Obtaining life insurance can be a little scary. Especially with high-risk medical conditions such as Alzheimer’s. It can also be scary and tough to understand how everything works and what to do next. We hear it all the time from clients, and they seem to be a bit lost and confused. Just recently, when working with an individual, I had a question come up that I wanted to touch on here today.
Can I get life insurance with Alzheimer’s? I’ve been around the business for a long time and have experience underwriting high-risk medical conditions so here is what I can tell you.
Can I get life insurance with Alzheimer’s? No, in most circumstances if you have Alzheimer’s or dementia, you will not be able to obtain traditional life insurance. You will have to consider guaranteed issue life insurance or an accidental death life insurance policy.
I know this is unfortunate and it doesn’t do a lot of to break down the answer for you in much depth, so that’s precisely what I intend on doing if you stick around for just a moment. I’ll give the ins and outs of navigating the market with Alzheimer’s or dementia and list out the best possible options for you. Let’s get you some life insurance, shall we?
More About Alzheimer’s and Dementia and Why Life Insurance Companies are Leery?
Dementia is very unpredictable and tough for medical underwriters to understand what’s taking place with the health condition fully. It’s also proven to be a high risk for premature death or death being caused at a much younger age in many circumstances.
This, unfortunately, leads these life insurance companies to decline any traditional life insurance applications. Life insurance with Alzheimer’s or dementia just doesn’t have many options outside of Guaranteed issue life insurance. Let’s talk about that for a moment after covering a few other key factors.
Can’t I Just Apply for Coverage and Not Mention the Dementia?
First and foremost, it’s important to understand that lying on a life insurance application can quickly leave the policy being voided out or not honored if it’s discovered in the future. So, to better answer that question, should I just withhold that information from the life insurance company, the answer would be no. It’s not a good idea.
Also, the life insurance company is going to do some due diligence of their own. They will run a MIB electronic database inquiry on you as well as check your RX prescription report.
This just means that lying is not the best path to take because the life insurance company could easily see commonly used drugs that can be used to treat dementia and other symptoms with Alzheimer’s.
Common Medications They May See on The RX Report with Alzheimer’s
When the life insurance company pulls your prescription report (RX report), it’s very common for them to notice medications such as the following when an individual is battling against dementia or Alzheimer’s.
Therefore, it’s again essential to be forthcoming and truthful on the life insurance application. So, if we understand that Guaranteed Issue Life Insurance is about the only option we can take, let’s dive into those specifics now to see if we can find you the perfect match or answer your questions at the very least.
So, What Kind of Life Insurance Can I Get with Dementia?
Guaranteed Issue Life Insurance. This is a form of a whole life insurance policy that’s designed to ask no medical questions regardless of the actual medical conditions. The downfall is the 24-month waiting period on full benefits.
During this period, you would only be rewarded your money back plus 10% interest earned. Think of it like substantial savings account for the first 2 years and following that period it would be the same as any other whole life policy offered on the market.
This sounds great to me; how do I know if I qualify?
Can I Qualify for Guaranteed Issue Life Insurance?
To qualify for guaranteed issue life insurance, there is a few things you must check off the list.
Here are the main things that must happen to qualify for guaranteed issue life insurance.
So, you may be thinking. I can qualify for this policy but how does it benefit me or is guaranteed issue life insurance the best approach for me to take. Let’s cover some of the benefits you can get from guaranteed issue life insurance. Here’s a look at them.
Not all that bad when you really look at the entire picture. If you can get over the fact that you have a mandatory waiting period of 2 years, and assuming your condition won’t worsen horribly over that time, it can be the perfect life insurance policy for you to protect your family and financial futures.
Who Do We Recommend for Coverage If You Have Alzheimer’s or Dementia?
At Good Life Protection we like to use 3 companies for nearly all guaranteed issue life insurance policies in all 50 states. Here’s a look at them and why we use them.
These companies have the most straightforward process compared to other options in the life insurance markets. Not to mention the prices are incredibly affordable compared to other companies offering the same coverage. These companies will also provide living benefits and accidental death coverage built into the policy.
This means that if the policy is out of the mandatory 2 year waiting period that you can accelerate and use some of your death benefits if need be for specific health conditions. Also, these companies will even pay your death benefits during the mandatory waiting period if you are too pass away due to an accident. A nice feature to have built into a no questions asked policy for sure.
What Would I Need to Do Next to Apply for Life Insurance with Alzheimer’s or Dementia?
If you are convinced at this point that we know a thing or two, the next step is to compare the rates between the three companies we have already discussed. AIG, Gerber and Great Western. You can do this easily by using the quote forms on the right to get started. Once you enter your date of birth and other information you will be able to view your rates and see who is the cheapest.
In most circumstances, it’s going to be AIG guaranteed issue life insurance unless you are between the ages 40-49 than your only viable option will be to use Great Western Life Insurance Company.
So How Do I Fully Apply for Life Insurance with Dementia or Alzheimer’s
As always, to apply for life insurance with an independent life insurance agent. We can use all companies to your advantage. We will ensure you aren’t paying any more money than necessary and that you have the smoothest possible transaction possible. We take of everything for you from beginning to finish.
Putting It All Together- Don’t Shy Away from Coverage Due to Alzheimer’s or Dementia
Dementia and Alzheimer’s are tough to get traditional life insurance. We have covered that. That doesn’t ever mean however that you should ignore coverage or risk your family being put into financial strain if something did god forbid happen to you.
Guaranteed issue life insurance is a perfectly viable option and should always be explored before making a final decision. It’s a safe form of a permanent life insurance coverage, and we are here to help. To get started, be sure to fill out the quote form on the right and compare rates among over 50 of the top-rated life insurance companies that we all know and trust.
What are you waiting for? May the best price win.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.