Life insurance is an essential part of nearly all financial plans.
Having this coverage can help you to ensure that your loved ones won’t need to worry about paying final expenses or other large debts that may be left behind.
But, if you’ve been turned down for life insurance due to a health condition like dementia, or being overweight you may be worried about how these expenses will be paid.
The good news is that not all life insurance carriers actually underwrite their policies in the same manner. Because of that, by working with a high-risk specialist in the life insurance area, there may still be hope of obtaining the coverage that you need. Even if you’ve been turned down in the past for a variety of health conditions such as COPD or if you’re searching for life insurance with high blood pressure we have options for you.
How Dementia Can Have an Effect on Your Life Insurance Policy Application
Contrary to what many people may believe, dementia is not a specific disease, but rather it is a term that is used to describe a wide range of symptoms that can be associated with the decline in a person’s memory or other thinking skills. This decline may even be severe enough to reduce the individual’s capacity to perform their basic, everyday activities.
While Alzheimer’s disease accounts for roughly 60 to 80% of dementia cases, there are also other causes of dementia as well. For example, there is vascular dementia, which can occur after a person has had a stroke.
Although some forms of dementia are not reversible, there are others that are, such as those that are caused by thyroid issues, as well as those that may be due to a vitamin deficiency. For these reasons – as well as to the extent that dementia can have on your overall health – this condition can have an effect on a life insurance application.
When a person has dementia and is applying for life insurance coverage, the insurance underwriters will want to take a closer look at their health and their health history, as well as how they are controlling and / or managing their condition.
What the Life Insurance Company Will Want to Know
Many people who have dementia will be able to qualify for traditionally underwritten life insurance coverage. To do so, the first step is fully completing an application for coverage. In this application, the insurance company will want to know about your:
- Marital Status
- Occupation (as some may be considered a higher risk, such as pilot life insurance) and Income (if applicable)
- Smoking Status
- Alcohol Consumption / Frequency
- Overall Health
- Health History
- Family Health History, such as diabetes, heart or kidney disease etc.
- Foreign Travel Frequency
- Hobbies & Habits (i.e., any risky hobbies)
The insurance company will also typically ask some more in-depth condition-related questions regarding dementia, such as some or all of the following:
- When were you initially diagnosed with dementia? Because dementia is a condition that progresses over time, it is important that the insurance company know when (at what age) you were initially diagnosed. As the symptoms are only able to be managed during the earlier stages, the longer a person has had this condition, the more difficult it may be to obtain life insurance coverage.
- In the last 6 months have symptoms of dementia showed up? Some of the more common symptoms of dementia can include a diminishing memory and / or an inappropriate perception. If these types of symptoms have occurred – especially over the most recent six months – then it may be more difficult to obtain life insurance coverage, especially at a Standard policy rating.
- Do you have a family history of dementia? If you have a family history of dementia and / or Alzheimer’s disease, then it is possible that the life insurance underwriters will want to do a more thorough evaluation of your overall condition before making a determination about your policy.
- Do you take any medication for your dementia? If so, what medication and what is the dosage(s)? The requirement for medication may be a sign that you have a more severe case of either dementia or Alzheimer’s disease. This may cause the insurance underwriters to further evaluate your case.
- In addition to dementia, do you have other adverse medical / health conditions? If you have other health conditions, then the underwriters may need to further evaluate your information. This is especially the case if the condition or conditions may be factors that are causing your dementia. If, however, you are otherwise in good health, then it is possible that you could obtain a policy with a Standard or a Mild Substandard rating.
- Do you meet regularly with your health professional / neurologist? Meeting regularly with your health care professional is a positive sign, and it shows that you are working to manage and / or control your condition. The life insurance underwriters will look favorably on this when reviewing your application for coverage. If, however, you do in fact have a definitive and positive diagnosis for dementia, then it is likely that you may not qualify for a fully underwritten policy.
In addition to the questions that you answer, a medical exam is also required. This short exam includes a few more questions, basic tests, and a blood and urine sample.
Also, it is possible that the insurance carrier may want to further review your health information via your medical records. If so, they may request these records from your primary care physician, your neurologist, or from both.
How Much Will Your Coverage Cost?
There are a lot of specifics that contribute to how much your policy will cost you. Some of the factors are the carrier you buy from, amount of face value you purchase, and the type of plan you pick. Certainly, the health and health condition of the applicant is also a key component.
If you are found to be in very good health, and you do not have an actual diagnosis of dementia, then it is possible for you to still obtain fully underwritten life insurance. The cost will vary, depending on what the underwriters determine concerning your actual health. However, getting a mild substandard policy rating will deem your policy to be in a premium range that is slightly above that of a Standard policy.
If you do not qualify for a fully underwritten life insurance policy, there may still be other options. For example, there are no medical exam life insurance policies. With these plans, there is no medical exam necessary – and because of that, coverage can be obtained by many who would otherwise be turned down.
There is also guaranteed acceptance life insurance coverage. With these plans, provided that the premium is paid, you can get coverage. With these policies, the premium will be comparatively higher than for a fully underwritten life insurance policy. However, these policies can provide you with the coverage that you need to ensure that loved ones can pay for final expenses and other possible financial obligations.
Where to Get Quotes on Life Insurance for People with Dementia
When shopping for life insurance for people with dementia, it is important that you work with an agency or a company that specializes in higher risk cases. This is because not all life insurance carriers will take on an applicant who has this condition. With that in mind, you can save a great deal of time and frustration throughout the application process by working with a specialist from the start.
Our agency has contacts with several carriers who can offer policies for those considered high-risk. And the agents in this office will gladly help you if you think you’re ready to start shopping around. To get a basic quote and send us some information about you just complete the form to the left.
If there are pressing concerns or questions that need answering now, please call us at 888-229-7522!