that doesn’t have questionnaires. That same insurance charges some of the highest rates in the industry.
It is easy to overlook any rules on pacemakers when shopping for burial insurance. The guidelines are often buried in the underwriting rules and go unnoticed. The consequences can be an application is rejected and the insurance application denied. It’s frustrating, but being disqualified for a pacemaker can be avoided.
An insurance shopper ought to take advantage of an independent insurance agent’s services. These are the kind professionals who are very familiar with the health questionnaire. Their insights make the buying process much more straightforward.
Insurance professionals know where to look. Any pacemaker restrictions a burial insurance policy has can be quickly identified. The agent will then direct the buyer to another insurance company.
This service is in addition to sourcing a policy that fits a person’s coverage needs. Funeral expenses can be high or low, depending on the ceremony and services an individual would like to have. Not everybody understands the individual costs. The insurance agent will go over the items of a burial expense so that a person has an idea of how much coverage he or she should have (please understand that the agent will not pressure anyone to have one type of ceremony over another. It is the client’s right to decide).
We Are Here to Help You Get Burial Insurance with a Pacemaker
As an independent insurance agency that has served many people seeking burial insurance, we know the health questionnaire can be hard to understand. We will gladly explain what the questions mean and the confusion.
Underwriting guidelines are not easy to understand. We do the research to uncover how a pacemaker can affect coverage. However, we can’t guarantee a person with a pacemaker can avoid higher than average premiums, but we intend to locate those companies that are reasonable. We will search the market to find a company that charges a pacemaker holder reasonable burial insurance rates. In addition, we will look carefully to find an insurance company that only has a 12-month look back on any pacemaker installation. We see no reason for someone who had a pacemaker installed almost two years ago to pay a penalty in higher premiums. Changing a pacemaker battery is due diligence that lowers the risk a person presents. We don’t feel that insurance companies should consider such work as additional surgery.
Our investigation will try to find an insurance company that accepts the idea of battery changes being a smart idea that does not justify a premium rate hike. Immediate coverage will be a criterion for us in working with a client. We will search the market to find a company that charges a pacemaker holder reasonable rates.
Anyone who is looking for burial insurance wants a policy that covers expenses and pays a benefits claim. The term limit for some companies is unreasonably low. We steer our clients away from those insurers. The financial condition of an insurance company influences the ability to pay claims. Those insurers who have a strong balance sheet are what we will recommend.
We will not overlook guaranteed acceptance insurance if a company’s premium is lower than the standard policy cost of another insurer. We want the client to have the best coverage at the most reasonable rates.
Furthermore, the duration of the coverage should be as long as a client wants. We will investigate several insurance companies and provide our clients with a selection of insurance options. What the client wants is what a person will get.
Social Distancing is Respected
Elderly insurance seekers are worried about coronavirus. They want social distancing, and we honor the request. It is easy to conduct business at a distance. We will not hesitate to use videoconferencing, telephone calls, emails, and text messages when we work with a client.
Burial insurance is a very sensitive subject. The buyer recognizes mortality; someday, in the near future, he or she will die. There may be a little anxiety in searching for burial insurance, and we understand the emotional side.
We want to assure any prospective client that we hold emotional intelligence as a critical part of selling burial insurance. We listen patiently to what the client wants, and we will not sermonize or lecture this individual. Our commitment is to provide the very best service and help someone fulfill a need. We intend to go the extra mile for any person who wants to buy burial insurance and use our services.
The above are the reasons why we feel that working with us is going to be a smart decision for you. Our experience with burial insurance is considerable and our reputation in the industry is fantastic. Please do not take our word for that. By all means, check with the Better Business Bureau and consumer Internet websites to find out more about us. Check our references and those people with whom we do business. You will discover that we are known for our integrity.
You should never let a pacemaker be the reason why you did not go searching for burial insurance. There are ways to mitigate any problem that a pacemaker might present. The insurance market is quite large and there are many insurance companies out there. We are convinced that we can find the right one for you. If you have an interest in our services, please feel free to contact us at your convenience. A conversation with the appropriate social distance can be arranged and we will gladly answer any questions that you might have. That includes any questions you might have after our meeting; we provide full information on our services.
We would welcome the opportunity to be of service to you.