Getting approved for burial insurance with ALS or Lou Gehrig’s disease may seem impossible because it’s a severe medical condition. However, it is possible to obtain burial insurance if you have been diagnosed with Lou Gehrig’s disease.
ALS is a neurodegenerative disease that affects nerve cells in the brain and spinal cord. Unfortunately, there is no known cure for ALS to stop or reverse the progression of the disease. The condition can only be managed with medication and other treatment options.
If you or a family member has been diagnosed with Lou Gehrig’s disease and would like more information about burial insurance, the best thing to do is contact us at Funeral Funds. Over the years, we have successfully assisted many clients with ALS obtain burial insurance. We’ve pretty much dealt with every health issue imaginable. And, we can help you secure a policy.
WHY DO THE INSURANCE COMPANIES CARE ABOUT ALS?
ALS has a significant impact on life expectancy. The rate at which a patient’s condition degrades can vary, though the average survival time is two to five years after diagnosis.
- Over 50% of people with ALS live more than three years
- 20% live five years or more
- 10% live 10 or more years
- 5% will live more than 20 years
THERE ARE TWO TYPES ALS THE INSURANCE COMPANIES CARE ABOUT:
The majority of ALS cases are considered sporadic. It affects up to 95% of people with the disease. Sporadic means it happens randomly without a clear cause, no associated risk factor and no family history. Although family members of ALS patients are at an increased risk of developing the condition, the overall risk is very low, and most of them will not develop ALS.
Familial or genetic ALS runs in families, which means that the disease was inherited from the parents. Changes to a gene cause familial ALS. One of the parents can pass the faulty gene to their children. If a parent has the gene for ALS, their children will have a 50% chance of inheriting the gene and having the disease.
There is still no cure for ALS yet. However, there are available treatments that can help control the symptoms of the disease. Treatment can also prevent unnecessary complications and make living with ALS easier.
BURIAL & FUNERAL POLICY OPTIONS FOR ALS PATIENTS
If you have ALS, no life insurance company will offer you immediate coverage. Guaranteed issue life insurance policy is your only option.
The primary reason why life insurance companies deny ALS patients’ application is due to shortened life expectancy. On average, ALS patients have a life expectancy of 2 to 5 years. If you’ve been recently diagnosed with ALS, then there is a big chance that you are going to outlive the two-year waiting period.
BURIAL INSURANCE WITH ALS
As most people with this condition have shortened lives span, all traditional life insurance companies will not provide traditional life insurance coverage to people with ALS because of the risk associated with this disease.
There are two ways the burial insurance companies will react if you have ALS:
#1. They will decline your application.
Every life insurance company will flat out decline you due to ALS. To them, you are a high-risk client they don’t want to deal with. If you’ve declined, don’t worry there are burial insurance companies that will take you, we will help you get coverage.
#2. They will offer a plan with a two-year waiting period along with a higher premium.
If you have ALS, the insurance companies will offer you a guaranteed issue policy that comes with a two-year waiting period, and they will charge higher premiums. If you pass away during the first two years of the policy, the company will only refund your premiums plus 10% interest.
Guaranteed Issue Life Insurance
People with ALS can obtain a guaranteed issue life insurance policy. The minimum age requirement is 50, but some come insurance companies provide coverage to people as young as 40 or 45 years old.
If you are a U.S. citizen and live in the state where guaranteed issue policies are sold, and you fall within the age requirement, you can qualify for this policy.
When you apply for guaranteed issue life insurance policy, the insurance companies will not ask any health questions, nor will it require you to take a medical exam or blood and urine sample. So, even if you have ALS or other neurological disorders like muscular dystrophy, Parkinson’s disease, Huntington’s disease, Alzheimer’s disease or seizure disorder, you will still qualify for guaranteed issue policy.
The companies will not check your prescription history nor will they call you for a phone interview. You can obtain a policy regardless of your current medical condition.
Benefits of Guaranteed Issue Policy
- Easy to obtain. It is very easy to qualify and get coverage. You don’t need to take a medical exam or answer questions regarding your health. You will be automatically approved if you meet the age requirements and policy is available in your state.
- The death benefit is fixed. The amount of your death benefit is guaranteed never to decrease. Your beneficiaries will receive the exact amount of your policy when you pass away.
- Fixed monthly premiums. Your monthly insurance bill is fixed and will never go up. The rate is computed at your current age, and it will never increase regardless of your age or medical condition.
- The benefit is tax-free. Your death benefit will be paid directly to your beneficiaries tax-free when you pass away.
- Your policy will never expire. Guaranteed issue is a whole life policy that will last your whole life. It will never expire as long as monthly premiums are paid on time.
- Your policy is not cancelable. Your policy cannot be canceled by the life insurance company as long as you pay your premium.
- Cash value accumulation. Guaranteed issue life insurance has a cash value component. Cash value can accumulate over time.
- You can choose a minimal amount of coverage. The death benefit for guaranteed acceptance policy ranges from $1,000 to $25,000.
Disadvantages of Guaranteed Issue Life Insurance
There are three major disadvantages of guaranteed issue life insurance that you should be aware of:
- Guaranteed issue policies have a minimal amount of coverage. These policies only offer a maximum of $25,000 in coverage. If you want to cover lost wages or your mortgage balance in the event of premature death, guaranteed issue policies are not going to be a great option.
- Guaranteed issue policies are more expensive than a traditional term or whole life policies. The burial insurance companies will charge you more because they take more risk to insure you without knowing your medical condition. If you’re planning to buy several guaranteed issue policies from different companies to get higher coverage than $25,000, you can do it, but you need to be aware that it is going to be really expensive.
- Guaranteed issue life insurance has a mandatory two-year waiting period. The two-year waiting period was designed to protect the insurance companies from paying out a death benefit for natural death during this period. Dying from natural causes means a death caused by illness as a consequence of heart disease, stroke, cancer, or diabetes.
There is no full coverage for the first two years. If you die by the onset of ALS, this plan will not payout. Your beneficiary will only receive the return of premium plus some interest. Once the two years had passed, even if it’s a day after, your beneficiary will be fully paid out the amount of your full coverage.
Guaranteed issue life insurance will pay a death benefit if you die from an accident during the waiting period. Accidental deaths include motor vehicle accident, slip, and fall, or natural disaster. Accidental death would be immediately covered and would not be subject to the waiting period.
WHY DO YOU NEED TO OBTAIN GUARANTEED ISSUE LIFE INSURANCE IF YOU HAVE ALS?
ALS or Lou Gehrig’s is a rare neurological disease that causes gradual deterioration of motor neurons making movements like swallowing, walking and talking difficult. The condition gets worse over time.
There is no known cure for Lou Gehrig’s disease, and there is no effective treatment discovered to stop or reverse the progression of this condition. The life expectancy of people with ALS is two to five years.
For a patient with ALS who is confronted with the cruel reality of death, buying burial insurance is a must. The sooner you get covered, the better because of the two-year waiting period. The sooner you work on the waiting period, the sooner you will have full coverage.
If you just got a recent diagnosis, there is a good chance that you will outlive the two-year limitation if you start now. Additionally, your monthly premium is computed based on your current age. You will save on premium if you apply immediately.
Buying guaranteed issue life insurance can serve different purposes. The first purpose of burial insurance is to cover your final expenses. Funerals can be costly. The average cost of a funeral and burial can go up to $10,000. ALS life insurance payout can be used to pay for the funeral and burial cost. Buying burial insurance can provide financial protection to your family when you pass away.
More often people with Lou Gehrig’s disease leave their family with massive medical debt to pay. Burial insurance plan can provide a source of funds to be used to pay the medical debts incurred before death. Buying burial insurance will give you peace of mind knowing your family will be taken cared of upon your death.
If you do not have substantial savings or other life insurance to pass along to your family, you should apply for guaranteed issue life insurance protection. We are here to help you. Whether you are looking for burial insurance with ALS for yourself or a loved one with this condition, it is essential to seek the help of an independent life insurance agency to guide you in finding the best policy for your needs.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy with ALS needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have a health history of ALS, let us help you; we will work with you side by side to find a plan that fits your needs.
We will work with you every step of the way to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time anymore searching for multiple insurance companies because we will do the dirty work for you.
We will shop your case to different insurance carriers and get you the best price.
We work with many A+ rated insurance carriers that specialized in covering high-risk clients like you. We will search all those companies to get the best rate. We will match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for ALS funeral insurance, or ALS burial insurance, or ALS life insurance, we can help.
Fill out our quote form on this page or call us at (888) 862-9456 and we can give you an accurate quote.