Life insurance with Alzheimer’s Disease or Dementia

As anyone who has ever had a family member suffer from dementia knows, it truly is one of the most painful diseases to have to live through.  Characterized by the gradual loss of brain functioning, dementia slowly makes it more and more difficult for its victims to continue to perform life’s daily activities.

Alzheimer’s disease is characterized as a disease of dementia which is why insurance companies will typically deny anyone applying for a fully underwritten life insurance policy.

Other options, such as a guaranteed issue life insurance policy or an accidental death policy, are available.

In our experience at TermLife2Go, we have found that it is often the family members of those suffering from Alzheimer’s that are looking to secure a life insurance policy for their loved one.  In these cases, the family isn’t necessarily looking for a policy to protect young children, replace lost income, or cover the cost of a mortgage. Rather, the family just wants something in place that would cover cover your final expenses or burial plan costs.

In these cases, guaranteed issue life insurance that does not require a medical exam or even ask any medical questions can be a great fit.  There are many reasons that a client should buy burial insurance. These policies can be taken out by the family, for their loved one, so that when the end comes, there will be some financial assistance in place.

Guaranteed issue life insurance policies, will typically be limited to less than $25,000 in coverage and will have some unique features to them that are not typically found in more traditional fully underwritten policies.

Features that you will want to avoid that are common in many commonly advertised guaranteed issue life insurance policies today include:

• Increasing premium payments throughout the policy.
• Policy termination at age 80.
• 3 year “Graded Death Benefit”