If you think burial insurance with dementia is impossible, you are mistaken. In fact, most people with dementia or Alzheimer’s disease can get burial life insurance.
Dementia is a severe medical condition that significantly reduced life expectancy. If you’re afflicted with it you can get insurance but your options are limited. Life insurance companies only offer a plan that pays the full death benefit after the first two years of the policy.
If you or your loved one is seeking burial insurance with dementia, we can help. Most life insurance companies will not provide coverage if you have dementia because you are an underwriting risk. However, we have some top-rated life insurance carriers that will provide you with affordable burial insurance coverage if you have dementia.
We have helped many people diagnosed with dementia get approved for affordable life insurance. We can help you too.
FOR EASIER NAVIGATION:
WHY DO THE INSURANCE COMPANIES CARE ABOUT DEMENTIA?
Dementia is the gradual loss of brain function and behavioral abilities to the point that it interferes with the activities of daily living. A person with dementia may also experience changes in mood or behavior.
Dementia is not a part of aging although it is more common as people grow older.
Alzheimer’s disease is the most common cause of dementia in older adults. Alzheimer’s disease accounts for 60 to 80% of all cases. Vascular dementia is the second most common type of dementia. But other conditions can cause symptoms of dementia, including vitamin deficiencies and thyroid problems.
Insurance companies understand that dementia and other disorders linked to dementia are serious diseases that cause premature death.
TYPES OF DEMENTIA & OTHER RISK FACTORS INSURANCE COMPANIES CONSIDER
- Alzheimer’s disease (burial insurance available)
- Vascular dementia (burial insurance available)
- Lewy body dementia (burial insurance available)
- Frontotemporal dementia (burial insurance available)
- Mixed dementia (burial insurance available)
Other disorders linked to Dementia:
- Huntington’s disease (burial insurance available)
- Traumatic brain injury (burial insurance available)
- Creutzfeldt-Jakob disease (burial insurance available)
- Parkinson’s disease (burial insurance available)
UNDERWRITING FOR BURIAL INSURANCE WITH DEMENTIA
Most life insurance companies refuse to provide traditional term or whole life insurance coverage to people with dementia because of their risk evaluation.
Dementia won’t cause death, but it dramatically increases the chance of death.
The average person diagnosed with Alzheimer’s is expected to live between 8 to 10 years, though some people can live up to 20 years after the first diagnosis. Medication can slow the progression of the disease, but it can’t be cured.
Simplified issue burial insurance with health questions ask about dementia. In addition, the company will check prescription history to verify your health status.
One of the first questions you will see on a regular burial policy application is “Do you have a diagnosis and treatment for dementia or Alzheimer’s disease?”
If you say “yes” the insurance company will decline your dementia life insurance coverage application. It is the reason why many people with early-onset dementia go uninsured because they are embarrassed or afraid to attempt the application process.
There are two ways the insurance companies will react to people with dementia:
#1 – They will decline your application.
Every life insurance company will decline you outright due to dementia. To them, you’re a high risk they don’t want to gamble on. If you’re declined there are still burial and funeral insurance companies that will take you; we will help you find the best plan for you.
#2 – They will offer a plan with a two-year waiting period with a higher premium.
The insurance companies will offer a guaranteed final expense insurance policy that comes with a two-year waiting period, and the company will charge you more money. If you pass away on the first two years of the policy, the company will refund all the premiums you paid plus interest.
If you have dementia, no life insurance company will offer you immediate coverage. Guaranteed issue life insurance policy is your only option.
SCRIPT CHECK (medication history)
To double-check, your health condition burial insurance companies conduct a medication history check. If you lied about having dementia on the application, they will know the truth by merely looking at your medication history.
There are some dementia medications they are on the lookout for. Filling a prescription for any of these drugs will put you on the patient with dementia category.
Here’s a list of common dementia drugs & burial insurance eligibility:
- Acetyl L-Carnitine (burial insurance available)
- Aricept (burial insurance available)
- Cognex (burial insurance available)
- Donepezil (burial insurance available)
- Ergoloid Mesylates (burial insurance available)
- Exelon (burial insurance available)
- Galantamine (burial insurance available)
- Hydergine (burial insurance available)
- Namenda (burial insurance available)
- Namzaric (burial insurance available)
- Razadyne (burial insurance available)
- Reminyl (burial insurance available)
- Rivastigmine Tartrate (burial insurance available)
The presence of these drugs on your prescription history check will confirm that you have dementia and this will override your “no” answer on the health questions of the application.
This is why guaranteed issue burial insurance and guaranteed issue funeral insurance is your only option with Dementia.
HOW TO OBTAIN BURIAL INSURANCE WITH DEMENTIA
To obtain burial insurance with dementia, you only have one option to obtain insurance coverage. That is by purchasing a guaranteed acceptance insurance policy
A guaranteed issue policy is a no questions life insurance. There are no medical or health questions on the application. You can get approved for coverage regardless of your medical condition. This policy is intended for people with pre-existing high-risk conditions like dementia.
Who qualifies for a Guaranteed Issue life insurance?
- You must be a U.S. citizen
- You must reside in the state where the product is available
- You must be between the ages of 40-85
- You must have a mental ability to enter into a legal contract
GUARANTEED ISSUE LIFE INSURANCE FOR DEMENTIA
People with dementia can get guaranteed life insurance plans!
The minimum age requirement is 50, but some companies provide coverage to persons as young as age 40 or 45. If you are a U.S. citizen and life in the state where these types of policies are sold and fall within the required age requirement, you will qualify for this policy.
Guaranteed life insurance is whole life, and it is usually graded during the first two years for natural death. Each company that offers this policy will require a two-year waiting period, but few have a three-year waiting period. No insurance company pays out death benefits for the first two years.
If you pass away from illness as a consequence of your dementia, the company will pay your beneficiary all the premiums you paid on the policy plus 10% interest. After the two-year waiting period, the policy will pay 100% of the death benefit for death for any reason.
Guaranteed issue policies usually pay 100% of the death benefit from day one if you die from an accident.
Guaranteed issue final expense insurance has a graded death benefit written on it which creates a waiting period. The insured must wait until the policy begins to provide coverage in the event you die from natural causes.
As this disease progresses it can cause organ failure and other health complications. There may also be pre-existing chronic diseases such as heart disease, COPD and diabetes. Other diseases that may occur to Dementia patients are strokes, Alzheimer’s disease, and other genetic disorders.
Guaranteed issue life insurance companies do not care how mild or severe your cognition loss due to dementia because you will be covered with no health questions asked.
The companies do not require a medical exam, medical record, prescription history or phone interview for dementia insurance. Guaranteed issue insurance policies are great for people who have difficulty answering application questions coherently.
BENEFITS OF A GUARANTEED ISSUE POLICY
- Ease of coverage. It is effortless to qualify and get coverage without health questions or medical exam. Your approval is guaranteed if you meet the age requirements.
- Fixed monthly premiums. Your monthly insurance bill is fixed and guaranteed never to go up. Your rate will be computed at your current age, and the premium will never increase regardless of your age or medical condition.
- The death benefit is fixed. Your death benefit amount will never decrease for any reason. Your beneficiary will receive the amount on your policy when you pass away.
- Your policy will never expire. Guaranteed issue policy is whole life insurance that will never expire as long as you pay the premiums on time.
- Tax-free. Your death benefit will be paid directly to your beneficiary tax-free.
- You can choose a minimal amount of coverage. The coverage for guaranteed issue policy range from $1,000 to $25,000.
- Cash value accumulation. The guaranteed issue policy has a cash value component. It is a good savings option that accumulates over time.
WHY YOU SHOULD BUY GUARANTEED ISSUE LIFE INSURANCE
Shopping for life if you have dementia can be a challenge, but you likely still need coverage. Unless you have substantial savings or another policy to pass along to your family, it is a wise financial move to apply for guaranteed issue life insurance protection.
The sooner you get coverage, the better because of the two years waiting period.
Because of the mandatory waiting period, it is always best to apply for coverage as soon as possible. The sooner you begin working through the waiting period, the sooner you will be covered. Additionally, your monthly premium is based on your current age. You will save on premium if you apply now at your current younger age.
If you want to make sure that your final expenses will not be a burden to your family, then getting a guaranteed issue life insurance policy is worth purchasing no matter what your age is. Your beneficiary will receive the 100% death benefit in as little as two years.
There are other final expenses that may be associated with dying that you need to consider like outstanding credit card bills, auto loans, and unpaid medical bills. Lost wages of your family are some of the expenses that can be covered by a guaranteed issue policy.
Coverage requirements and policy limitations vary from company to company; this is why it is essential to understand the terms of insurance before you purchase it.
We are here to help you. Whether you are looking for burial insurance with dementia 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.
FINDING THE BEST BURIAL INSURANCE WITH DEMENTIA
To find the best burial insurance with dementia, you need to work with an experienced independent life insurance agency like Funeral Funds that represent many insurance companies.
Funeral Funds is experienced in life insurance for people with cognitive issues like dementia. By working with an independent agency that specializes in burial insurance coverage with dementia, you increase your chances of finding the most affordable plan.
HOW CAN FUNERAL FUNDS HELP YOU?
Trying to find a policy with dementia needn’t be a frustrating process, but working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have a history of dementia, 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 need not 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 funeral or burial insurance with dementia in your medical history, 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.