Life Insurance for Dementia Patients
You may not think life insurance for dementia patients is possible, but it is.
Several insurance carriers offer guaranteed acceptance life insurance for people with dementia. Our agency is here to help you find your best policy and price.
As long as you’re between ages 50 and 85, your acceptance is guaranteed.
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Dementia and the Need for Life Insurance
Dementia is a collective name for progressive brain disorders that affect memory, behavior, and thinking. Alzheimer’s, Parkinson’s, and Huntington’s disease are well-known forms of dementia.
Dementia and Life Expectancy – Individuals diagnosed with dementia have a significantly shortened life expectancy. A recent study by researchers at the University of Cambridge and 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. Younger individuals diagnosed with dementia are likely to live longer.
The conclusion of the study suggests that after diagnosis, dementia patients’ life expectancy is about half of that of healthy individuals.
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 is likely to spew over into the lives of your 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 that significant financial challenge faces all those diagnosed with dementia. They also show that the economic impact will likely affect your loved ones as well.
How Life Insurance Can Help Ease the Cost Of Dementia
Without a financial plan in place, dementia can lead to financial ruin. A long term care insurance policy would be ideal. However, dementia patients will no longer qualify. Dementia patients without long term care coverage need to look elsewhere for financial protection.
So what’s the answer?
A senior life insurance policy provides guaranteed funds to help reduce or eliminate end-of-life costs. Although life insurance funds are not available until after death, the money helps pay for funeral costs, unpaid medical bills, personal debts, or reimbursement to loved ones for unpaid care.
Life Insurance Options for Dementia Patients
It’s no secret that people seeking life insurance with pre-existing medical conditions have limited life insurance options. Dementia is a terminal and drastically lowers life expectancy. As a result, dementia patients no longer qualify for traditional coverage such as final expense life insurance.
However, there is a last resort option for coverage.
Guaranteed acceptance life insurance is the only type of life insurance available for dementia patients. There are no medical exams or any health questions. As long as you’re between ages 50 and 85, your acceptance is guaranteed. These plans provide up to $30,000 in coverage. And there are several highly rated carriers for you to shop.
Shop Life Insurance Companies
Our agency represents all the top providers offering high risk life insurance policies for people with dementia.
There is no single best insurance company. However, the following three carriers stand out above the competition.
These three carriers offer the most policy value, the best rates, and have high ratings with policyholders.
When you fill out the quote form on your screen, you’ll receive quotes from these three carriers as well as about a dozen of their top competitors.
We help you shop and compare life insurance companies side by side to find your best policy and rate.
Quote, Compare, & Enroll
Enrolling for life insurance with dementia is easier than you might think. Because there are no medical exams or health questions, the application process is super simple.
Quote – Shop rates from all the top carriers with a single quote using our quote engine.
Compare – Compare policy details and benefits side by side with the help of one of our friendly agents.
Enroll – Enroll in about 15 minutes over the phone. And coverage begins the very next day.
Our specialized agency helps you save time and money on your life insurance policy. We’ve helped thousands of individuals in poor health secure the funds they need to protect their families. We’d love to help you too!
Our services are free. And there’s no obligation when speaking with an agent.
Explore your options today with your free quote.
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