Life Insurance for Alzheimer’s Patients

Alzheimer’s Disease & The Need For Life Insurance

The Alzheimer’s Associations states that:

• Alzheimer’s patients are twice as likely to die before age 80.
• People age 65 and older survive an average of 4 to 8 years after a diagnosis of Alzheimer’s
• It’s the only disease in the top-10 leading causes of death that cannot be cured, prevented, or slowed down.
• Every 65 seconds, someone in the U.S. develops Alzheimer’s
• 2/3 of those diagnosed are women
• Death rates for Alzheimer’s have increased significantly over the past decade, while most other serious diseases have seen decreased death rates. 

Alzheimer’s disease is something most wouldn’t wish upon our worse enemy. It will rob you of your identity, dignity and leave a trail of financial destruction in its wake.   

The Financial Impact 

It’s no secret that Alzheimer’s patients face significant financial challenges.   If caught unprepared, the financial impact often leads to bankruptcy and affects the lives of surrounding loved ones. 

A recent report from the Alzheimer’s Association states:

• In 2017, the lifetime cost of care for a person living with dementia (Alzheimer’s) was $341,840 – with 70 percent of this cost borne by families directly through out-of-pocket costs and the value of unpaid care.

Few families can afford such costs and still keep the same quality of living.  As the disease progresses, the financial costs also increase and will inevitably spill over into the lives of surrounding loved ones.  It’s safe to say that after an Alzheimer’s diagnosis, you’ll need to make some smart financial decisions.

How Life Insurance Can Help

A life insurance policy provides guaranteed funds up to $30,000 to help reduce or eliminate end-of-lice expenses.  Your beneficiary can use the funds to pay funeral costs, unpaid medical bills, and remaining personal debts.  Life insurance funds help protect surrounding loved ones from any financial burden after death.

Living Benefits

Many senior life insurance policies included Living Benefits that give you access to policy funds while living if diagnosed with Alzheimer’s or other terminal illnesses.   Although a long-term care insurance policy would be ideal, living benefits from a life insurance policy can be an alternative option for helping pay for end-of-life care.

Life Insurance Options For Alzheimer’s Patients

While the best-case scenario would be to own a life insurance policy before being diagnosed with any terminal illness, individuals who need coverage after a positive Alzheimer’s diagnosis can still get a life insurance policy to help with end-of-life costs.

The only life insurance option for Alzheimer’s patients is a Guaranteed Acceptance Life Insurance Policy.   These particular policies are a last resort option for individuals who do not qualify for other types of coverage.   There are no medical exams or any health qualifying criteria whatsoever.   As long as you’re between age 50 and 85, you cannot be turned down due to health reasons.

However,  in order to qualify, the diagnosed patient cannot be currently admitted into a hospital or treatment facility at the time of policy purchase.  Therefore, if the disease has already advanced so far that this is the case, then a life insurance policy would not be possible.

Premium Rates

Obviously, healthy individuals receive lower life insurance rates than those with terminal illnesses.  And it’s to be expected that the cost for life insurance with Alzheimer’s is not cheap. However, that doesn’t mean that it’s a bad investment.

It’s important to keep in mind that life insurance is not an expense but rather an investment. The money invested in the form of premiums grows and comes back in a larger amount to loved ones during their time of need.

The final premium amount for the policy depends on the individual’s age, sex, state of residence, and what insurance provider issues the policy.  Life insurance rates can vary as much as 30% between insurance carriers, which is why it’s so important to shop and compare before purchasing.

Life insurance rates increase with you as you age. And that’s not just by the year, but also on a monthly basis. Therefore, the longer you wait to get your policy, the higher the rates.

Finding Your Best Policy

Individuals who go about the shopping process alone frequently overpay for their policy.   Those who seek the help of an independent agency on the other hand save both time and money on their coverage.

Our specialized independent agency helps individuals with pre-existing medical conditions secure the money they need at the lowest available premium cost.

We help you shop and compare all the top insurance providers across the country and even offer a streamlined application process to make enrollment as easy as possible.

Our services are free. And there’s never any obligation.

We’ve helped hundreds of individuals secure affordable life insurance coverage with Alzheimer’s disease.  And we’d love to help you too!

Get your free quote today. Fill out the form on your screen to get started.