Memorial Fund Plan

Answers to common questions about survivorship insurance

These frequently asked questions apply to the Memorial Fund only.

Is underwriting required?

The application for this survivorship insurance coverage has eight health questions. How you answer these questions determines whether you’re eligible for the plan and which type you’re eligible for – Immediate Benefit or Graded Benefit. You don’t need to do a lengthy telephone interview.

What’s the difference between Graded Benefit and Immediate Benefit?

The Immediate Benefit is a "level benefit" policy. That means 100% of the benefit is available upon issue of the policy. The Graded Benefit is for individuals with a few health problems. The Graded Benefit pays out:

  • 25% of policy in first year
  • 50% in second year
  • 75% in third year
  • 100% if you do not need a payout until year four or beyond

Can military personnel be covered?

Yes. There are no job- or military-related exclusions for Memorial Fund.

Are there residency requirements for this survivorship insurance coverage?

The proposed insured must to be a U.S. citizen and at the time of application reside in a state where the Memorial Fund is approved for sale.

Does Memorial Fund have a waiting period?

No. Benefits are payable as soon as the policy is effective.

Can I withdraw cash from the policy?

You can receive cash value by canceling the policy or borrowing against the policy.

What happens if there’s a loan on the policy at the time of my death?

If policy loans exist on a policy at the time of your death, the loan balance will be deducted from the death benefit proceeds before being paid to the beneficiary.

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Memorial Fund is Kanawha Insurance Company policy Form 00800 1/88 and graded benefit policy Form 00020 3/90. Please see actual policy for complete details.

George's Story

story image "I'm not planning for my funeral. I'm planning for what happens to my family after that."

"Look, I want to think about this stuff as much as the next guy – meaning not at all. But on the other hand, I don’t want to leave my family with bills to pay. Not just for a funeral, but for other things like medical bills. That’s why I chose the Memorial Fund from HumanaOne.

"Applying was easy. I only had to answer a few health questions and I got coverage within days. Now I can spend my time planning for other things that matter – like my 2:00 tee time."

George’s story is a fictional example meant to illustrate the value of the Memorial Fund. Actual premiums vary depending on the coverage amount selected.