When shopping for a final expense policy, many are seeking to get their life insurance with no waiting period.
If required, a typical waiting period lasts from between two to four years before the full benefits of the policy are paid out to beneficiaries. But it is not difficult for us to find life insurance companies that offer coverage without a waiting period. In fact, we are able to find these policies for the vast majority of our clients.
What type of life insurance has no waiting period?
For final expense, the type of policy that has no waiting period is simplified issue.
This type of life insurance is a form of whole life insurance that is meant for those with mild health issues. You don’t have a medical exam, but you fill out a simple health questionnaire.
Features of this policy are:
- Immediate coverage
- Premiums never increase
- Coverage never decreases
- Coverage doesn’t expire
- No medical exam
Is there a waiting period with guaranteed issue life insurance?
If you have Medicare Part A and Part B, you qualify for Medigap. If you are enrolled in a Medicare Advantage Plan, you are not eligible for a Medicare Supplement policy. Remember that Medicare Advantage Plans are alternatives to Original Medicare. Medicare Supplements, on the other hand, offer supplemental insurance to cover a portion (or all, depending on the plan) of leftover expenses after Medicare pays its share. You can purchase a Medigap policy from an insurance provider who is licensed in your state.
If I have cancer will there be a waiting period?
If you currently have cancer or had it or been treated for it within the last two years, you will have a waiting period.
The only two types that don’t have a waiting period are basal cell carcinoma or squamous cell carcinoma. In fact, final expense companies don’t care about those two forms of cancer at all.
If it has been three or more years since you’ve had or been treated for cancer, there are options out there for you that have no waiting period!
We can usually find life insurance with no waiting period
For the vast majority of our clients, we can find you a company willing to offer a simplified issue life insurance policy.
The key to finding one is to work with someone like us who has access to many companies and knows which ones will work with your health issue and for the lowest available premium.
So, give us a shot and you’ll likely be pleasantly surprised!