Written by Nick Surry - Licensed Agent with AffinityQuotes

                          Posted in AffinityQuotes Blog on November 4th, 2020.










Do you want burial insurance but were diagnosed with a major illness?

Your only option may be a Graded (a.k.a. Modified) or Guaranteed Issue insurance policy, but then again it may not- it all depends on the medical condition.

We’ll help explain how these plans work and then help you understand if you even need a Graded or Guaranteed Issue plans.

Graded or Guaranteed Issue plans usually do cost more than a Level plan and comes with a waiting period.

The amount of the waiting period depends on the condition, but a 2-year wait is the most common.

With final expense insurance, there are three (3) levels a person may qualify for with any given

insurance company.

  • Level benefit: Lowest price policy with full immediate coverage.

  • Graded (a.k.a. Modified) benefit: Typically, a higher premium than Level benefit and a delayed benefit payout during the first 2-3 years, depending on the insurance carrier.

  • Guaranteed Issue benefit: Highest priced policy and comes with a 1-2 year waiting period on the benefit payout, depending on the insurance carrier.

Here's the most important points to understand:

"Level or Graded insurance coverage is something you must qualify for.

You won’t have to take a physical exam, but

at minimum you will have to answer health

questions. There are no questions

for Guaranteed Issue policies"

What Is Graded (a.k.a. Modified) Life Insurance?

A Graded (a.k.a. Modified) plan is a type of final expense life insurance.

Graded (a.k.a. Modified) is a Whole Life insurance policy with a waiting period during the first 2-3 years. For a non-accidental death of the insured, during the waiting period, the insurance company will refund all the premium payments paid into the policy plus an interest fee, typically 5%-30% depending on the carrier. For an accidental death of the insured, the entire death benefit will be paid to the beneficiary. Once the waiting period is over, the full benefit is paid for both accidental and non-accidental death.

How Can AffinityQuotes Assist You?

If you were diagnosed with a major illness, AffinityQuotes is extremely qualified to help you find a the right final expense policy for you.

Here’s why we believe that…

First, we are independent agency and represent over a dozen different companies. We're not obligated to any one company which gives us the freedom to shop you the best deal.

Having many companies to choose from is particularly important if you have a major health concern.


To get the best deal you have to look at as many insurance companies as possible to find the one that gives you the best rates for the particular health issues you may have.


AffinityQuotes has dozens of insurance carriers to review to find which one(s) will accept your conditions.

Whatever questions you have, we'll provide the answers to you free-of-charge.


Call us at 855-400-7766 to see what one of our licensed agents can do for you.

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AffinityQuotes, LLC.

945 McKinney St. Suite 562

Houston, TX 77002



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