Can I Buy Life Insurance if I have Alzheimer’s disease?

Alzheimers disease

There are many different diseases that one can get diagnosed with. Alzheimer’s may be one of the most distressing. For many, they feel that they have been handed a death sentence when diagnosed with this disease. One of the first thoughts that come to mind for many is their end of life responsibilities. Meaning that they may need to take care of loved ones financially. This leads them to wonder if they can buy life insurance if they have Alzheimer’s disease.

Can I Get Denied Life Insurance if I Have Alzheimer’s disease?

Most automatically assume that if they have Alzheimer’s they are going to be denied life insurance. Based on the gravity of this disease. Some may try to buy life insurance with Alzheimer’s. They are not surprised when they are denied. Others will not even attempt to make this type of purchase. Assuming that they will get denied.

Why Do Insurance Companies Care About Alzheimer’s?

It is very possible that many insurance companies will deny life insurance. To Alzheimer insurance shoppers. It is too great a risk for them. These insurance companies are going to look at the medical data and the statistics. That pertains to this disease. They are going to measure these statistics. Against the risk that this is going to create for them as an insurance business.

There are certain aspects of Alzheimer’s. Ones that the insurance company are going to get concerned about. It is a form of dementia. In fact, it is the most common form. Most likely the insurance companies are not going to get concerned about the psychological factors. As much as they are about life span. Although the psychological factors may still play an important role for the insurance companies.

It is considered to be a progressive disease that worsens over several years. The early stages are often accompanied with memory loss. As it progresses the symptoms dramatically worsen.

It is not an uncommon disease. As such it is raising concerns. For insurance companies that have a focus on pre-existing conditions. It is estimated that about 564,000 individuals have Alzheimer’s. According to the 2016 statistics.

Risks for Insurance Companies

risks

There can be a lot of side effects to Alzheimer’s. That can create increased risks for the insurance companies. In states of confusion, the individual may be at more risk for a fall or injury. Or getting lost and ending up in harm’s way. Then for some, they end up being bedridden. For these individuals, there’s a risk of blood clots forming which could lead to a stroke.

Then there is the death rate that Insurance companies have to get concerned about. Insurance companies make their money off of the premiums they charge. The longer they can keep collecting these premiums the less risk they are at for a claim.  It may be that some of the insurance companies invest the premiums into other money making avenues. This helps to offset their losses when they have to pay out a policy. The longer they can keep collecting money off premiums the less chance they are going to lose money.

Those with Alzheimer’s are at risk for a short life span once getting diagnosed. It is estimated that the average lifespan will be about four to eight years. But, there are still many that have beat these statistics. Several have lived up to twenty years after getting diagnosed with Alzheimer’s. Being as insurance companies are all about data they no doubt take this factor into account.

Life Insurance Alzheimer’s disease

The statistics for how many people already have Alzheimer’s the figures are huge. This is a big chunk of the clients that insurance companies could serve. They realize this, and many have come up with a plausible solution. One that will help to provide those with Alzheimer’s insurance. While at the same time minimizing the risks for the insurance company.

How to Buy Affordable Life Insurance Even if You Have Alzheimer’s

Some individuals are surprised when they hear about guaranteed life insurance. They believe that it is too good to be true. Or, they feel that it simply doesn’t apply to them. But, in many cases, it may.

This is the type of insurance that some insurance companies are now offering. It means that they are not going to ask for a medical exam. It also means they are not going to ask any medical questions. One of the stipulations may be age. Meaning it is available to those between the ages of 40 to 75.

What is the Catch?

There isn’t a catch, but it will likely come with a lot of restrictions. When compared to standard life insurance. One of these will be that there is a maximum of coverage that will get offered. Some may be offering insurance coverage up to $25,000. The other drawback is going to be the cost of this insurance. Most likely it is going to be substantially more expensive.

Life Insurance for People with Alzheimer’s

Individuals who get diagnosed with Alzheimer’s should not give up hope. For getting life insurance. They should become determined to shop around for life insurance. For that which may be applicable to those with pre-existing conditions. There are companies that are prepared to offer some type of life insurance products. For these individuals.

Alzheimer’s Insurance Companies

Companies

Even though it is most likely that the choices will get limited it doesn’t mean one should not shop around. Most people are so grateful to have at least one choice for life insurance. They may tend not to want to shop around. This can be a mistake. There is more than one company that is offering insurance. With no medical and no medical questions asked. This makes it worthwhile to do a comparison of what these companies are offering. By doing so, it may mean that one can get cheaper rates. Also, perhaps more choices when it comes to the amount of the coverage.

Resources

http://alzheimer.ca/en/Home/Get-involved/Advocacy/Latest-
https://www.alz.org/alzheimers_disease_stages_of_alzheimers.asp
http://ibenefit.ca/LP/Alzheimer.php