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You might think buying burial insurance with Parkinson’s is going to be really hard and expensive. Well, you would be wrong.
Parkinson’s disease is not going to mean really high prices or declines.
In fact, there are final expense companies out there that willing accept this condition, and many others!. For many years now, we have successfully helped many Parkinson’s patients secure low cost burial insurance that has no waiting period. We will show you how to do the same.
In this article, we will outline how insurance carriers react to Parkinson’s, what kind of options you are looking at, and how you can find the best plan at the best price.
The Truth About Burial Insurance With Parkinson’s Disease
Depending on who you speak with, you could get some mixed responses about this issue. We believe in being direct, so we will just give it to you straight.
We are happy to report that there are some final expense companies that simply do not care about Parkinson’s disease. To them, having it is the same as not having it. You can qualify for a level death benefit. That means you pay the least amount possible and your coverage has no waiting period of any kind. On the other hand, most burial insurance companies will impose some sort of penalty to Parkinson’s patients. At minimum there will be a higher premium, but there may be a waiting period as well (depends on the company). Hopefully, you don’t have any other health issues that would prevent you from qualifying with one of the carriers that accepts Parkinson’s all day long.
Ready for some more great news?
Since burial insurance plans are issued on a simplified basis, they never require any sort of medical exam. At no point will a stranger have to enter your home to complete the application.
Parkinson’s disease is an incurable condition that can have a drastic effect on your life. Thankfully, modern treatment has enabled many people to live long healthy lives with a high quality of life. Regardless of your situation, we are ultra confident that we can find you a very affordable funeral insurance policy even with this condition.
Funeral Insurance Underwriting For Parkinson’s
As you may or may not know, the only element of underwriting that involves you is the health questionnaire. Behind the scenes, the insurance companies will run prescription history checks as a way to validate your health status.
Of course, applying for a burial insurance plan that has underwriting is only way to get instant protection and the lowest rates. You could apply for guarantee issue life insurance which has no health questions or medical checks. However, you should never do that unless all underwritten options were exhausted.
Parkinson’s In The Health Questions
If a final expense application, with any company, asks about Parkinson’s, it will more than likely have no time frame attached to it. This happens because it’s a condition that cannot be cured. Once you have it, it’s with you for life.
Most final expense companies will break up their applications into sections. Usually, all the lifelong conditions will be grouped together. It’s in this section that you will almost always find them mention Parkinson’s. Here is an example of how they might ask about it.
- Have you ever been diagnosed with, been treated for, or taken medication for Parkinson’s Disease?
There are some companies that will attach a specific time frame to it which is odd considering it’s a condition that won’t go away. However, it does happen. Here’s an example of how one company in particular asks about it.
- In the last 24 months, you had, been diagnosed with, or been treated for Parkinson’s Disease?
Regardless of how they ask, you should definitely say yes to these questions if you have been officially diagnosed with the condition.
Along with the health questions, the insurance companies will electronically analyze your prescription history. Their goal is merely to validate your health status. For example, if you had cancer recently, but didn’t disclose it, your prescription history would reveal this fact.
Below is a list of the most common medications burial insurance companies have flagged for Parkinson’s Disease. You will notice that some are bold, and some are not.
If you are taking any of bold medications and you don’t have Parkinson’s Disease, there are lots of companies that will not view you as a Parkinson’s patient. The drugs in bold have multiple uses. Parkinson’s is just one of them. For example, Requip is an extremely popular medication used to treat restless leg syndrome.
Conversely, if you have filled a prescription for any of the non bold medications, the insurance companies will certainly view you as person with Parkinson’s patient. Even if you did not offer up the fact that you have the condition, these medications would essentially do it for you once they see it in your pharmacy history.
- Amantadine HCL
- Benztropine Mesylate
- Bromocriptine Mesylate
- Pergolide Mesylate
- Procyclidine HCL
- Selegiline HCL
- Trihexyphenidyl HCL
Other Conditions To Consider
Parkinson’s Disease has the capacity to produce side effects in your life that could potentially impact the underwriting process of burial insurance. Every Parkinson’s patient experiences different degrees of symptoms and side effects. If you have experienced any of the below, you need to also take these into consideration as well.
Becoming depressed is a very common side effect for this disease. In many cases, doctors will prescribe drugs meant to help you manage the depression that was brought on due to the Parkinson’s.
Thankfully, depression is almost never an issue with most burial insurance companies. If you have depression brought on by Parkinson’s, don’t worry because there is almost no chance it will hinder or preclude your ability to secure coverage. You can read out piece on final expense insurance with depression if you want to know all the little details.
Daily Living Activities
If your Parkinson’s Disease progresses to the point where you need help, from anyone, with your daily activities of living, it will have a massive impact on the underwriting process. Just to be clear, insurance companies define activities of daily living as bathing, dressing, eating, toileting, taking medication, or eating. You may even see these abbreviated as ADL’s.
Most importantly, every single burial insurance company, except for Royal Neighbors of America, will ask if you need help with your ADL’s. The thing is, that company also asks if you have Parkinson’s. If you do, they would place you in their graded plan which costs more and it only pays out limited benefits during the first two years.
Granted that is better than a full waiting period, but it’s still not as good as full protection and the lowest rate possible. Most burial insurance companies will flat out decline anyone who needs help with their daily activities.
If you don’t qualify with Royal Neighbors, your only option would be to take out a guaranteed issue life insurance policy from a company like Gerber Life. The policy has no health questions or medical checks. It’s not that much more expensive, but it does come with a full two year waiting period before they will pay out a death benefit.
If you were to pass away during the waiting period, they would refund all of your premiums plus 10%.
Home Health Care
This situation is identical to needing help with activities of daily living. Every single funeral insurance company will ask about this. The one exception is Royal Neighbors of America. If you can’t qualify with them for some other reason, a guaranteed acceptance policy would be your only choice at that point.
Honest Expectations When You Have Parkinson’s
Now you know how they ask about this condition, what medications they look for, and some other situations that could influence this whole process. Below are all the possible ways final expense life insurance companies could respond to an applicant who has Parkinson’s.
1) They Do Absolutely Nothing!
Yes it’s true. There are actually some companies out there that could care less if you have Parkinson’s Disease. Granted, there aren’t very many of them, but they do exist. With them, you would pay the same rate they would charge a marathon runner. Not to mention, there would be no waiting period whatsoever.
We hope and pray you aren’t ineligible with these companies due to some other health conditions you have.
2) They Simply Charge You A Higher Monthly Premium
These companies choose to deal with the risk of taking on Parkinson’s clients by simply charging them a higher monthly premium than someone without Parkinson’s. In most cases, it’s anywhere from 20-50% more. Keep in mind, these companies are still willing to give you a full day one benefit. They are simply charging you a higher monthly price. There is no other penalty.
3) They Will Charge You More And Impose A Partial Waiting Period
This is honestly the most frequent response with most companies. Because of Parkinson’s, they will put you into their “graded plan”. That is the term most companies use to describe a plan that pays out a partial death benefit along with a higher monthly premium (20-50% more).
Usually, they will pay out 30-40% of your death benefit if you die within the first year. If you pass during the second year, it’s usually at 70-80% payout.
4) They Will Charge You More Money And Impose A Full 2 Year Waiting Period
It’s pretty much what the title says. They charge you more money, and they stipulate that they will not pay out a death benefit if you die within the first two years. Instead, they would give you back all your money plus interest. The interest is usually 10-20% (varies by company).
5) They Decline You
There are actually some life insurance companies that will flat out turn away anyone with Parkinson’s. Honestly, it really doesn’t matter because there are plenty of other companies to choose from!
Why can’t you just tell us what precisely to expect?
It’s a valid question. However it’s an impossible question to answer because there is so much that we don’t know about you. Every burial insurance company will assess your health in multiple ways. There are many factors that must be taken into consideration before we can give anyone an honest and accurate expectation. Nobody, without knowing those details, could ever honestly tell you precisely what you should expect.
How To Find The Best Burial Insurance With Parkinson’s Disease
Okay so this is the million dollar question that everyone wants the answer to. We would love to be able to just type out a sentence that directs everyone to this golden plan that is universally the best for every Parkinson’s patient. Unfortunately, that just isn’t how life insurance works.
There are tons of variables in play that ultimately influence what your best option could be.
Have you ever wondered why life insurance isn’t sold in grocery stores?
It’s because there are many factors to consider, and you need a qualified experienced agent to help you determine your best course of action.
Here’s some really cool news
We do have a simple formula that you can follow. If you heed this advice, it will put you in the right hands that will ultimately lead to you getting the best plan for you and your family.
To get the best burial insurance with Parkinson’s, you must at all costs work with a highly experienced independent brokerage (like Choice Mutual) that has free access to many different life insurance companies. At the end of the day, a company like this (even if it wasn’t us) will assess your entire situation, and run quotes from all the burial insurance companies that look at your health most favorably. Then, it’s just a matter of selecting which company offers you the best deal.
As you can see, your job is to put your faith into an experienced company that is properly equipped to help you. Even if you chose not to work with Choice Mutual for your burial insurance, you will still be in good hands if you follow our advice.
Just make sure that you work with an agency that has at least 10 companies or more to choose from. Anything less and you are running the risk of getting a plan that is less than ideal.
Hopefully by now you can see that we truly are experts in this space. If you would like us to do the heavy lifting for you and give you impartial assistance, give us a call. You can also let us call you by filling out the quote form with your phone number.