A common misconception among those who have an illness or disease, or who are being medically assisted in some way, like those who are oxygen. It seems that it can be impossible to get final expense insurance when you are on oxygen. But, there’s a little secret that many don’t know: You CAN get burial insurance when you are on oxygen, and it can be affordable. You have to shop around and make wise decisions when it comes to selecting the policy you need.
What Is Final Expense Insurance?
Commonly called burial insurance or funeral insurance, this type of insurance is usually just a small whole life insurance policy that a family can use to cover the costs of a loved one’s funeral expenses. When you pass away, and you have this type of life insurance, it will pay out to your beneficiary, who can then use the funds to cover the cost of your funeral, end of life ceremony, burial, cremation, and other expenses incurred once you have passed away.
Before you purchase your final expense insurance on oxygen, you’ll need to carefully plan what you want your loved ones to do with your body and how you want them to honor you after you have passed. Google is your friend here, as you’ll want to research how much the cost of a burial is, how much a particular gravestone costs, and how much caskets will be. Write out a framework for how you want your body taken care of after your death, and how you want to be remembered. Maybe you want your ashes sprinkled in your rose garden, or perhaps you want to be buried in your favorite outfit with your favorite book. Whatever your wishes are, it’s important to write them down and research their costs, and then select the most affordable final expense insurance policy that you can find.
A lot of people don’t like to think about the eventuality of death, especially if they have been ill. For those who are on oxygen, there’s the added layer of worry as to whether they will even be approved for final expense insurance while on oxygen. While there might be more hoops or more costs for you, anyone can get the peace of mind that comes with having burial insurance for when they pass away. We all deserve to have the funeral that we want, no matter how big or how small, so taking the time to shop around and plan will make having those wishes met even easier.
Will You Be Denied if You’re on Oxygen?
While many people think that there is absolutely no way that they can get end-of-life or final expense insurance on oxygen, this is not true. There might be some limitations to the type of policy that you can get if you are on oxygen, or you may not be covered from day one.
Every single burial insurance provider will ask you if you are on oxygen. In almost all cases, pretty much unless you have sleep apnea, the insurance company providing final expense insurance will not be able to grant you immediate burial insurance. These types of life insurance policies that begin immediately typically require a health exam and you must pass this exam with flying colors. Unfortunately, if you’re on oxygen, it will be difficult to pass this health screening. You will be asked explicitly during your questionnaire if you are on oxygen. If you do not have sleep apnea and you are on oxygen, you will not pass this part of the test.
If you are on oxygen and do not have sleep apnea, however, you can get final expense insurance, you might have to wait a few years before it is effective. This type of insurance is called a guaranteed issue life insurance policy.
Why A Policy for Final Expense Insurance on Oxygen?
A guaranteed issue policy requires that you pass an age and mental health capacity assessment, but there will be no health exam or other health evaluations required. These policies are guaranteed to payout if you do not pass away within 24 months of the policy becoming effective.
For many people, the costs of this type of end-of-life policy can be daunting. They are typically 15-50% more than other types of non-guaranteed life insurance policies, but since those aren’t an option for those individuals who are on oxygen, it’s a necessary cost.
Expect to pay more for premiums if you get final expense insurance while you are on oxygen, and also expect that you will not find a policy that pays out if you pass away before the initial 24-month period ends.
One of the perks of this type of burial insurance is that if you do pass away before the end of the 24-months, the amount that you have paid in premiums will be refunded 100%, along with a 10% interest payout. This ensures that the ones you love will at least get some amount of money to carry out your end of life wishes.
Is It Worth It? For many who are looking at getting final expense insurance while on oxygen, the thought that they will be paying much higher premiums and are not guaranteed a payout in the first 24-months seems like it will not be worth it to purchase. Is this true? Absolutely not. Even though you will not get the full coverage amount, your loved ones will still receive something, plus 10% is a considerable amount of interest as well. And if you live past the 24-month initial period, your beneficiaries will receive the full amount that they need to honor your death properly and as you wish. It might seem unfair that you will have to pay more for insurance premiums if you’re on oxygen, but in the end, it truly is worth it for the ones you love.
Gary P. Cubeta
(Serving Americans In All 50 States)