Life & 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 answer 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.
Best Final Expense Life Insurance For Those With Dementia
- $10K Policy Cost$55.00/month*
- New Applicant Ages45-85
- Death Benefit Options$3,000-$25,000
- 2-Year Waiting PeriodYes
- $10K Policy Cost$48.00/month*
- New Applicant Ages45-85 (varies by state)
- Death Benefit Options$3,000-$20,000
- 2-Year Waiting PeriodYes
- $10K Policy Cost$50.00/month*
- New Applicant Ages45-85 (50-75 in NY)
- Death Benefit Options$2,000-$25,000
- 2-Year Waiting PeriodYes
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.
Our Insurance Review Methodology
Every company we review has an overall score that illustrates how well it stands out in the market relative to its competitors. These scores are not subjective. Instead, we utilize a defined 5-star scoring system that applies a weighted average of particular factors, all of which are outlined below and on our review methodology page.
Coverage
Strength
Complaint Index
Hold Time
We measure the price of a company’s most popular policy relative to its competitors’. The closeness of their cost to other companies determines the final score. Read a full breakdown of the price of coverage factor on our review methodology page.
Coverage
Coverage
Strength
Complaint Index
Hold Time
This factor assesses whether a company offers immediate coverage and, if so, how difficult it is to qualify for it. Read a full breakdown of the no waiting period coverage factor on our review methodology page.
Strength
Coverage
Strength
Complaint Index
Hold Time
A company’s financial strength is based on its rating with A.M. Best. Read a full breakdown of the financial strength factor on our review methodology page.
Complaint Index
Coverage
Strength
Complaint Index
Hold Time
The National Association of Insurance Commissioners’ complaint index measures an insurer’s frequency of consumer complaints compared to the rest of the market. The score the insurer receives is based on how it stacks up to the median score of other insurers. Read a full breakdown of the NAIC complaint index factor on our review methodology page.
Hold Time
Coverage
Strength
Complaint Index
Hold Time
The customer support hold time score is based on the average amount of time it takes a company to connect an existing policyholder to a human customer service agent. Read a full breakdown of the customer support hold time factor in our review methodology page.
Why trust Choice Mutual?
When we review products, our findings are unbiased and free of any influence from partnerships or methods of compensation. All findings, good or bad, are solely the derivative of our objective analysis of any given product or company.
As noted on our review methodology page, our researchers evaluate the financial stability of the insurer, policy costs, product limitations, state availability, customer satisfaction, waiting periods (if applicable), and other relevant factors. We aggregate all this cumulative data to develop objective overall scores based on predefined weighted factors.
In addition, a qualified expert who is well-qualified to speak on the matter will provide opinion-based feedback about the company or product being reviewed.
For over a decade, Choice Mutual has been an insurance agency specializing in final expense life insurance. Our expertise in this type of insurance is well documented in numerous authoritative publications, some of which are listed below:
Choice Mutual’s mission is to provide consumers with unbiased, expert commentary and explanations of the topics under discussion. We want our readers to be armed with information and tools not found anywhere else on the internet, so they can make an informed decision.
All content on this website is written by Anthony Martin, a licensed life insurance agent with over a decade of industry expertise, who has been quoted hundreds of times as an expert source by reputable news outlets.
Per our editorial guidelines, we have never used and will never use artificial intelligence to create our content. Every word printed on this website is produced and curated entirely by human beings who have firsthand experience with the subject matter.
- Nationally licensed life insurance agent with over 16 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 16 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 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 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 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 1,500 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 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 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 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 1,500 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.
