Life Insurance for Alzheimer’s Patients
You might not think life insurance for Alzheimer’s patients was possible, but it is.
Several insurance carriers offer no-exam life insurance policies for people with Alzheimer’s disease. And we’re here to help you shop your best price.
As long as you’re between ages 50 and 85, your acceptance is guaranteed.
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Updated Alzheimer’s Statistics
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 & The Need For Life Insurance
Even saying the words Alzheimer’s disease can cause internal discomfort.
This terrible disease is something most wouldn’t wish upon our worse enemy. Alzheimer’s will rob you of your identity and your dignity. One of the worse parts of Alzheimer’s disease is financial impact it has on the person diagnosed and surrounding loved ones.
The Financial Impact
Sadly, the financial impact of Alzheimer’s is significant. Not just for the person diagnosed but also to 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 there 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 to help reduce or eliminate end-of-life-expenses. Your beneficiaries can use the funds to pay for funeral costs, left behind medical bills, and personal debts. Life insurance funds help protect your loved ones from a financial burden after you die.
Many senior life insurance policies include living benefits that give you access to your policy funds while living if you were to be diagnosed with a terminal illness. A long term care insurance policy would be ideal; however, if you don’t have one, living benefits funds can provide funds to help pay for daily care needs.
Life Insurance Options for Alzheimer’s Patients
Alzheimer’s patients can still get quality life insurance coverage. However, they only have one option.
Guaranteed Acceptance Life Insurance is the last resort coverage option for individuals who do not qualify for other types of policies. There are no medical exams. And no health questions whatsoever. As long as you’re between age 50 to 85, your acceptance is guaranteed.
Guaranteed acceptance policies provide up to $30,000 in coverage.
In the world of life insurance, the less the insurer knows about you, the higher the rates. Therefore, in exchange for forgoing all medical underwriting, guaranteed acceptance plans do cost more than traditional final expense life insurance policies.
Health individuals can qualify for lower rates with other types of policies. However, for many individuals seeking life insurance with pre-existing medical conditions, guaranteed acceptance is their only option.
It’s essential to keep in mind that life insurance is an investment, not an expense. The premiums you pay will grow and then returned to your loved ones in their time of need.
Your premium rate will depend on your age, sex, state of residence, and policy size. The only way to know the potential costs of your policy is to request quotes and begin to shop for your available options.
How Much Life Insurance Do I Need? The answer to this question will be different for all individuals. However, the right amount of life insurance will cover end-of-life expenses so that no unpaid bills fall upon your loved ones.
The longer you wait, the higher your rates. Life insurance rates increase as you age. Most insurance companies don’t just consider your age by the year, but also by the month. Therefore the longer you wait, the higher your rates.
Once you’ve decided to buy life insurance, any delay or procrastination to getting your policy will increase the cost of your policy.
How to Enroll
Enrolling for life insurance with Alzheimer’s disease is easier than you think. Because there are no medical exams or any health questions, the application process is super simple.
You can begin by filling out the quote form on your screen. You’ll instantly see personalized quotes from all the top-rated providers operating in your state. One of our friendly agents will reach out to help you compare life insurance companies side by side to find your best market offer. The enrollment process takes about 15 minutes to complete.
Once enrolled, we ship your policy directly to you for review. Most states allow up to 30 days as a free look period in which you can review your policy risk-free.
Our independent agents are here to help you the whole way through.
We’ve helped thousands of individuals in poor health secure quality life insurance funds for their families. We’d love to help you too!
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