For those who are currently having a difficult time getting approved for life insurance, you also may want to read the following articles which focus on difficult to place insurance policies: TermLife2Go’s All-Star Life Insurance Companies, Avoid the Needle! Best No Medical Life Insurance Companies as well as our Just Enough Life Insurance to Bury Me Please!
Typically, what we’ve found is that when it comes to purchasing a fully underwritten term or whole life insurance policy, once it is determined that the applicant is current using Aricept, he or she will have a near impossible time getting approved.
How Aricept works.
It is believed that Aricept works by improving how nerve cells function, in the brain, by preventing the breakdown of chemicals called acetylcholine. People with dementia have been found to usually have lower levels of acetylcholine, which is important for memory, thinking and reasoning.
No two Alzheimer cases will be the same.
It’s important to note the you’ll rarely find two Alzheimer’s cases that are the same. Variations of progression and severity of the disease will vary widely, but what they will have in common will be a progressive mental deterioration of the brain.
Now when it comes to applying for a fully underwritten term or whole life insurance policy (a life insurance policy that will require a medical exam) or even a simplified term or whole life insurance policy (a life insurance policy that will only ask medical questions and not require a medical exam.) a prescription database check will be performed. It is at this point that most (if not all) insurance carriers will simply refuse to offer coverage to the applicant.
Other options that will be available.
For this reason, it is essential to look at options that don’t require a prescription database check or a medical examination.
“I have no problem taking a medical exam, I’m in perfect health other than using Aricept”.
And you may be right! After all Alzheimer’s isn’t “really” a life threatening disease. However, it is important to understand that insurance companies look at many factors in determining who they want to cover, and unfortunately most have simply made the economic decision to not offer coverage to folks suffering from Alzheimer’s disease.
But there are other options, options such as a “guaranteed issue life insurance policy”, so let’s take a look.
Guaranteed issue life insurance policy.
Guaranteed issue life insurance policies are typically smaller life insurance policies that max out right around $25,000 dollars in coverage. The advantages of choosing a guaranteed issue life insurance policy include:
- You won’t be required to take a medical exam or answer any health related questions.
- These types of policies are usually whole life insurance policies.
- And provided you’re a US citizen, and meet the age requirements you can’t be turned down!
Now there are some disadvantages to these types of policies as well. In general, guaranteed issue life insurance policies will:
- Be more expensive “dollar for dollar” than non-guaranteed issue life insurance policies (policies that will ask medical questions or require a medical exam).
- Max out at $25,000 dollars in coverage.
- And these types of policies will contain a clause know as a Graded Death Benefit.
Graded Death Benefit.
Since the only requirements of eligibility for a guaranteed issue life insurance policy is US citizenship and meeting the age requirements, insurance companies that offer a guaranteed issue life insurance policy won’t have any idea about the actual health of the insured.
For this reason, insurance companies will add a clause known as a graded death benefit which will basically state that in order for the guaranteed issue life insurance policy to payout for a death caused by “natural” causes, the applicant must live for at least 2 years (sometimes 3 depending on the carrier) after the policy has gone into effect. Accidental causes of death however will be covered immediately.
For more information on these types of insurance products as well as learning exactly what you may or may not be eligible for, feel free to give us a call and we’ll be happy to help!
Lastly, for those who would like to get an idea about how much their life insurance might cost before speaking with an agent, we would recommend that they check out our Final Expense Life Insurance Quotes page when you have a few moments to spare.