Life Insurance for Alzheimer’s Patients [The Facts]

Quick Tip: If you need a quote for life insurance, fill out the box to the right and see the top rates available.


Can Someone with Alzheimers Get Life Insurance

If you are asking this question then you have already been diagnosed with Alzheimers, have a family member, or you have someone very dear to you that has. Above all, it is important to know that if you are a person with Alzheimers disease that you have life insurance options.

In fact, people with Alzheimers disease are not able to get traditional life insurance. For instance, Alzheimers disease is a progressive disease that life insurance companies deem as a high-risk health impairment.

Overall, if you have any history of Alzheimers disease in your family then it is a great idea to have a policy in place. Furthermore, make sure that the policy you choose has some sort of living benefits in case you have an early diagnosis.

This will give you access to health care costs if needed.


Best Life Insurance for Alzheimers

Now that we have come to the conclusion as to what impact having Alzheimer’s does when getting life insurance then let’s talk about the best available.

Are there any life insurance policies for Alzheimers patients?

Above all, having a guaranteed death benefit when that day comes is the most important. We have a few insurance carriers that will offer great options for life insurance with someone with Alzheimers. In fact, they will not ask any health questions.

These types of policies are guaranteed issue burial insurance policies. In addition, they will have a 2-year waiting period. However, if you were to pass away by accident the first two years then the policy would payout 100% of the death benefit.

But, if you were to pass away from an illness then all premiums paid plus 10% would be refunded to the beneficiary. Some of these policies do come with features and riders. These policies are the best available life insurance with Alzheimers or dementia.


Final Expense Insurance with Alzheimers Disease

How to qualify for life insurance when suffering from Alzheimer’s?

Looking back above we have come to the conclusion what is available for Alzheimers patients when it comes to life insurance availability. In fact, we know that we can get a burial and/or final expense policy regardless of when you were diagnosed.

Here are some of the rates for guaranteed issue policies for life insurance for the ages of 75 to 80 years of age. The minimum is $1000 in coverage and the maximum is $40,000.

This example is for a male and female for $20,000.

AgeGenderCoverageRateGenderCoverageRate
75Male$20,000$278.12Female$20,000$215.42
76Male$20,000$324.87Female$20,000$246.58
77Male$20,000$369.78Female$20,000$275.92
78Male$20,000$412.87Female$20,000$303.42
79Male$20,000$454.11Female$20,000$329.08
80Male$20,000$493.71Female$20,000$351.82
81Male$20,000$553.79Female$20,000$392.76
82Male$20,000$569.87Female$20,000$402.46
83Male$20,000$631.29Female$20,000$415.92
84Male$20,000$661.90Female$20,000$426.51
85Male$20,000$692.70Female$20,000$437.18

Lets now focus on what added features you may have available to you. But, here is a great question:

Does life insurance cover Alzheimers disease care?

The answer is yes if you have the right policy. You see some of these guaranteed acceptance policies come with nursing home confinement riders in addition to critical, chronic and terminal illness riders.

Above all, assistance programs like Alzheimers care programs and dementia care programs are expensive. For instance, some of these GI policies will give you access to coverage of up to 50% of the face amount to assist with care.

This will come into play if 2 of the 6 ADL’s are not able to be performed.


How To Pay For Alzheimer’s Care with Life Insurance

Again, being diagnosed with Alzheimers is extremely tough for the family as well as the patient. It is a very scary experience for all involved.

If you had a parent recently diagnosed and you need to inquire about life insurance for your parents feel free to reach out to us.

Now to get back on topic, it is very important to always have a life insurance policy in place. In addition, to have a long term care policy, especially f you have any form of cognitive history in your family.

If you have a living benefits life insurance policy then using life insurance to pay for Alzheimers care will be available. This can help plan ahead for any respite care expenses.


Cost of Alzheimers

Above all, Alzheimers disease cost’s about $340,000. This is average for the health needs after diagnosis when they finally pass away. You can imagine how financially devastating this can be if you are not properly covered.

What is the average cost of a memory care facility?

These types of facilities can cost about $6000 a month. This would provide around the clock supervised care.

Medicare covers some of the inpatient hospital care. In addition, Medicare Part D will cover any prescription drugs. Overall, Medicare will also pay up to 100 days in a skilled home care environment but this is under limited circumstances.

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