Final Expense Life Insurance for Seniors With Dementia or Alzheimer's

Last Updated April 23, 2024
Reducing the risck of alzheimer for elderly patients

An Alzheimer’s diagnosis can be emotionally and financially devastating. Alzheimer’s affects more than 5 million people worldwide, and Alzheimer’s care, including nursing homes and assisted living, costs on average $5,000 a month.

Alzheimer’s patients can benefit from life insurance to help with financial obligations during this difficult period. If you, a parent, or a loved one is suffering from dementia or Alzheimer’s disease, here’s what you should know about life insurance for people with dementia or Alzheimer’s.

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Can I get Final Expense Insurance With Dementia or Alzheimer's?

Life insurance is one of those items that you must get before you require it. It’s usually a good idea to buy insurance as soon as possible. If your family has a history of dementia or Alzheimer’s disease, you should take precautions as soon as possible. You won’t be eligible for a standard term or permanent life insurance policy if you’ve already been diagnosed with dementia.

Guaranteed issue life insurance is one possibility. Even persons with dementia and other serious diseases can be insured because the policy does not need a medical exam or ask any health questions. These insurance are usually permanent, meaning they will cover you for the rest of your life.

What life insurance plans can I get with Dementia or Alzheimer's?

Even for seniors without a pre-existing condition like Dementia or Alzheimer’s, it can be difficult finding a life insurance policy simply due to age.

The good news is, final expense insurance is designed to accommodate older folks that have pre-existing health conditions, with fixed incomes who simply cannot get regular life insurance.

With face amounts from $1,000 all the way up to $50,000, final expense life insurance is a great alternative and the insurance that you need.

How much does final expense insurance cost?

On average, final expense insurance can cost between $50 and $170 per month.

This is going to depend on how severe your dementia or Alzheimer’s is and how it’s managed. As long as your condition is manageable, your monthly premium should be pretty cheap for final expense insurance.

It takes minutes to apply and some of the top insurance carriers don’t even ask you medical questions.

Dementia vs Alzheimer's

Dementia vs Alzheimer’s, is one worse? Would either disqualify me from a policy? The answer is a little more than just a yes or no. 

Regarding Dementia vs Alzheimer’s, Dementia is a general term used to describe the loss of coherent perception whereas Alzheimer’s is a specific brain disease that greatly affects the individual’s ability to learn and recall. 

With Dementia vs Alzheimer’s, there’s inherently a difference in the way terminology is used to describe both instances, so they’re the same as well as very different at the same time. 

 

How long are the waiting periods if I have Dementia Or Alzheimer's?

Some life insurance plans have “Graded benefits.” This means that you usually have to wait two years before your plan takes effect. You would continue paying your normal monthly premium however, if you pass away before the two year period is over, your beneficiary would receive $0.

Luckily, at Final Expense Benefits we have plans that provide your death benefit the very next day. This means there is no two year waiting period, even if you have a pre-existing condition, like Dementia or Alzheimer’s.

There are also plans that give you partial benefits. For example, you might have a two year waiting period however, if you were to pass away in that time, your beneficiary would receive “Return of premium” which is a refund of what you paid monthly.

Best Insurance Companies For Dementia Or Alzheimer's

Plenty of companies that offer burial insurance cover seniors with Dementia or Alzheimer’s. Depending on how severe your condition is, your price per month can vary.

The top insurance carriers we work with still offer you plans with no waiting periods and face values from $5,000 to $50,000.

These carriers include:

AIG
Mutual of Omaha
Aetna
Prosperity
-And others

Whole Life Insurance For Dementia Or Alzheimer's

The best life insurance for Dementia or Alzheimer’s is a Whole Life policy. 

A whole life policy will remain in effect until the day of death. Your premiums will never increase and you benefits never decrease. Final expense burial insurance are whole life plans. Many of these carriers offer whole life plans with no waiting periods.

For many seniors with Dementia or Alzheimer’s, you can’t qualify for a life insurance policy. Luckily, we have plans that require no medical exam

Conclusion

Pre-existing conditions can make it seem impossible to find a life insurance to take care of your family.

We are here to say, you still have hope. A final expense life insurance is the absolute best option for you if you have a pre-existing condition, like Dementia or Alzheimer’s.

Call us today at 1 866-311-4338 and let our licensed agent bring you and your family, peace of mind. 

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