Whenever we are faced with medical scares, it can be a very tough time, regardless of whether or not you are going to be just fine. It can be very scary and can also make it harder to get the protection that many patients want in the form of life insurance, or burial insurance. If you are facing these challenges because you have had a mini stroke, don’t feel like you have lost your opportunity to find the coverage that you will need to continue on with your life. You can get burial insurance after a mini stroke. There just may be additional expenses or a longer waiting period than if you do not have any pre-existing conditions.
Why Burial Insurance?
The first question you may be asking of yourself is why you might need to get burial insurance. Is this something that everyone needs? What exactly does burial insurance cover?
First of all, burial insurance, or final expense insurance, is a type of policy referred to as a kind of whole life insurance. It is simply a smaller policy than most life insurance policies. Burial insurance will pay out enough, even for those who have had a mini stroke. It does depend on the amount that you have selected to cover the cost of your end of life expenses.
This can be a very morbid thing for many people to consider, but if you do not think about your options and plan for this type of insurance, the ones you love may end up having to pay large sums of money out of pocket to cover your funeral and burial. The average funeral can cost up to $10,000 if not more, so it’s absolutely vital that you are thinking about this prior to your death. Often times, your loved ones will not have this kind of money up front. It can be very daunting for them to face these large bills, especially during a time when they are also dealing with your grief. Make sure that you are doing everything that you can to ensure that they do not have to go into massive amounts of debt to cover your end of life expenses.
How Much Burial Insurance Will You Need?
This varies on a number of factors. For instance, if you do not want your family to hold a large funeral for you and do not want to be buried, this can help to cut costs drastically and will require a lot less funds than if you did want a large funeral. Another thing to consider is whether you would like to be cremated, which is generally cheaper than a burial, and whether or not you want your family to keep your ashes or spread them somewhere that means something to you.
Essentially, you need to map out exactly what you want for your funeral or memorial, and how you would like your loved ones to handle every aspect of your death. It’s scary to think about and challenging for many to think about objectively, but it is truly important, especially if you have suffered from a mini-stroke.
Can You Get Burial Insurance After a Mini Stroke?
Most people think that the answer to this question is an absolute no, but that is not always the case. While there are some smaller or less open-minded insurance companies who will offer up a resounding no if they are asked to take on someone after they have suffered a mini-stroke, there are just as many insurance companies who will be willing to work with you, regardless of your condition. These reputable companies often look at their patients as real people instead of just numbers in an Excel spreadsheet, and these are the type of companies that you truly want to deal with.
How Can You Get Approved for Final Expense Insurance After a Mini Stroke?
By simply applying! There are a number of different policy types that can work for you, even if you are still recovering from a mini stroke. It is important to note here that there are two different types of end of life or burial insurance. The first type is harder to get, especially if you have any medical conditions. This type of insurance does not have a waiting period, which means that you are approved for it and then are entitled to your benefits even if you pass way within a few days of the policy starting. These types of insurance plans generally require that you are in good health and not recently recovering from a mini-stroke. They often have more affordable premiums and may even have higher payouts.
So, what’s a patient to do if they have suffered from a mini-stroke, but they want burial insurance? Consider guaranteed final expense insurance. This type of insurance offers payouts that will cover the cost of your burial, but they often take up to 24 months until they are effective. This is called a waiting period, and it is often imposed for high risk patients. If you have a pre-existing condition, including having suffered from strokes in the past, in the eyes of the insurance company, you have a higher risk of death in the next 24 months. This means that the probability that the company will have to pay out to you soon is much higher.
For this reason, a guaranteed burial insurance policy will often have higher premiums. However, if you should pass away before the end of the 24-month waiting period, your loved ones will receive the amount of money that have you have paid in premiums refunded. Therefore, there really is no risk for you to sign up for this type of policy. Either way, your beneficiary will receive the full payout if you are past the waiting period, or they will receive the refunded amount of your premiums. Then, they can pay for your burial expenses, so that you can have a nice memorial service. There really is no benefit to not taking advantage of final expense insurance after a mini stroke’. Make sure to do your research and find a reputable company with premiums that you can afford, so that you can give your loved ones’ peace of mind.
Gary P. Cubeta
(Serving Americans In All 50 States)