Finding out that you have a heart condition and need to be on blood thinners such as Warfarin doesn’t have to be devastating. For many people, a full and happy life can be lived when on blood thinners like coumadin, but there may be other ramifications. Especially when it comes to getting various types of insurance. Many people worry that once they’ve been prescribed Warfarin, they may not be eligible for final expense insurance, but for most, they can still qualify for various policies and can even get affordable rates.
In this article, we’ll discuss what Final Expense Insurance is, and how you can still find an affordable policy when you’re on Warfarin. It really is possible!
What Is Final Expense Insurance?
First of all, you need to know exactly what final expense insurance is. This type of insurance is designed to help people and their loved ones cover the costs associated with the end of their life. Often, funerals and burials can be astronomically expensive. Though less expensive, cremations and memorial services can also be expensive. Depending on the requests that you have for the end of your life, your funeral could cost between $7,000 and $12,000. This can be a huge burden on your family and your other loved ones.
In order to determine how much final expense insurance you may need, you’ll have a number of considerations to make, including:
- Would you like to be buried or would you like to cremated? A funeral with a burial generally costs more than a cremation. With a burial, you’ll need a coffin and the actual burial process usually is costlier than the cremation.
- Will there be a big gathering with food and drinks? A smaller ceremony with fewer people and fewer refreshments will obviously not cost as much as a large funeral with a service and drinks and food for everyone.
- Do you have other medical bills or conditions? These bills will pass on to the ones you love once you have passed away. It’s imperative to have the proper amount of end of life insurance to cover the costs that you have left behind.
As you can see, it’s important to plan ahead for how much final expense insurance while on blood thinners you will need. Then, you can start finding the most cost-effective plan out there.
Burial Insurance on Blood Thinners
For those who think it’s not possible to get burial insurance on blood thinners such as Warfarin, you actually can. Some insurance companies may not approve you or will charge you astronomical amounts, but any quality insurance company will ensure that you get an affordable policy and will approve you, even if you are using medications to thin your blood.
There are various types of end of life insurance available to customers of all walks of life. Depending on any pre-existing condition, you may or may not be eligible for one or both of these types of insurance. First, let’s look at what exactly an end of life insurance plan is.
End of life insurance, or final expense insurance, is a type of whole life insurance. This life insurance is essentially a policy that is purchased as a small life insurance policy. The money is used to cover funeral and other end of life expenses. Premiums are typically affordable, and do not require a medical exam. The premiums never increase throughout your life, and death benefits never decrease, either. These policies cannot be cancelled, even as you get older, either. The great thing about these policies is also that if your beneficiaries have money left over after carrying out your end of life wishes, they can use this money however they see fit. So, you’re leaving behind something special for your family or loved ones after you are gone.
As Long as You Don’t Have Current Health Issues, These Policies Typically Have No Waiting Period
However, for those with a pre-existing condition, there can be waiting periods of several years, so you have to wait until you’ve reached the two-year mark for the benefits to kick in. The premiums may be higher than for someone who is in perfect health, and you may find that the plans just aren’t as good as they are for people who are not dealing with any health issues.
When it comes to applying for final expense insurance when you are on Warfarin, it’s important to remember that you must disclose this information when you are applying. Certain health conditions are flagged by insurance companies when you apply, and if you have them, you might be denied. Blood thinning medication isn’t always an automatic denial, though. Many patients will find that companies are not concerned that they want final expense insurance when they are on blood thinning medication and they have no problem getting their benefits from day one.
Some people, however, may be offered higher premiums or be put on up to a two-year waiting period if they are on blood thinning medication. This occurs sometimes because the patient has not been on the medication long, or because of the condition that has caused them to need to take blood thinning medication. Whatever the reason, sometimes patients may end up paying more when they are on blood thinners.
However, if you are in this boat, you just need to do a little research to find a quality insurance company that won’t charge you extra or make you wait if you want final expense insurance on blood thinners. You just have to do your research and look for reputable companies. Many of them won’t even bat an eye at a condition where the consumer is on blood thinners. It might take a bit more research, but you can find a company like this. You just have to shop around and compare and contrast to find the best, most affordable option for you. Once you’ve found one, you’ll be glad that you took the time to do your research and didn’t just go for the very first available option.
Make sure you don’t just call and sign up with anyone because they have a celebrity endorsement (Alex Trebek) or some nice looking young door to door salesman comes a knocking at the door.
We believe the best way to get the coverage you want at the price you want is to call someone like us, who works with a myriad of carriers and can provide you the most experienced and cost effective result.
To put it simply, you can end up paying almost DOUBLE for insurance if you talk to the WRONG people.
On the other hand, we are the right people …
Gary P. Cubeta
(Serving Americans In All 50 States)