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In This Article I’m Going To Discuss The Process Of Qualifying For Life Insurance If You Are A Veteran Of The Vietnam War
Most likely you’re here today because either yourself or a loved one is a veteran of the Vietnam War and you are wondering what options there are for life insurance coverage. If this describes your circumstances, I hope you will find this article helpful.
There are a number of factors that affect insurability, as well as information you will need to know as a Vietnam veteran before you start the application process for life insurance.
This Article Will Cover Important Details You Need To Know, Including:
- Why Vietnam Veterans Should Purchase Life Insurance Coverage
- Stories From The Field
- What benefits exist for Vietnam veterans?
- Government Life Insurance Programs Available For Vietnam Veterans
- How Much Life Insurance Does A Vietnam Veteran Need?
- Top 10 Reasons Why People Buy Burial Insurance
- Factors That Affect Insurability For Vietnam Veterans
- Strategies To Get The Best Price
- Types Of Life Insurance Available For Vietnam Veterans
- Burial Insurance Rates, Age 40 to 90
Reasons why Vietnam veterans should purchase insurance
In most circumstances, people reading this article are concerned about taking care of primarily one or two concerns.
Those concerns are replacing an income and/or paying final expenses. Life insurance is designed to pay a death benefit to the beneficiary of your choice. How much coverage that beneficiary receives and what is done with that amount is totally up to the discretion of you and your family.
What follows here are the two most common reasons why life insurance is purchased and the particular products that do a good job of covering those concerns.
With Vietnam veterans starting to reach an average age of late fifties and sixties, many Vietnam veterans are close to retirement, but still have some obligations such as a mortgage. Debt repayment and income protection is a concern if they pass away before they’ve reached retirement. This is where a life insurance plan can become very useful.
Life Insurance will pay out a lump sum to your loved ones, such as your wife or kids, to take care of final expenses such as your mortgage and other debts so that your family has peace of mind.
This means they don’t have to worry about the money coming out of pocket to pay for final expenses or that they have to struggle to live without your income for the many years to come.
Many veterans are at the age where their main concern is to cover burial and cremation costs.
Most burials average around $10,000 to $15,000 and cremations average around $5,000 to $6,000 according to the National Funeral Director’s Society.
That price continues to go up annually, so a lot of Vietnam veterans decide that it’s important to have life insurance protection to cover those final expenses and guarantee that a benefit will be there so their spouse or kids don’t have to pay the cost of burial or cremation.
We hear at Buy Life Insurance for Burial are dedicated to helping people like you get affordable life insurance whether you use it to cover things such as final expenses like burial and cremation or to replace your income to provide a sense of security to your loved ones. Our job is to help find the most competitively priced option available to you in accommodation with making sure we provide the best value coverage that we can provide. Let us help by providing a free quote. It only takes 10 minutes or less and can be done by phone at 888 626-0439. You can also submit a message to the left hand side of the screen and we will reach out to you within the next 24 business hours.
Stories from the field
Veteran with Diabetes
For Vietnam veterans who have diabetes, it can be difficult in some circumstances to get burial or life insurance approval. For example, we had one client who took an excess of 100 units of insulin a day for his type 1 diabetes. Luckily we have a life insurance carrier that is more flexible with diabetic conditions, especially those with type 1 diabetes who take insulin. We were able to get first day preferred coverage on this particular person because he chose to work with a broker like Buy Life Insurance for Burial.
Those who have lived with diabetes for some years may also struggle with nephropathy, which can prove to be a difficult condition to get coverage for.
We here at Buy Life Insurance for Burial have worked with Vietnam veterans in the past who suffered from diabetic nephropathy and were able to get them a good deal on life insurance coverage.
What benefits exist for Vietnam veterans?
Unfortunately, there are very few significant policies or programs in place to specifically benefit Vietnam veterans with life insurance coverage. If you don’t have an existing life insurance policy that you picked up through the SGLI program, the only other alternative is to take advantage of benefits offered by the VA upon your passing.
Here’s how a VA death benefit works:
The VA offers a life insurance death benefit to pay off certain expenses related to your burial or cremation. If you’re buried in a national cemetery, then the VA will pay for the plot, the opening and closing, and the vault, in addition to the flag ceremony. This accounts for several thousand dollars worth of expense and can take a significant amount out of the average cost for a funeral.
If you opt to be cremated or not to be buried in a national cemetery, you receive in exchange a $360 check payment to your surviving beneficiary of your choice in addition to the flag ceremony.
As far as benefits actively available for Vietnam veterans, these are the only types of benefits that are offered. Obviously even if you’re buried in the national cemetery, there will be additional expenses that you’ll incur, which is why many people purchase a life insurance plan to offset the additional final expenses or to replace an income to further accommodate for some of these expenses.
How much life insurance coverage do you need beyond covering for the difference in a burial or cremation?
Generally speaking, Vietnam veterans need an additional $7,000 to $10,000 for burial and an additional $5,000 for cremation to comfortably take care of those final expenses.
If the goal of the Vietnam veteran is for a life insurance plan to replace income, generally insurance agents like us at Buy Life Insurance for Burial recommend approximately 10 times your annual income earnings to replace your income as well as pay off any debts.
When you pass away, generally 10 times your annual income does a good job of relieving financial burdens, paying off debt, and leaving sufficient monies behind to protect your surviving spouse and family with your earning capacity no longer available.
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 we are able to shop the most competitive companies on the market in order to custom tailor the price to whatever your budget is.If you are someone who is on a fixed income or know somebody who is looking for insurance who is on a fixed income and wants a reasonably priced product to protect against final expenses a burial insurance policy is the perfect solution and we can help you with that.
2.You love your family
The biggest motivation people have for buying burial insurance is that they don’t want their kids or spouse left with any sort of burial or cremation expense.Either you’ve seen it in your life or heard about how expensive it is to take care of final expenses. You don’t want that sort of expense left to your family because you don’t want their last thoughts about you to be one of contempt or frustration.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 outcome of buying a burial insurance policy. Once you know you are protected and that your final expenses are covered you don’t have to worry anymore about who is going to pay for your funeral or your cremation.
Unlike a lot of other plans out there such as term life insurance, a burial insurance policy properly designed is designed to never cancel due to age or health.Simply put, all you need to do is pay your premiums on a monthly basis and your protection covers you no matter how long you live.
For some folks cash value is an important element of the insurance policy. After significant time has passed and premiums have been paid in you are allowed to borrow a portion of the money you put into the plan for whatever reason, such as an emergency expense or something like that.
A lot of people buy a burial insurance policy because they have saved up an amount over time that they want specifically left behind to their children and they buy a burial insurance policy to cover that portion of funeral expense that would otherwise come out of savings.This protects your savings from the potential to be abused by final expense services and allows for a designated policy amount to take care of those final expenses so that you know exactly what is going where.
7.Escalating final expense costs
Many people purchase a burial insurance plan because they understand that inflation has caused funeral expenses to rise dramatically over the past 20 years. In fact if you look back 20 years ago the average expense for a burial was $6,500. Now, as of 2018, that price has risen to $8,700.That’s a dramatic increase over such a short period of time and in all likelihood that increase will continue as time progresses. A burial insurance plan does a great job of covering those expenses and helps you offset any sort of inflationary effect.
One of the greatest things about a burial insurance plan is that they are designed to not require an examination to get an approval. In many cases all we need to do is simply submit an application, allow the companies to review your medical history and then issue a decision.In some circumstances we can get an instant decision literally on the same day. Other times it just takes a few days. Only in rare circumstances does anyone have to take an exam and have to go through a multi-week process to see if they are approved. It’s usually very quick and to the point.
9.Rates never increase
With a burial insurance plan, if you buy the kind that has a whole life insurance element your rates are guaranteed to never increase due to age and health.This is great for those on a fixed income that want the assurance in knowing they have some kind of coverage in place where they don’t have to worry about the dreaded rate increases so many other companies such as AARP or Globe Life have with their insurance plans.
10.Custom tailored policy
Everybody is unique and individual, therefore your burial insurance should be specific to you too.A good life insurance agent will tailor your burial insurance plan to specifically be designed to fit your budget and your goals. 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 and are interested in seeing what you may qualify for regarding life insurance or burial insurance give us a call at 888 626-0439 now to receive a free, no obligation quote. You’ll speak to one of our friendly representatives who are experts in the life insurance field.
Alternatively you can send us a message directly either on the left or bottom side of the screen requesting the information you are looking for and we will get back to you within the next 24 business hours to let you know what your options might be.
Factors that may affect a Vietnam veteran’s ability to qualify for insurance
We’re gonna talk about the six most common issues related to applying for life insurance. These factors may or may not apply to you, but its important to be aware of how they can affect your application and coverage price.
Your health as a Vietnam veteran has a direct impact on your eligibility to qualify for a life insurance plan.
There are plans out there that may not ask health related questions, but ideally you want apply with life insurance companies that asked health questions because generally speaking, the more questions that are asked, the better quality coverage you may be able to qualify for.
The most common questions that are asked include, but are not limited to, the following:
Do you have a history of…
- Heart disease
- Circulatory disease
- Lung disease
- Liver disease
- Kidney disease
- Neurological diseases
- Prescription use
- Mental health disease
- Cognitive memory problems
You may also be asked if you have recently:
- Been hospitalized
- Undergone surgical procedures
These series of questions help life insurance companies determine what you may be eligible for and classify what rate you’ll be charged. Make sure that you’re fully transparent on the health application regarding your health.
Smoker vs non-smoker
If you smoke cigarettes, expect to pay a surcharge or higher price for your life insurance coverage. Smoking does not preclude you from getting life insurance, although it does typically raise your premiums 30 to 50 percent, depending on the company.
However, understand if you smoke cigars, cigarillos, chew tobacco or smoke pipes, you may be eligible for nonsmoking rates that may qualify you for a better overall price. Speak with a broker at Buy Life Insurance for Burial to see what your options are.
If you still work, your profession has an impact on what level of insurance coverage you may qualify for.
If your profession is considered a higher risk, such working on an oil rig, commercial fishing, truck driving, and so forth, you can expect to pay higher rates.
The older you are, the more you pay for life insurance coverage.
This is reason enough to lock in your price as early as possible to makes sure that you don’t have to pay any more than you have to.
The higher your weight ratio, the more you might pay for your life insurance coverage.
Some companies are more flexible than others. Buy Life Insurance for Burial can help you navigate options to help you find the best overall price.
Your lifestyle has a direct impact on coverage rates.
Any of the following items can impact your coverage:
- Traffic violations
- Credit problems
- Misdemeanors or felonies
- High risk hobbies
Strategies to get the best price and coverage for a Vietnam veteran
In this section I’m going to detail several different strategies I’ve employed with my clients who were Vietnam veterans to help them get a better plan for their life insurance coverage. You can use one or all of these to help offset higher prices you’d find elsewhere and ultimately give you a better deal for what you can afford.
Always work with a broker
Brokers have the ability to shop multiple carriers to figure out who’s going to give you the best price and best coverage. This is opposed to what we call a captive agent that works for one company, has one set of options and may not give you the best price and coverage value.
This is important if you’ve had health history problems and maybe one company wouldn’t take you, whereas another one would. Working with a broker can help solve a lot of qualification issues when you are trying to get coverage in place under difficult circumstances related to health, age, or other risks.
Consider taking an exam
Exams may or may not be necessary with final expense plans and some size amounts of life insurance coverage. However, if your size of coverage is significant enough your broker may suggest you take an exam to get a better deal.
As long as you are healthy, exams generally result in a much better price per dollar of coverage than what you’d receive doing what’s called a non-medical exam, where you’re not required to take an exam but the underwriter determines your health status based on medical records.
Consider Term Insurance
Generally speaking, there’s two different types of life insurance products available to Vietnam veterans. Which one you choose depends ultimately on your life insurance goals. I recommend veterans consider term insurance coverage if they are still working and have an income to replace or want to potential pay off debts if they die before retirement.
If you’re at or near retirement and want enough cover to pay for your burial, a permanent plan using a whole life insurance policy or possibly a guaranteed universal life policy is usually the best bet simply because the policy is designed to never cancel due to age or health.
Types of life insurance coverage available to Vietnam veterans
In this section I’ll briefly describe the different kinds of life insurance coverage available to Vietnam veterans and expand on the last section as to how different coverage policies work. I will also cover the pros and cons so you can get a better idea of what would work best for your particular goals.
Term Life Insurance
Term Life Insurance is temporary insurance. It’s designed to offer coverage for a fixed period of time. Usually the premium stays the same and it provides the best amount of coverage for the least amount of money.
The downside of term life insurance is that you may outlive the coverage and if you still need it, you’ll have to pay a higher rate, which makes the plan unwieldy and not sensible to continue. I only recommend term insurance when a client is looking to replace income or pay down debt before someone reaches retirement.
If you’re a Vietnam veteran who isn’t quite to the point of being retired, then I would consider getting a life insurance plan through a term policy set up. Otherwise you might want to look at the other options listed below.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Whole Life Insurance
Whole Life Insurance, unlike term insurance, pays a guaranteed death benefit upon your passing. You may pay for coverage for the rest of your life, or you may pay through what’s called a paid up period where once you reach the end of the pay period, you no longer are required to make payments to keep the policy.
The advantage of whole life insurance is that it builds cash value, which may or may not provide dividends to increase your cash value, from which you can draw upon if you needed. Whole life insurance is permanent protection, so it is guaranteed to pay when you die.
Whole insurance makes the most sense for Vietnam veterans looking for burial or cremation protection or who want to take care of final expenses.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Universal Life Insurance
Universal Life Insurance plans are a hybrid plan between term insurance and whole life insurance. They’re designed to provide permanent protection, but can also be designed for a set period of time like term insurance.
You can alter the premium payments up or down depending on what you’re comfortable with. However, you may risk not paying enough into the plan, at which point the policy might lapse because the premiums are not met.
My favorite type of plan for Vietnam veterans is a guaranteed universal life plan. They’re designed to offer permanent protection, never to be outlived as long as the same premium is paid in a timely manner, and they provide the maximum survivor benefit to a surviving beneficiary of your choice.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
Example Case Studies
A gentleman in his 60’s contacted me because he received a notification in the mail that his life insurance rates were going to increase. Mr. Hopkins was on a fixed income and could not afford the higher premium so he contacted Buy Life Insurance for Burial looking for a policy to replace the plan he would have to let go.
The only potential problem Mr. Hopkins had was that he had been recently declined by a local life insurance company that also serviced his auto insurance. He wasn’t sure why he was declined, as he was in fairly good health.
The good news is that since he decided to work with Buy Life Insurance for Burial we were able to shop the most competitively priced companies out there and offer him a new policy that fit within his budget while still meeting his final expense goals.
If you are a Vietnam veteran and find you can no longer afford coverage, get in touch. While we cannot guarantee everyone will qualify for coverage, we do our best to find veterans suitable coverage to meet their goals and budget so that you can have peace of mind in knowing your loved ones will be protected.
New Home and Health Issue
I was recently contacted by a 70 year old Vietnam veteran named Mr. Thomas who had recently moved to a new home. He was facing a 30 year mortgage and was concerned about what would happen to his spouse if he passed away, knowing it would be incredibly difficult for her to maintain the mortgage payments.
This veteran had a history of blood pressure problems and was taking medication to keep it under control. He was worried that he wouldn’t qualify for life insurance because of this health issue.
Thankfully Mr. Thomas decided to work with Buy Life Insurance for Burial. We were able to offer him a reasonably priced plan with great coverage that gave him peace of mind in knowing his wife wouldn’t have to worry about final expenses or mortgage payments should he pass away sooner than expected.
While no one can guarantee that you will be eligible for coverage if you find yourself in the same circumstances, what we can promise at Buy Life Insurance for Burial is that we’ll work hard to get you the best combination of price and coverage so that you can have peace of mind in knowing that your loved ones are protected.
I certainly hope that you enjoyed the material in this article today. Most importantly I do hope that you take action in finding a program that will allow you to accomplish your goals, whether that’s to pay for final expenses, replace your income, or to cover for whatever your life insurance needs might be.
Allow me to suggest getting in touch with us to help you accomplish these goals. It’s very easy to start the process in a no obligation, no stress way. Here’s what you need to do:
You can call us direct at 888 626-0439 now to speak to one of our friendly life insurance experts who will tell you specifically what your life insurance options are, how the program would work for you, as well as what the premiums would be.
It takes less than 10 minutes to do this and there is no obligation whatsoever to purchase from us.
If you prefer to message us, that’s acceptable too. You can message us using the message option on the left hand side or at the bottom of the screen.
Let us know what you are looking for as well as the best way to contact you and we will follow up within the next 24 business hours with more specific information regarding what your options for coverage might be.
Thanks for your interest and thanks for reading this article.