Acquiring burial life insurance for dialysis patients can be a challenging task, especially for applicants who have progressed into chronic kidney disease (CKD). Choosing the right policy in this area, however, can be challenging specially if you barely have any idea about the best providers and coverage with the plans.
Kidney dialysis is an expensive treatment costing a patient thousands of dollars ranging from three to five days’ treatment sessions a week. In case you lack monetary coverage for the treatment, kidney dialysis can seriously disturb your finances. Purchasing burial insurance with kidney dialysis as a rider can be the best decision you can think of to relieve treatment stress.
Why Do You Need Burial Insurance If You are a Dialysis Patient
Dialysis patients undergo extensive treatment. Burial insurance in this regard relieves a patient from the stress of funeral services. A funeral package includes the cost of the funeral director. It will help you to ensure you are not wasting time and money on unwanted services.
Burial insurance for dialysis patients is available at affordable prices with a variety of options to choose from based on your needs. It prevents your loved ones from the burden of paying for a funeral. Besides, finding a family member or a friend who can take care of your burial services, cremation, or visitation services may not be an easy task if you are going through dialysis treatment.
Getting burial insurance can therefore be the best decision you can make for getting the fundeal sevices covered with ease. This will also relieve your loved ones to worry about these issues while struggling with their health concerns.
Burial Insurance After Stent Coverage
A burial insurance policy covers the cost of funeral services, cremation, burial, or any other disposition of your remains after a diagnosis of renal cell carcinoma. Also, it covers the cost of ancillary services such as casketing, embalming, and memorialization.
You should be aware that your home health care coverage does not cover the costs of obtaining a burial plot or cemetery site. Your healthcare practitioner or funeral home may be able to assist you, but Medicare coverage does not cover those services.
So, even if you are past the age of 85 and diagnosed with these, we can assist you.
Burial Insurance Underwriting for Dialysis Patients
Most of the insurance companies ask you for underwriting information. They usually ask about your general health and if you are going through any illness. During the process, they also inquire about your medication history. With this information, they try to figure out how likely you are to develop a disease, such as heart disease.
Inquiring About Your Health
Knowing your health is a primary concern for an insurance company. Most burial insurance companies ask about these questions in multiple ways. You can encounter the following questions while applying for dialysis:
- Have you ever had or been recommended dialysis?
- Have you ever experienced a kidney problem?
- Have you ever been told that you have kidney failure?
- Are you currently on dialysis?
- If so, how frequently do you have dialysis and what treatment do you receive?
- Do you know someone who can perform a blood test to prove renal function?
- How long have you been a dialysis patient?
- Are you taking any kidney disease medications?
- Have you ever been hospitalized due to kidney problems? If so, how long did it last, and what were your symptoms?
- Have any members of your family perished as a result of kidney disease? If so, how old were they when they died, and what caused their death?
Answer to Your Application Request
Insurance companies will take one of two actions depending on how they respond to these questions. If a corporation accepted you, it will give you a high-priced plan with a waiting time.
This is called a Graded or Modified policy. Most life insurance companies, regardless of how they ask, will deny coverage to those who answer “yes” to the dialysis question.
If you are receiving or have recently received dialysis treatment, you cannot obtain coverage without a waiting period.
How Much Does Life Isurance Cost?
Cost of Burial Insurance for Dialysis Patients
Burial insurance costs vary substantially based on your circumstances. You might expect to pay more than $300 per month if you have heart disease or another chronic condition. If you have a pre-existing ailment, such as kidney failure, your rates will be higher.
Because Medicare covers burial insurance and kidney dialysis, no monthly payments are required. However, if you require additional coverage for funeral expenses, we have several solutions for you.
Benefits of Burial Insurance for Dialysis Patients
1. Save Money
Burial insurance can be up to 50% cheaper than a typical burial. If you already have a plan in place for your loved one’s last resting place, you may simply need to purchase the additional coverage required for their final interment.
2. Cremation
If you choose cremation, consider including a burial option that pays for the final disposition of ashes or remains. If you or a loved one is not religious and does not want to be buried or have their ashes spread at sea, this option may be beneficial.
3. Protection in an Emergency
If a hospital pays an emergency claim due to an illness or accident, it may have difficulty doing so unless additional money is obtained from another source.
You can assist them by getting burial insurance with an emergency clause that permits them to pay in advance if unexpected expenditures related to a loved one’s death arise. At the same time, they remain alive (for example, medical costs).
4. Funeral Expenses
You can also utilize funeral expenditures to get a refund on life insurance premiums paid before your loved one died. You can also use this amount to settle debts or cover funeral costs.
Consider a life insurance policy with an expedited benefit rider, which pays benefits if you are diagnosed with a terminal illness with a life expectancy of 12 months or fewer.
This can assist your loved one in obtaining cash to pay for final expenses, as well as reducing the overall financial strain on their family.
Disadvantages of Burial Insurance for Dialysis Patients
1. The Graded Death Benefit
Every guaranteed issue life insurance policyholder faces a graded death benefit. This is the time you must wait before you are eligible for full coverage. This waiting period is typically two years, but can be as long as 2.5 years with some carriers.
If a policyholder dies naturally during the graded period, such as kidney failure, the beneficiaries will receive only the premiums paid to date. In addition, they will receive some interest. The interest rate is normally 10% to help with last expenses, which means beneficiaries receive 110% of their premiums.
There is one exception to this and that is if death occurs from an accident. For example, let’s say you are in a car accident during the graded period. If this happens, your beneficiaries will receive the full policy amount.
Here is a tip for you. It’s really important to begin working through the graded period as quickly as possible. This is in your and your beneficiaries best interest. When you’re on dialysis, it would be smart to get coverage ASAP.
The quicker you get through the two years, the faster your family will receive full protection.
2. Limited Coverage Amount
Because of the nature of guaranteed issue life insurance contracts, the greatest insurance companies can only provide a limited amount of coverage. A no-questions-asked policy typically provides $25,000 protection for renal dialysis patients. This amount, in our expert experience, will cover the majority of last expenses, such as cremation or burial services. In addition, it will cover other minor details.
$25,000 coverage may not be enough to cover rising medical bills or other ongoing debts, but something is always better than nothing for your loved ones. The majority of our dialysis patients agree that some coverage is preferable to none.
FAQs about Burial Insurance for Dialysis Patients
Q: What is burial insurance for dialysis patients?
A: The purpose of burial insurance for dialysis patients is to offer financial support for funeral and other end-of-life expenses. It is a type of life insurance. Dialysis patients and their families can rest easy knowing that there will be resources available to cover expenses in the case of the patient’s passing, thanks to this sort of insurance.
Q: How much does burial insurance for dialysis patients cost?
A: The price of burial insurance for dialysis patients varies based on the patient’s age, the kind and extent of coverage required, and the length of the policy, among other considerations. In general, the price of burial insurance is determined by the death benefit or the sum of money that will be paid out in the event that the insured passes away.
Q: Is burial insurance for dialysis patients available to everyone?
A: No, not every dialysis patient is eligible for burial insurance. Insurance companies often require applicants to meet certain health requirements. Additionally, due to pre-existing diseases or other medical concerns, certain dialysis patients may not be eligible for coverage.
Q: Who pays for burial insurance policies?
A: The majority of the time, the policyholder pays the premiums for dialysis patients’ burial insurance. These premiums may be paid monthly or annually, depending on coverage.
Q: Are there any other benefits associated with burial insurance for dialysis patients?
A: Yes, many burial insurance plans for dialysis patients come with extra perks like expedited death or living benefits. While the policyholder is still alive, living benefits offer financial support and can be used to pay for medical bills or other costs related to end-of-life care. A portion of the death benefit can be accessed while the policyholder is still living thanks to accelerated death benefits.
Expert Life Insurance Agent and health insurance agent
Dylan is your go-to guy for life and health insurance at InsureGuardian. He’s helped over 2,500 clients just like you figure out the best insurance plans for their needs. Before joining us, Dylan was sharing his expertise on TV with Global News and making a difference with various charities focused on health. He’s not just about selling insurance; he’s passionate about making sure you’re covered for whatever life throws your way.