Life Insurance for Dementia Patients

Dementia & The Need For Life Insurance

Dementia is the collective name for progressive brain disorders that affect memory, behavior and significantly affect life expectancy.  Alzheimer’s, Parkinson’s, and Huntington’s disease are some of the well-known forms of dementia.

Dementia & Life Expectancy

Sadly, individuals diagnosed with dementia have a significantly shortened life expectancy.

A recent study by researchers at the University of Cambridge followed more than 13,000 men and women, aged 65 and up, for 14 years. During that time, 80% of participants died.  The study found that men lived an average of 4.1 years after diagnosis, while women lived an average of 4.6 years after diagnosis.  

The study’s conclusion suggests that once diagnosed, dementia patients’ life expectancy is about half of that of healthy individuals. Thus, making it all the more important to get life insurance coverage because death usually comes sooner rather than later.

The Financial Impact

Dementia not only steals your dignity and eventually your life, but it can also be financially devastating.   The financial impact of dementia will likely spill over into the lives of surrounding loved ones too.

A 2018 C.A.R.E. study by Northwest Mutual shows some startling financial statistics regarding the cost of dementia care. 

• The total lifetime cost of care for someone with dementia is estimated to be $341,840
• In 2017, 18.4 billion hours of care, valued at $232 billion, were provided by family and unpaid caregivers
• 83% of the care provided to older adults come from family members, friends, and other unpaid caregivers

These statistics show the significant financial challenge that dementia patients face.  They also show that the economic impact will likely affect your surrounding loved ones. 

How Life Insurance Can Help Ease the Cost of Dementia

Without a financial plan in place, dementia can quickly lead to financial ruin.  Ideally, a long-term care insurance policy would be the best financial product to own. However, if you don’t already own one of these policies, dementia patients will no longer qualify.   Without long-term care insurance, you’ll need to look elsewhere for financial protection and help.

So what’s the answer?

A senior life insurance policy provides guaranteed funds to help reduce or eliminate end-of-life expenses.  Although life insurance funds are not available until after death, the money help pay funeral costs, unpaid medical bills, personal debts, or even reimbursement to loved ones for unpaid care.

Life Insurance Options for Dementia Patients

It’s no secret that people seeking life insurance with severe health complications will have limited life insurance options.  However, you still have options.

Guaranteed Acceptance life insurance is the last resort option for coverage and the only form of life insurance that dementia patients qualify for.   These policies provide up to $30,000 in guaranteed funds paid directly to your beneficiary after death.   As long as you’re between the ages 50 and 85, you cannot be turned down due to your condition.

The only way to be denied coverage is if the patient is currently admitted into a hospital or treatment facility.  As long as that is not the case,  your acceptance is guaranteed.

Finding Your Best Policy

The good news is that a handful of highly-rated insurance carriers offer guaranteed acceptance life insurance for dementia patients. And our independent insurance agency is here to help you find your best price.

We help you shop and compare prices from all the top carriers nationwide, so you save both time and money on your policy. We also provide a streamlined application process that makes the enrollment process super simple.

Our Services are free, and there’s never any obligation when working with an agent. Let us help you find your best policy.

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