Life Insurance for Alzheimer’s Patients
Life insurance for Alzheimer's patients costs $200 per month or more. Alzheimer's patients can't receive traditional life insurance policies, but they can still get other types of life insurance. The best life insurance for Alzheimer's patients is Guaranteed Issue Life insurance. Under Guaranteed Issue Life insurance, an Alzheimer's patient can leave a cash value behind that takes care of burial costs and other debts. Compare multiple companies to find the best rates.
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UPDATED: Dec 2, 2020
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- Alzheimer’s patients usually live about three to 11 years after being diagnosed.
- Life insurance for Alzheimer’s patients can serve as a source of funds.
- Part of the life insurance can be paid to the insured patient if they’re not expected to live longer than six to 12 months.
Life insurance for Alzheimer’s patients is complicated. Alzheimer’s patients can’t receive traditional term life insurance quotes or whole life insurance policies.
However, Alzheimer’s patients can receive a guaranteed issue life insurance policy and other policies designed for individuals with pre-existing medical conditions.
In this guide, we’ll cover what life insurance policies are available for Alzheimer’s patients and share facts about Alzheimer’s and how it differs from dementia.
If you want to buy guaranteed issue life insurance for Alzheimer’s patients, enter your ZIP code in the FREE online quote tool to compare life insurance rates for Alzheimer’s patients.
Can you get life insurance when you have Alzheimer’s disease?
Traditional permanent life and term life insurance is not available for Alzheimer’s patients. A life insurance company will outright decline your request for a traditional life insurance policy if you’ve been diagnosed with Alzheimer’s or dementia.
Alzheimer’s patients can receive other life insurance types, such as guaranteed life insurance, accidental death insurance, and final expenses life insurance.
What type of life insurance policies do Alzheimer’s patients qualify for?
When you have Alzheimer’s, a life insurance company may deny you coverage or place you in a graded period plan.
A graded period plan (graded benefit policy) is a plan that pays a lower amount of money if the Alzheimer’s patient has passed away after the policy was purchased. The policy will have to be in effect for several years for the graded period plan to increase.
There are other life insurance policies for Alzheimer’s patients. Let’s review the summary of each one below.
Accidental Death Policies
In contrast to traditional life insurance policies, accidental death policies are not considered life insurance policies.
This type of policy only covers accidents such as an automobile accident, slip-and-fall accident, natural disaster, or death during a crime.
Accidental death policies won’t cover death from natural causes or complications from Alzheimer’s.
Guaranteed Issue Life Insurance Policies
Guaranteed issue life insurance policies often accompany accidental death policies. This policy will cover natural causes of death and disease complications that cause death, like Alzheimer’s.
Before the life insurance company can provide coverage, the Alzheimer’s patient must live beyond the waiting period. Your life insurance company chooses the length of the waiting period.
Final Expense Burial Insurance
This life insurance policy provides cash benefits to any beneficiaries to pay for funeral costs and other debts left behind by the Alzheimer’s patient.
You may have to answer a few medical questions to qualify for this type of policy. Like guaranteed issue life insurance, this policy doesn’t have a significant payout like traditional life insurance.
Life Insurance Riders for Alzheimer’s Patients
If you think you need more coverage on your guaranteed issue life insurance policy, consider adding a rider.
Riders are items you can add to your life insurance policy. They usually don’t accompany guaranteed issue life insurance, but it won’t hurt to add additional coverage.
How Medications Can Impact Your Life Insurance Qualification
Life insurance companies will deny Alzheimer’s and dementia patients a traditional life insurance policy. But did you know that life insurance companies may deny life insurance coverage if you’re taking medication that treats Alzheimer’s and dementia?
Life insurance companies will do a background check, which is part of life insurance investigation measures to prevent fraud.
Alzheimer’s patients have specific medications. Once a life insurance company discovers medications associated with Alzheimer’s or dementia, it may take longer for you to start your guaranteed issue life insurance policy.
Here’s a list of medications that raises the alarm with life insurance companies.
- Acetyl L-Carnitine
- Ergoloid Mesylates
- Rivastigmine Tartrate
Life insurance companies will ask a series of questions even if you tell them you need to insure a person with Alzheimer’s. These questions are common with people, especially senior applicants, who take a lot of medication.
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The Top Guaranteed Issue Life Insurance Companies
Since you won’t get a traditional life insurance policy, we’ll show you a list of the best companies that provide guaranteed issue life insurance policies.
|Guaranteed Issue Life Insurance Summary||AAA Stats||AIG Stats||Gerber Life Insurance Stats||Mutual of Omaha Stats||New York Life Stats|
|Waiting Period||2 years||2 years||2 years||2 years||2 years|
|Payout During Waiting Period||Premiums paid + 30% interest||Premiums paid + 10% interest||Premiums paid + 10% interest||Premiums paid + 20% interest||Premiums paid + 10% interest|
|Minimum Life Insurance Coverage Limit||$5,000||$5,000||$5,000||$2,000||$2,500|
|Maximum Life Insurance Coverage Limit||$25,000||$25,000||$25,000||$25,000||$15,000|
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These guaranteed life insurance policies are helpful, but the monthly rates may cost $200 or more per month.
With such an expensive premium each month, why do life insurance companies deny Alzheimer’s patients a traditional life insurance policy? See the answer to that question in the next section.
Why are Alzheimer’s patients denied traditional life insurance policies from companies?
Alzheimer’s disease is a severe health condition that affects life expectancy. There’s no guarantee on Alzheimer’s patients’ life expectancy, so a life insurance company won’t invest traditional life insurance limits to a condition with a small chance of a longer life expectancy.
Getting Insured with an Independent Life Insurance Agency
Life insurance for Alzheimer’s patients can be expensive. That’s why we encourage all life insurance shoppers to use our FREE comparison tools to find independent agencies and other companies that are affordable.
With our FREE online quote tool, you can find independent life insurance agencies that provide cheaper rates than bigger companies. You may even get a shorter waiting period.
What programs can cover expenses for Alzheimer’s patients?
Alzheimer’s and dementia patients are subject to various costs, such as co-pays, prescriptions, and other medical bills. Some may suggest that an Alzheimer’s patient can borrow from their life insurance policy.
That may not always be an option, especially if you’re still waiting for approval. Here’s a list of a few things that can help with expenses.
- Government Programs – Medicare and Medicaid can help with the cost of prescriptions and other medical care needs.
- Consolidated Omnibus Budget Reconciliation Act (COBRA) – Anyone under the age of 65 diagnosed with Alzheimer’s or dementia may be able to get health coverage through an employer’s group plan.
- Disability Insurance – This provides income for employees who can’t work anymore due to injuries and illnesses. You must have disability insurance before an Alzheimer’s or dementia diagnosis.
Get life insurance for Alzheimer’s patients today by using our FREE comparison tool.
Other Facts You Should Know About Alzheimer’s Disease and Life Insurance
We’ve talked about how Alzheimer’s and dementia are conditions that aren’t covered by traditional life insurance. However, we haven’t talked about this condition specifically. There’s a difference between the two conditions.
To understand them better, we will use the next few sub-sections to explain the difference between Alzheimer’s and dementia. Also, we’ll explain the difference between permanent life and term life insurance.
Alzheimer’s Disease vs. Dementia
According to the Mayo Clinic, dementia isn’t specific, like Alzheimer’s is. Dementia is a blanket term that describes memory decline symptoms, changes in reasoning skills, decreased focus, and changes in communication skills.
Alzheimer’s is a disease that progresses slowly over time, which affects memory and impairs cognitive function. According to the National Institutes of Health, more than five million people in the United States have been diagnosed with Alzheimer’s disease.
Permanent Life Insurance vs. Term Life Insurance
Before we talk about term life insurance vs. permanent life insurance, let’s watch a video on the differences of each policy.
Permanent life insurance (or whole life insurance) is a life insurance policy that extends throughout your entire life. It’s more expensive than term life insurance but has the benefit of being a long term investment.
Term life insurance is a life insurance policy that lasts for a select period. Your term could be 10 years or more. When your term life insurance policy expires, you won’t get a payout like you will with permanent life insurance.
Life Insurance For Alzheimer’s Patients: The Bottom Line
Your options will be limited if you want to get life insurance for an Alzheimer’s patient. The circumstances put Alzheimer’s patients at a disadvantage, so it’s essential to do everything you can to get them insured.
What can you do to ensure an Alzheimer’s patient gets the best life insurance policy? The first step to buying life insurance for Alzheimer’s patients is to enter your ZIP code in our FREE comparison tool to find affordable life insurance for Alzheimer’s patients.
Finally, use the information from this guide to life insurance quotes for Alzheimer’s patients. Which life insurance company for Alzheimer’s patients is for you? Find out now.