02 Jul Life Insurance for Seniors with Dementia
There is a Life Insurance option for seniors with dementia. It is called Guaranteed Issue Life Insurance.
What is a Guaranteed Issue Life Insurance?
Guaranteed Life Insurance is a policy where:
- There are no medical requirements.
- Everyone who applies is approved.
- You can get between $5,000 and $25,000 of coverage.
- It is available from ages 50 through age 85.
- In the first two years there is only full coverage for death from an accident. If you die from illness, your beneficiary will receive all of the premium you paid plus interest.
Guaranteed issue life insurance is typically a “last resort” form of insurance for those who can’t get any other form of life insurance. It is ideal if you want to provide for your burial expenses and perhaps to cover some outstanding debts. It can also be used to form a small financial legacy for your family.
Which health issues Guaranteed Issue life insurance covers?
If you’ve ever had any of the following health issues, you will typically only qualify for Guaranteed Issue life insurance:
Leukemia, Hodgkin’s disease, a blood or bleeding disorder, connective tissue disorder, Parkinson’s disease, systemic lupus, ALS, cirrhosis, chronic hepatitis B, C or D, liver disease, kidney disease with dialysis, alzheimers disease, dementia, lymphoma, lymph node enlargement or malignant melanoma, received or been advised to receive an organ or tissue transplant, inability to perform activities of daily living (toileting, transferring, continence, eating, bathing, dressing walking, managing medications, or chronic brain, heart, respiratory or other serious internal organ conditions.
Where can I buy a Guaranteed Issue Life Insurance Policy?
Working with an independent life insurance agent can help you with this process. An independent agent will have access to multiple insurers – and will know which carriers may be more apt to underwrite applicants who have certain types of health conditions.
Knowing your best course of action before applying for coverage can end up saving you a great deal of time throughout the application process. It can also help you to find the life insurance policy that will best serve your specific needs.
You can also start comparing Life Insurance for Seniors with Dementia quotes online.
To compare Life Insurance for Seniors online CLICK HERE
Sorry, the comment form is closed at this time.