How to buy life insurance after being diagnosed with Alzheimer’s
Anyone that has been diagnosed with Alzheimer’s or dementia will have a difficult time finding and securing life insurance. Because of this, they won’t be able to obtain a traditional policy. In addition, time becomes a critical factor because the disease will begin to insidiously affect the mental capacities of the applicant.
Memory problems are just one of the first signs of dementia caused by Alzheimer’s. In the very early stages, there aren’t difficulties or problems in a person’s everyday life. The older you become, the greater the risk of the development of Alzheimer’s or dementia.
More importantly, the risk seems to grow considerably after the age of 65.
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Early Symptoms of Alzheimer’s
Early symptoms of the disease are different from senior to senior. The impairment of a senior’s ability to reason and form words may signal the early stages. The truth is that we can’t even definitively diagnose Alzheimer’s until after death. Early studies are suggesting that Alzheimer’s detection is going to be possible but more research is needed. The current research shows that brain imaging tests can detect deposits of a protein in the brain called amyloid.
The 10 Early Warning Signs of Alzheimer’s
- Memory challenge
- Challenged with normal tasks
- Difficulty with language
- Poor decision making
- Disoriented in time
- Misplacing things
- Behavior changes
- Can’t solve simple problems
- Personality changes
- Lack of initiative
Alzheimer’s will more than likely go undiagnosed until people begin to have trouble with their daily activities. Getting lost. Changes in behavior. Handling Money. These changes in daily activity behavior patterns are signs that the disease has become moderate.
Don’t confuse simple age-related issues with Alzheimer’s. Things like forgetting what day of the week it is. Trying to remember the name of someone you have met. Making an occasional bookkeeping error. These are just signs of normal aging. As we get older, It’s ok to feel “tired“.
What’s Your Alzheimer’s Risk?
You didn’t wake up today and say ” I wonder if I have Alzheimer’s”? But sometime in the recent past few weeks or months, you did begin to wonder if that was a possibility. The most important thing to do is that if you have that curious feeling, definitely see your doctor.
Here are some of the top questions to ask yourself if you concerned about a possible Alzheimer’s or dementia diagnosis.
10 Questions to ask yourself if you are concerned about Alzheimer’s
- Have you had any problems with memory or thinking?
- Are you having problems with your balance?
- Are you feeling depressed or sad?
- Have you noticed changes in your personality? Frequent outbursts of anger or sadness?
- Are you having more trouble with the activities of daily living? toileting, eating, dressing, bathing
- Do you easily forget things that you have just learned?
- Are you asking about the same informational items over and over again?
- Have you ever forgotten where you are or how you got there?
- Have you forgotten the rules of your favorite game? For example How many strikes or balls are given to a batter?
- Have you ever had a major head injury or suffered concussions?
Alzheimer’s Risk Specialists
The truth is that any life insurance agent can sell you a life insurance policy. But agents that specialize in high-risk cases like Alzheimer’s and dementia, can help you sort through the options and companies.
Different Kinds Of Licensed Insurance Agents
Insurance agents typically are in contact with potential clients and existing clients to help select different types of insurance products. During the process, which can last from 1 day to several months, agents explain and educate their clients about the benefits that a life insurance policy can provide.
Within the insurance industry, there are different licenses that are issued to agents. All licensing is heavily regulated by the state and the federal government.
- Life and Health
- Life Only
- Property and Casualty
Life and Health Insurance Agent
Life and health insurance agents sell policies that cover the costs of medical care. Most policies are sold through the engaging of businesses for employer health care programs. Many life and health insurance agents represent a specific carrier and its products.
Also, known as “captive” agents they are not allowed to present other options to clients other than their own companies’ products.
Life Only Insurance Agent
Life insurance agents specialize in policies that provide benefits to beneficiaries or trusts when a policyholder dies. Death may be from accidental causes or other health-related concerns. Suicide may also be paid as a benefit after a waiting period that is specified by each company in its policy.
Many life only agents are specialists in health and lifestyle niches.
Typically life only insurance agents represent many different carriers in order to provide their clients with multiple choices that are best suited to the clients’ needs. Matching the need to the client results in the best life insurance rates and coverages for their clients.
Choice Senior Life is a Life Only Agency. We believe that it is important to represent a full range of top carriers to our clients so that our clients can have the benefit of all the options available. We specialize in helping seniors find affordable finale expense insurance that fits their needs and budget.
Property and Casualty Agents
Property and casualty agents specialize in selling policies that protect consumers and businesses from losses. Losses may be from a variety of different causes. The most common of these are automobile accidents.
- Automobile accidents
- Workers compensation
- Product damages
- Malpractice insurance claims
Insurance Company Underwriting Ratings for Alzheimer’s
It’s all about statistics. Life insurance companies invest completely in the statistical analysis of your untimely death.
That is the business they are in. Right down to your height and weight ratios. How do those height and weight ratios measure up statistically to the likelihood of your death? How likely are you to pass away at a specific age for your height and weight?
But it’s not just about heights and weights. To be considered preferred you better be in almost perfect physical shape. In addition, your family history will be considered. Did anyone in your family pass away from heart disease? How about cancer. Did someone in your family die from cancer?
Most life insurance companies generally use these classes to determine your premium. Each company may have a slightly different set of names and underwriting criteria but for the most part, they all follow the guidelines.
- Preferred Plus
- Standard Plus
- Table 1 through Table 8
- Level Benefits
- Graded Benefits
- Guaranteed Issue
Life insurance applicants that have been diagnosed with Alzheimer’s or dementia will not be able to get an offer other than a Guaranteed Issue policy. The Guaranteed issue class is a long way down the list and always more expensive than the other classes. However, because Alzheimer’s disease is always fatal the insurers are not willing to take the preferred or standard risks.
The Best Finale Expense Insurance Companies
AIG offers a variety of different insurance products. For an Alzheimer’s diagnosis, Guaranteed Issue Whole Life is the offered product. The product is also suitable for many high-risk medical conditions. The amount of guaranteed coverage begins at $5,000 and goes up to $25,000. This policy is available to any person aged 50 years to 85 years of age.
AIG FINANCIAL STRENGTH A.M BEST RATING: A
CHRONIC & TERMINAL ILLNESS COVERAGE INCLUDED
Mutual Of Omaha
Mutual of Omaha offers Term Life, Whole Life, and Universal Life policies. Applicants between the ages of 45 to 85 are eligible for coverage amounts between $2,000 and $40,000. The simple polices that Choice Senior Life recommends from Mutual of Omaha do not require medical exams. For the best pricing, several health questions are asked to determine the correct availability.
MUTUAL OF OMAHA FINANCIAL STRENGTH A.M BEST RATING: A +
VERY COMPETITIVE PRICING IF YOU QUALIFY
GREAT FOR ADD ON LIFE INSURANCE POLICIES STARTING AT $2,000
Royal Neighbors of America
Royal Neighbors of America was founded in 1895 and has been providing protection for families for over 100 years. Royal Neighbors was established by women for women and to this day is very active in the communities around the country.
Their slogan is:
Coverages begin at $3,000 and rise up to $25,000 of life insurance protection. So this a good carrier if you want to add on to the protection you already have.
Royal Neighbors have liberal underwriting programs so some medical problems and prescriptions are often viewed favorably. The company is one of our top recommended and rated carriers.
Because of the liberal underwriting and our expertise, this carrier is a good very choice for seniors that are looking for coverage options that do not require a medical exam.
IMPORTANT FEATURE: They offer an accelerated death benefit rider with the policy coverage. If the insured is confined to hospice or is terminally ill, a portion of the death benefit money can be used to fund the care.
Liberty Bankers Life
United Home Life
How Does Gender Effect Dementia Life Insurance Rates?
In a normal situation, life insurance companies would look at many variables when determining your offered policy. Things like your habits, lifestyle, health, and gender would all be taken into account. But clearly, we are not dealing with normal. We are dealing with Alzheimer’s.
If it were just a matter of being overweight or your family had a history of heart disease, an experienced agent would be able to discern the appropriate coverage. You would probably have to take a medical exam. Yes, your gender would figure into the equation.
Gender is about the only variable, along with age and the coverage amount, when determining life insurance rates for people diagnosed with Alzheimer’s.
Questions About Guaranteed Life Insurance
I’ve already been diagnosed with Alzheimer’s. Is there going to be a medical exam? Or health questions?
No. Even though you have been diagnosed with dementia caused by Alzheimer’s there will be no medical exams or any more health questions.
Is it possible to be turned down for coverage if I have Alzheimer’s?
You can not be turned down for guaranteed life insurance. However, the applicant still must be able to enter into a legal contract or be cognizant of the policy being placed.
Can I get a guaranteed life insurance policy for my parent who has Alzheimer’s?
Yes, it is possible to get a guaranteed policy on a parent who has been diagnosed with dementia caused by Alzheimer’s. As long as they are still legally able to be involved in a contract they can be insured.
Will an agent have to come to my home to set up the policy?
No, the policy can be set up, signed, sealed and delivered online. All done in the privacy of your home or office. Many of our clients with Alzheimer’s or children of parents with Alzheimer’s prefer this private option.
Will there be a delay in coverage because of the Alzheimer’s?
Yes, there is a delay because of Alzheimer’s. The life insurance coverage “clock” starts the first day of the policy being issued. So it’s important to get the policy placed as soon as possible. Guaranteed life insurance has a built-in 2-year waiting period before the policy will pay 100% of the benefit due to illness. However, the policy will pay 100% of the benefit if death is caused by an accident during the first 2 years.
Don’t worry. If the passing from illness is within the first 2 years, then all of the premiums paid plus interest are sent to the beneficiary. So no money is wasted!
I’m already facing increased bills from the Alzheimers’ diagnosis. How much is this burial insurance going to cost?
We can certainly understand the situation and problems that you may be facing. We do not want to put you in a situation that you do not want or can not afford. The cost of guaranteed life insurance is slightly more expensive than regular final expense policies. You can jump right to prices by age and gender by clicking HERE
How much burial insurance should I get?
There is no right answer to this question. Start with determining why you are ordering burial insurance. Most people feel a sense of duty and responsibility to their family and don’t want to leave a bill behind after they have passed. It may be just a desire of a simple cremation or a need to add a smaller policy amount to the one that is already in place.
Final Expense Insurance is not preneed insurance and is not a funeral or burial contract. It does not specifically cover funeral goods and services.
By planning ahead you can prepare for these expenses and reduce some of your family’s stress in a time when they are suffering. Many people face unexpected bills and expenses after the death of a family memebr or the death of a loved one. Final expense sinsurance can help cover those bills!
OK. I’m ready to get started. Where do I begin?
Congratulations on your decision. You can simply call us at 443-272-1684 to begin. If you prefer to start with an easy email exchange, then complete the quote form at the top or bottom of this page.
About Choice Senior Life. How We Can Help If You Have Been Diagnosed With Alzheimer’s
We’re a free, full service, state-appointed Life Insurance Agency that specializes in affordable Final Expense Coverage. We have access to a huge database of the top final expense insurance companies. Trusted ones you know like AIG, Royal Neighbors, and Mutual of Omaha. All of our companies have the most competitive prices, so you can rest easy knowing you’ll be getting the right funeral insurance policy at the lowest price.
We want to make sure you get the coverage that best suits your needs, not ours. Come start a conversation with us here and find out how we can help you keep your family protected. We would be glad to help you discover the best life insurance for seniors.