Burial insurance is a way for an individual to pass with dignity. It is a promise that in the event of your death, the burden of your final expenses will not have to be borne by your loved ones. Most burial insurance policies like Gerber final expense insurance require a two-year waiting period before an individual can reap the benefits.
Unfortunately, the same level of dignity is not offered to people diagnosed with AIDS. This does not mean that there is no avenue for people with AIDS to get funeral expense coverage; instead, they canhttps://insuranceforfinalexpense.com/gerber-life-burial-insurance-review/’t take the regular route like most people. Let’s take a look at the complications of burial insurance for people with AIDS.
Burial insurance is a financial investment for the policy provider. For this reason, they want to assess the risk of a loss if they were to approve your application. If you were to pass away right after taking the policy, then the provider would have to pay the full benefit while having low premiums paid by you.
AIDS has been widely regarded as one of the deadliest diseases faced by man, and if you have it, then roughly 98% of insurance companies will reject your application. Even though the death rate of HIV+ people has plummeted, most insurers deem people with AIDS to be too high of financial risk.
Luckily there is an option that works perfectly for people with HIV. This is known as Guaranteed Issue Life Insurance. These are burial policies that have no eligibility requirements tied to your health. They come with a slightly higher premium, but they do not ask about your medical history.
If you are of sound mind and fall into the required age group, you can avail this policy without any hang-ups. The premiums do not increase, the benefits do not decrease, and the policy will last forever.
There is a minimum waiting period of two years before you can cash in. This is because if you were to die immediately after availing of the policy, then the insurance company is at a loss. After all, you would have made very few payments towards your premium.
However, if the cause of death is an accident, then you get the complete benefit. If you pass before the two year period is up, the insurance company will fully refund the premium, in some cases with added interest.
There are dozens of insurance companies that offer Guaranteed Issue Life Insurance, but how do you know which one to pick? Most of the insurance companies will offer policies that are almost identical to each other.
In situations like this, you should consider the ones that are the cheapest. Well, we’ve taken the three cheapest ones in the market that have the lowest rates in guaranteed issue life insurance policies.
- Gerber Life
- Mutual Of Omaha
According to expert insurance agents like Gary Cubeta from Insurance for final expenses, these three are the cheapest providers available. They don’t have much of a price difference among themselves, but they are considerably less expensive than most policies out there. Some may be less expensive, depending on your age. Gerber final expense insurance may offer better rates for a specific age group than Mutual of Omaha.