Burial Insurance Options With Alzheimer’s
A guaranteed issue life insurance policy is the only way you can get a new policy issued if you have dementia or Alzheimer’s.
Since acceptance is guaranteed, there will be a two-year waiting period. If you die during the first 24 months, the insurance company will refund your premiums plus interest. After two years, the full amount would be payable for any cause of death.
It’s helpful to remember that burial insurance plans come in two forms. One type has health questions (simplified issue), and one does not (guaranteed acceptance).
Plans with health questions can have partial or immediate coverage (no waiting period). However, therein lies the problem. Plans that ask about health conditions will always ask about dementia or Alzheimer’s, and a yes will always cause a decline.
A two-year waiting period is inevitable.
Memory Medications
Even if you have not been formally diagnosed with dementia or Alzheimer’s, you will still be declined for any life insurance application that has health questions if any of the following memory medications have ever been prescribed to you:
- Aducanumab
- Donepezil (Aricept)
- Galantamine (Reminyl)
- Memantine (Namenda)
- Namzeric
- Rivastigmine (Exelon)
Even if you never took those medications, it won’t matter. The moment someone fills one of those prescriptions at a pharmacy, they are forever uninsurable for any life insurance that has health questions.
With Power Of Attorney, Can You Buy Burial Insurance For Someone With Dementia?
If you have power of attorney, you cannot buy burial insurance for someone else without their involvement.
The insurance companies that offer guaranteed acceptance coverage still require the insured to consent to the policy and sign the application. Your power of attorney does not waive that requirement. You alone cannot do this for them.
If the person with dementia can no longer answer questions or legally sign their name, there is no way to get them any form of life insurance.
In that circumstance, you should consider a pre-paid burial plan with a funeral home.
How Does Final Expense Insurance Work?
Final expense insurance is a form of permanent life insurance (whole life, to be more precise) typically meant to cover your end-of-life expenses.
The coverage options are smaller than traditional life insurance plans and never require a medical exam.
Final expense life insurance is also commonly known as funeral insurance or burial insurance.
50-85 is the most common age for these plans, and most providers offer $50,000 or less in coverage.
Because final expense coverage for seniors is a form of life insurance (read: burial vs. life insurance), the result will be a cash payout to your beneficiaries.
Your loved ones can use the money for anything, including funeral costs, medical bills, or credit card debts.
And they are entitled to keep any money that’s left over.
- Nationally licensed life insurance agent with over 15 years of experience
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
