Life Insurance for Seniors with Dementia & Alzheimer’s

Yes, you can get guaranteed issue life insurance for seniors if you have dementia. You may have been told you or your loved one is uninsurable due to being diagnosed with Alzheimer’s disease or dementia. If you or your loved one have Dementia or Alzheimer’s you will never get a term life policy or a universal life policy.

A guaranteed issue life insurance policy with coverage amounts between $2,000 – $40,000 that has no health questions, medical exams or underwriting with a 2 year waiting period is your only option. If you die within the first 2 years(24 months) the insurance company will return the premiums paid into the policy plus interest(usually 10%).

According to

6.2 million Americans are living with Alzheimer’s dementia in 2021.

In this guide, we will provide the best companies to apply with & average costs.

Understanding Final Expense Life Insurance for Seniors with Dementia & Alzheimers

Final expense insurance(burial insurance, cremation insurance, funeral insurance etc.) is either a guaranteed acceptance whole life or simplified whole life policy.

These policies offer coverage up to a maximum of $50,000 dependent upon the company chosen. Funeral insurance does not require a medical exam and is used for paying burial, funeral and other end of life expenses upon the death of the insured.

Now the only final expense life insurance for seniors with Dementia or Alzheimer’s is going to be guaranteed issue life insurance. If you have dementia or Alzheimer’s you cannot get final expense insurance with no waiting period.

Guaranteed issue life insurance for seniors with Dementia & Alzheimer’s has no health questions, medical exams or underwriting. Coverage amounts are between $2,000 – $40,000 in death benefits with an automatic 2 year waiting period before the policy pays your beneficiary the full amount.

Once you have had your policy for 2 years the full death benefit will be paid if death occurs. The policy pays the beneficiary with a lump-sum amount from the policy that the beneficiary then uses to pay your or your loved ones funeral expenses.

Any money leftover is theirs to keep to use for anything they want.

Can You Get Life Insurance if You Have Dementia?

Yes, you can get a guaranteed issue final expense whole life insurance policy if you have dementia. Now, these policies come with an automatic 2-year waiting period because they are burial insurance with no health questions or medical underwriting.

This means your approval is guaranteed and all you have to do is get through the 2-year waiting period for your beneficiary to receive the full death benefit.

Does Life Insurance Cover Dementia?

When it comes to life insurance for seniors with dementia the only option available is a guaranteed issue policy.

This is a policy that requires no medical exam and contains no health questions so anyone that applies is approved instantly. These policies have a 2 year waiting period so it is important to start your policy now if you or your loved one have dementia.

Does Life Insurance Pay Out For Dementia?

Yes life insurance will pay out for dementia after the policy has been in force for 2 years. All guaranteed issue life insurance policies have a 2 year waiting period before death benefits are paid. This is because dementia patients are high risk applicants due to their disease.

That is why if you or your loved one are dementia patients you should apply for guaranteed issue life insurance right away. The faster the policy is started the faster you or your loved one can get through the waiting period.

Guaranteed Issue Life Insurance

The life expectancy is low for dementia patients this is why this is the only type of life insurance available to consumers with this condition.

Term life insurance, Universal Life Insurance, and other types of policies will not accept applicants with pre-existing conditions like Alzheimer’s.

Furthermore, guaranteed issue policies are whole life final expense insurance. Out of all life insurance options, whole life policies are the best life insurance for seniors with dementia. It is permanent coverage that will always be there for your family when they need it most.

The payout is between 24 – 48 hours after receiving a death certificate which means your family will receive the benefit quickly and pay the funeral home and everything is taken care of.

2 Year Waiting Period

As we mentioned there is a 2 year waiting period for benefits if you or your loved one were to pass away inside of this 2 year period your beneficiary would receive the premiums paid plus 10%.

Accidental Death Rider

Furthermore, if you or a loved one were to pass away from an accident the full face amount of the policy will be paid regardless of the waiting period.

Other riders that can be included would be:

  • Accelerated Death Benefits
  • Grandchild Riders
  • Waiver of Premium Riders

Best Life Insurance Companies for Dementia

There are 3 top companies for life insurance for seniors with dementia.

When working with one of our insurance agents they will recommend one of these top 3 carriers.

Furthermore, here at ParamountQuote we only work with the top A-rated carriers in all 50 states that have been in business for over 50 years or more.

  1. Great Western
  2. American General
  3. Gerber

These are the top 3 carriers that we recommend with solid reputations. They have a great track record. Those are the top 3 burial insurance carriers for dementia life insurance coverage.

There are no health questions on their applications you simply apply by filling out the form to your right. Speaking with one of our licensed agents and they will have you enrolled in 30 minutes or less it’s that simple.

Furthermore, we strongly recommend applying as soon as possible. When it comes to conditions like dementia time is of the essence. The sooner a waiting period is started the sooner benefits will go to your family when your time comes.

The 3 companies listed above will issue life insurance for dementia patients. Now they all have a 2 year waiting period for their death benefit payout. This is because when it comes to dementia life insurance it is a severe health condition.

However this guarantees a yes to the questions, “can you get life insurance if you have dementia?”

The 3 companies above will not ask you any health questions on their application. They do not make you take any kind of exams like other products such as traditional term insurance.

When you work with one of our licensed insurance agents they will help you apply for one of those 3 companies.

Once you have been in your policy for 2 years the full death benefit is paid and the funeral costs will be covered.

AIG (American General) Burial Insurance Rates

Below you will see life insurance quotes for American General Life Insurance company. These are pulled directly from our quoting technology to provide you with a comprehensive idea of how much final expense life insurance for Dementia and Alzheimer’s will cost monthly.

AIG Final Expense Whole Life Insurance Quote Samples
Age$5,000 AIG Life Insurance Benefit for Male$10,000 AIG Life Insurance Benefit for Male$15,000 AIG Life Insurance Benefit for Male$20,000 AIG Life Insurance Benefit for Male$25,000 AIG Life Insurance Benefit for Male

Great Western Best Burial Insurance for Alzheimer’s Dementia Rate Chart

These are life insurance quotes for Great Western guaranteed issue life insurance. We pulled these directly from our quoting software to give you an idea of how much life insurance for Alzheimer’s and Dementia will cost monthly for you or loved ones. Remember for an exact life insurance quote for dementia you need to fill out the quote form on this page with you or your loved ones exact birth date.

Great Western Guaranteed Assurance Guaranteed Issue Life Insurance Sample QuotesMale $10,000 Guaranteed Issue Whole Life Insurance CoverageMale $20,000 Guaranteed Issue Whole Life Insurance CoverageFemale $10,000 Guaranteed Issue Whole Life Insurance CoverageFemale $20,000 Guaranteed Issue Whole Life Insurance Coverage
Age 40$49.58$96.25$40.42$77.92
Age 50$59.58$116.25$49.58$96.25
Age 60$75.42$147.92$66.25$129.58
Age 70$119.58$236.25$102.08$201.25
Age 80$227.92$452.91$190.42$377.92

Underwriting & Health Questions

Traditional whole life policies have medical underwriting and health questions which is exactly why policies with medical underwriting are not the best life insurance for seniors with dementia.

Dementia is a very high-risk disease for life insurance companies. Other policies with a qualifying process will look at your Medical Information Bureau Health Report and run a prescription check.

Medications like Donepezil are an instant knockout for life insurance policies that require you to qualify.

Example Application Questions

  • Are you confined to a facility or hospital? Do you need the help of a professional person in performing any normal everyday activities?
  • Have you ever been diagnosed, tested positive, treated, been prescribed or taken medications, or given medical advice by a licensed member of the medical profession for Human Immunodeficiency (AIDS virus)
  • Alzheimer’s, dementia, memory loss, muscular dystrophy, Huntington’s disease, or Lou Gehrig’s disease?
  • Dialysis, renal (kidney) failure, congestive heart failure (CHF), liver failure/cirrhosis, or respiratory failure or amputation due to disease?
  • Organ or bone marrow transplant (other than corneal)
  • Diabetic Coma
  • Insulin shock, eye or renal (kidney) problems due to complications from diabetes?
  • Have you ever been diagnosed by a licensed member of the medical profession with more than one occurrence of the same or different type of cancer, or do you currently have cancer?
  • In the past 5 years have you been advised by a licensed member of the medical profession to have surgery or a diagnostic test that has not yet been started or completed?

Those are the types of questions carriers ask in order for you to qualify and dementia is on every one of them. This is why if you or a loved one has dementia a guaranteed issue policy is your only option.

Life Insurance with Alzheimer s Term Life & Whole Life

Now alzheimers or dementia are severe health issues that will disqualify anyone across the board from day one level death benefits. It does not matter if it is term life insurance or whole life. You will have a waiting period for your death benefits.

If you answer “yes” to alzheimers disease for any of the medical questions for a life insurance company it is an automatic decline for coverage. Traditional life insurance will not accept an applicant with these pre existing conditions.

Life Insurance for Alzheimer s Patients Best Plans

The best life insurance for seniors with dementia or alzheimers is guaranteed acceptance final expense life insurance.

These types of plans will not ask any health questions or look into your health conditions or medical conditions. They do have a 2 year waiting period but with accidental death the policy will payout the full face amount regardless of the 2 year waiting period.

This is the best and only option for seniors with dementia or alzheimers.