Long Island Burial Insurance
By Insurance Suffolk Brokerage
If you are determined to be uninsurable for term life insurance or permanent life insurance, you have another coverage option. A Guaranteed Issue life insurance policy, which requires no medical exam, might be the right choice for you. However, there are limitations with them.
First, in New York, they are typically only available to individuals between the ages of 50-75 with a cap on the death benefit amount (typically $50K). Additionally, there’s usually a 2-year waiting period on claims (though we are now seeing some changes here for the better). Meaning, if you pass away within the first two years of the policy being in force, only the premiums paid will go to the beneficiary. After two years however, the death benefit is paid.
Finally, the cost for Guaranteed Issue Life Insurance is more expensive than term life insurance or permanent life insurance policies. However for some people, this may be a good solution for life insurance (e.g. a burial policy).
First, let Insurance Suffolk determine if you are truly uninsurable for Long Island term or permanent life insurance before considering a burial life insurance policy. If we are unable to secure you coverage, we can then consider this option for you.
From Babylon to Massapequa, to Lindenhurst to Merrick, our life insurance professionals at Insurance Suffolk help our local residents in finding the right Long Island life insurance policy that fits your specific needs at affordable prices. Contact one of our Long Island insurance brokers for a free evaluation and life insurance quote today.