Every now and then, we’ll get a call from an applicant who has been diagnosed with amyloid disease and is wondering if they’ll be able to qualify for a life insurance policy. There is always final expense and burial insurance policies but what about simplified issue or fully underwritten coverage?
When deciding on the best type of life insruance we’ll typically need to know two things:
- How old is the applicant?
- How much insurance is the applicant looking for?
You see, when it comes to helping folks who have been diagnosed with amyloid disease…
We’re going to need to pursue an “alternative life insurance policy” rather than your typical fully underwritten term or whole life insurance policy or simplified issue life insurance policy.
This is because…
For most life insurance companies (if not all), being diagnosed with amyloid disease will trigger an automatic decline during a traditional life insurance application process. This is why knowing how old you are and how much life insurance you’re looking for will help us determine if you’ll be eligible for a life insurance policy that isn’t going to ask you any medical questions!
Amyloid disease defined:
Amyloid disease is a rare medical condition where the body builds up too much amyloid protein. Which in turn ends up collecting within the bodies tissue and organs leading to a complex array of problems including:
- General fatigue.
- Complications within the nervous system.
- Shortness of breath and feeling of “lightheadedness”.
- Pain in the abdomen, foot or hands as well as pins and needles or reduced sensations of touch.
- And an Enlarged heart and/or irregular heartbeat.
While amyloidosis may present itself as a symptom of another medical condition, for those suffering from amyloid disease, the cause will be due to issues within the actual bone marrow whereby abnormal antibodies are produced forming amyloid.
Why is it difficult to get life insurance with amyloid disease?
The nature of amyloid disease makes it difficult to qualify for most life insurance policies because amyloid disease can affect so many different parts of the body in may “unpredictable” ways. Which is a pre-exisitng condition that most life insurance company consider an unacceptable risk (at least in our experience).
Which is why we need to look at…
A life insurance policy which isn’t going to ask you about your current health status AND isn’t going to require you to take a medical exam. These types of life insurance policies are called guaranteed issue life insurance policies.
What is a guaranteed life insurance policy?
A guaranteed issue life insurance policy is pretty much exactly what it sounds like: a life insurance policy that anyone – including people with amyloid disease – can qualify for, provided that you are a US citizen and are between the age of 40-85 years of age (product may not be available in your state).
Is a guaranteed issue life insurance policy the right choice for you?
We have to be clear: a guaranteed life insurance policy is not the same as other life insurance policies. However, with amyloid disease, it’s probably going to be your best shot at getting a life insurance policy, so it’s most likely going to be worth taking a look at them. Take a look at our choices for the best final expense and burial insurance companies to find the carriers we believe offer the top choice for guaranteed issue.
That being said however…
There are some disadvantages associated with guaranteed issue life insurance policies you should know about before you should just “run out” and buy one!
Guaranteed issue life insurance policies aren’t going to offer a ton of coverage. In fact, most guaranteed issue life insurance policies are going to “cap” out at about $25,000 dollars in coverage. So, if $25,000 dollars in coverage isn’t going to be enough for you, a guaranteed issue life insurance policy may not be the right option for you.
Cost. It’s important to understand that dollar per dollar, guaranteed life insurance are, generally going to be more expensive than other more traditional term or whole life insurance policies. The reason for this is simple: life insurance prices are usually based on a person’s health and likelihood to die prematurely. The healthier you are, the less expensive your policy will typically be.
Third main disadvantage.
Guaranteed issue life insurance policies are going to have a graded death benefit clause built into them.
Graded Death Benefit Defined.
A Graded death benefit clause is a clause written with a guaranteed issue life insurance policy that will state that in order for your policy to cover “natural” causes of death such as cancer, heart disease, stroke or diabetes, you must first stay “outlive” a preset waiting period, which is known as a graded death policy.
This “waiting period” will vary but will typically last between 2-3 years depending on the insurance carrier. Now “accidental” causes of death such as slip and fall, motor vehicle accidents or natural disasters will immediately be covered, it’s only “natural” causes of death that will have a waiting period.
Now you may be asking yourself, “Why do guaranteed issue life insurance policies have graded death benefit clauses associated with them?
And the answer is because a guaranteed issue life insurance policy isn’t going to require a medical exam or ask any health-related questions. Which means that insurance company simply aren’t going to have any idea how healthy or “unhealthy” you are.
For this reason, they use a graded death benefit as a way of “weeding” out those applicants who may be seriously ill or days or weeks away from passing away!
For more information about graded death benefits and guaranteed issue life insurance policies we would advise you to give us a call or visit our article Guaranteed Issue Life Insurance Policies – Pros and Cons – .
Now we know…
That we’ve covered a lot of information here in the article and the last thing that we expect is for you to suddenly become an expert on all of this, we just hope that you’ll understand that even with a pre-existing condition like amyloid disease, you may potentially have options, you’re just going to need to speak with an agency that knows where to look!
Now that we’ve covered the fact that you’re most likely going to need to pursue a life insurance application that isn’t going to require you to take a medical exam or answer any health-related questions, doesn’t it make sense to only look at a life insurance quoter that is going to “quote” those types of policies?
We think so…
Which is why we created our Final Expense Life Insurance Quotes page so that you don’t need to look at “tons” of quotes that you simply can’t qualify for.
Because we’ve been doing this awhile here at TermLife2Go, we know that a lot of times when you suffer from a condition like amyloid disease you’re not really able to work and may not have a ton of discretionary income, especially if you’re currently receiving SSI disability.
This is why…
We’ve chosen also to write an article The Best Money Making Apps to help those who may not be able to actually go to work every day find ways that they can make money from home, on their own time.
Now will you end up using this money to help finance a life insurance policy?
Who knows, but our ultimate goal here at TermLife2Go is to help improve the financial security of our clients so it is our hope that this article and our Best Money Making Apps article helps you do this.