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Tips For Disabled Veterans Shopping For Life Insurance
Want to know your options for life insurance as a Disabled Veteran? Stick around. Here we’ll cover a couple of different circumstances, depending on where you stand as a military veteran.
We’ll go into a deep dive on related factors. We’ll show you how those factors allow you to get life insurance coverage as a partially or fully disabled non-service veteran.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Today’s Topic Overview:
- Service General Life Insurance & The Veterans Group Life Insurance
- The Main Factors That Life Insurance Companies Consider
- Top 10 Reasons Why People Buy Burial Insurance
- Case Study Examples
- Stories From The Field
- Burial Insurance Rates, Age 40 to 90*
- Next Steps
Service general life insurance & the veterans group life insurance
When you leave the military, you have approximately one year and 120 days to transition your SGLI life insurance to your VGO ally program.
Within that program, you have the option to pick up life insurance coverage at an affordable rate. You can carry it with you as a private individual policy.
Say that you are a service-disabled veteran less than 65 years old. If the premiums haven’t been waived then you can apply for up to $30,000 in premiums. You are also potentially eligible for $10,000 in coverage.
The program mentioned above is the only specific veterans’ focus life insurance program that can give you a better overall package than that which you could find through a normal life insurance process.
The main factors that life insurance companies consider
This article will focus more on partially or fully disabled veterans who wouldn’t fill in the descriptions above. Throughout this article, I will be focusing on the factors that a life insurance company will weigh in when determining your eligibility for life insurance.
Your current health
You may be partially or fully disabled but you may still work to some extent. Your health may be good enough for more life insurance options to be available to you. As with any life insurance application, there will be questions pertaining to your present health condition.
They will want information on the following:
- Heart problems
- Cancer history
- Lung problems such as COPD or emphysema
- Diabetes and diabetic complications
- Kidney problems
- Liver problems
- Stroke history
- Neurological problems like Lupus and multiple sclerosis
- Mental health issues such as PTSD, depression, anxiety, bipolar, schizophrenia
- Cognitive disorders such as Alzheimer’s or dementia
- Medication usage
- Orthopedic surgery history
- Height, weight, and age
These factors are considered in the underwriters’ determination of your eligibility for a life insurance plan.
Being VA disabled doesn’t have to have a negative impact on your ability to qualify for a life insurance coverage for your lifestyle.
When it comes to underwriting, lifestyle refers primarily to how you live your life, less to your health. Examples of lifestyle-related questions on a life insurance application include:
- Do you engage in risky hobbies such as hang gliding or skydiving?
- Do you have a high-risk profession that an insurance company would deem more difficult to insure?
- Do you have a history of alcoholism or drug use?
- Do you have a history of bad credit or driving infractions?
All citizens are asked these. It’s important to be completely forthright and transparent. Your answers will help ascertain the best possible price available to you.
We here at Buy Life Insurance for Burial are dedicated to helping people like you get affordable life insurance. If would like to find out more about your eligibility, get in touch for a free quote. Simply call (888) 626-0439 or send us a message with your contact details and we will be in touch soon.
Top 10 reasons why people buy burial insurance
1.Rates are affordable
Working with a specialized broker like us at Buy Life Insurance for Burial means you get the advantage of choice among a number of competitive providers. This allows us to meet your budgetary needs as well as your unique goals.
2.You love your family
The thought of leaving your family behind to manage finances on a limited budget is scary. That’s why many people buy life insurance – to take care of the ones they love. Burial and cremation are expensive and if you don’t have a large sum of money set aside for these expenses, it can take a toll on your loved one’s finances.
A burial insurance policy can easily solve that problem and give you the comfort in knowing your final expenses will be taken care of.
3.Peace of mind
Peace of mind is really the primary advantage to burial insurance. Once you know you are protected and that your final expenses are covered, you don’t have to worry about how your family will come up with the money to pay for your funeral or your cremation.
Unlike a lot of other plans, you cannot outlive burial insurance. This guarantees your final expenses will be covered no matter what.
For some individuals the cash value of life insurance is the primary focus. After your premium has been paid for a number of years, you can reach a point where you can borrow from the coverage amount, allowing you quick access to funds.
If you have worked hard to accumulate saving over your life time, perhaps do you not want those funds to go toward your final expenses. Having a burial insurance policy in place means your final expenses are covered and you can determine a different role for your savings, such as bequeathing it to your children.
7.Escalating final expense costs
Burial and cremation is an expensive endeavor that none of us can escape. Funeral and cremation costs have dramatically gone up over the past 20 years as well. This rise means as of 2018 you now need on average $8,700 for burial.
A burial insurance plan does a great job of covering this expense and helps you offset any sort of inflationary effect.
If you don’t like getting a physical or having blood drawn there is good news – burial insurance does not require an examination for approval.
In many cases, all we need is an application and access to your previous medical history for the underwriters to make a decision.
9.Rates never increase
Burial insurance plan rates never increase due to age or health. This is good news for those looking to secure life insurance they can keep for the long term.
10.Custom tailored policy
Individual has unique circumstances that can affect their goals and budget for life insurance. A good life insurance agent will tailor your burial insurance plan to specifically meet your personal goals and budget.
Whether that’s to just have enough for a simple cremation or to have a significant amount left behind to cover for a nice funeral. Burial insurance plans can be custom tailored to whatever your goals are, so rest assured you can get the plan exactly as you like it.
If you like what you’ve read so far, give us a call at (888) 626-0439 now to receive a free, no obligation quote and find out more about what you might qualify for.
Talk to one of our friendly brokers who can walk you through the application process and give you a better idea of what your monthly payments could be.
Case Study Examples
Final Expenses Coverage
I met with a Mrs. Perkins a few years back to discuss her need for burial insurance. She was 65 years old and wanted to ensure her final expenses were taken care of so that her husband and children wouldn’t have to pay for her funeral out of pocket.
She did some research and believed that between $7,000 to $12,000 would be enough to cover a basic burial. The only issue was that Mrs. Perkins suffered from COPD. She expressed to me her concern that her health condition would cause her rates to be more than she could afford.
Based on what she was looking for, I was able to shop a number of providers to find a policy that met Mrs. Perkins budget and life insurance coverage goal. She was able to get coverage in place and have peace of mind in knowing her funeral expenses would be taken care of and not be a burden to her loved ones.
If you are worried about final expenses, get in touch to see how we can help. While not everyone will qualify, we do our best to find quality coverage for every person who we work with.
Rate Increase with High Blood Pressure
A client recently reached out to me under a lot of stress because they had dutifully paid on their life insurance coverage for many years when all of the sudden they received a rate increase notification. They knew they couldn’t afford their coverage with the rate increase and so they were looking to find a replacement policy.
There was just one problem – this client had a history of blood pressure problems. They were taking medication to control their blood pressure issue and worried this would have an affect on their application – whether that meant a rate increase or outright denied application.
The good news is that since they decided to work with Buy Life Insurance for Burial we were able to shop a number of competitive providers to find the best combination of price and coverage.
At the end of the day, we can’t promise the same outcome for everyone, but we can promise to do our best to find every individual affordable coverage to meet their goals so that you get as much peace of mind as possible knowing that your loved ones are protected and covered in case you die prematurely.
Do You Smoke?
Smoking has a direct and immediate impact on your eligibility for life insurance. In some circumstances, it will raise your rates by 20% to 30%. It can increase your rates by double. It depends on which companies you work with, their underwriting guidelines, and your other health factors.
Do You Take Medications?
As a VA disabled person, taking medications will have an impact on your ability to get life insurance. A lot of VA disabled people take painkillers or narcotics for anxiety. They take medications that help them deal with the stresses and physical pains in their lives.
With the right kind of life insurance plan, taking medications won’t have nearly the kind of impact on insurability as many would think. There are lots of life insurance company products available that will happily take those combinations of medications, assuming the rest of your health is in tip-top shape.
Exam or No Exam?
Stories from the field
A number of years ago I met a nice couple who lived just outside the Tennessee, Georgia border. This couple had gotten a life insurance policy and had been paying on it for about 6 months when I got word they wanted to talk to a broker about their life insurance.
I visited them in their home and they admitted their hesitation at calling me, as they were satisfied with their life insurance but wanted to see what other options were out there.
When they told me what they were paying each month I explained that they were being overcharged for their coverage. I noticed the wife was especially attentive to what I was saying, but the husband did not seem convinced.
When it was time for me to go, I felt like I had failed to properly convince this couple that they were paying too much for their life insurance. I surprised when I was pulling out of the drive to see the husband step outside and approach my car.
I rolled down my window and he said he wanted to talk to me some more about life insurance, that he felt confused and wandered if I could clarify some things for him. I was of course more than happy to comply.
In the end, I was able to save this couple $300-$400 a year on their coverage. They were happy that they had looked into other options and in the end they were pleased I had stopped by.
This experience reinforced in my mind the importance to work with a broker so that you can get the best possible price, especially if you are on a budget.
Reasons why VA disabled veterans purchase life insurance
For Final Expenses
Many of the people I’ve dealt with have been 50 and older. They’ve served either in Vietnam or the Gulf War. Some served in Korea. They’ve got to the point in their lives where they feel that it’s important to insure against the inevitable expensive funeral or cremation. They don’t want their family to carry those costs. A life insurance plan will pay the funeral home in the case of their demise.
This is a perfect reason to purchase one of these plans. Especially if you as a veteran do not have access to significant funds or savings to pay out of pocket for your funeral and burial related costs. The VA doesn’t provide enough benefits to cover your entire plan.
The VA only offers partial coverage, not fully comprehensive. There are no benefits if you’re buried in your own cemetery or a non-VA cemetery. If you’re buried at a national cemetery then your opening and closing are paid. Your plot is paid. the marker is paid. You get the traditional service member burial service.
Beyond that, you still have to come out of your pocket for expenses. For transportation, casket, embalming, and other factors related to the burial.
For cremation, you get very little at all. Hardly any expense except the $365 benefit if you opt not to take the burial benefits. It’s important that you understand this limitation in coverage. To me, this is justification enough to purchase a life insurance plan that pays for those final expenses.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
For debt pay down
Say that you’re a veteran unable to take advantage of the veterans group life insurance plan. It’s important for you to buy insurance that will take care of any debts or obligations you’d leave behind if you died at an untimely point. The most common of these include mortgages, credit cards, and other types of revolving debt.
Most people, veterans or not, don’t want their spouses and family to have to be responsible for any mortgages or debts left behind. These things act as anchors around the neck of your family. They drag them down financially, inflicting economic hurt, sometimes for a long period of time.
This can be easily remedied if you can qualify for a life insurance plan that can take your economic place when you pass away. It would relieve that burden from your family that you love so much. It allows them to continue with the lifestyle that they are used to and appreciate.
Many veterans buy a life insurance plan because they get into the private sector or public sector out of the military. When they pass away, it’s important to not just pay debts but also to replace their income.
Their family needs to be able to survive without them economically. A life insurance plan provides a lump sum payment to a beneficiary. They can use that money in any way possible. It offers financial help for the family as they get used to the economic reality of losing their breadwinner.
You need a broker. Somebody like us at BuyLifeInsuranceForBurial.com.
We shop in major companies to give an opinion based on your unique situation. We find out the best direction to get you some kind of life insurance coverage in place.
You can reach out to us buylifeinsuranceforburial.com or call us at (888) 626-0439. Let us help you with your life insurance needs.
Thank you for taking the time to read this article. I hope you have found it useful. If you would like to get more information or talk to an expert in the field, feel free to call us at (888) 626-0439 or send us a message.
You will be under no obligation to buy and can have peace of mind in knowing you have taken that first step toward getting protecting those you love should you pass away sooner than expected.