Life Insurance for Seniors with Dementia & Alzheimers

First and foremost, life insurance for seniors in 2021 with dementia is readily available. You may have been told you or your loved one is uninsurable due to being diagnosed with Alzheimer’s disease or dementia.

We assist hundreds of seniors every day find affordable coverage with conditions like dementia, COPD, CHF, and much more!

According to alz.org

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

Every day families are left with a financial burden of their loved one’s final expenses when they pass away from this disease leaving thousands of dollars to be paid for a funeral and other end-of-life expenses.

With that being said the truth is if you or a loved one have dementia the only option is a guaranteed acceptance life insurance policy.

In this guide, we will cover everything you need to know about finding the best life insurance coverage to protect your loved ones.

Quick Tip: To see instant pricing on policies fill out the form to your right.

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.

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 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

American General Rates 
Age$10,000 Coverage Male Monthly Rate$10,000 Coverage Female Monthly Rate
50$55.99$38.58
55$61.37$46.60
60$68.14$53.93
65$90.83$66.42
70$106.00$80.41
75$149.66$115.73
80$206.32$189.53

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

Great Western Insurance Rates 
Age$10,000 Coverage Male Monthly Rate$10,000 Coverage Female Monthly Rate
50$59.58$49.58
55$64.58$56.25
60$75.42$66.25
65$92.08$80.42
70$119.58$102.08
75$158.75$138.75
80$227.92$190.42

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.

Our ParamountQuote insurance agent’s will walk you through finding the right guaranteed issue life insurance policy if you have been diagnosed with alzheimer’s.

Life Insurance for Alzheimer s Patients Best Plans

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

Fill out the form to your right to speak with an agent and get started.

Related Post’s

Burial Insurance for Seniors in 2022(Opens in a new browser tab)

Best Burial Insurance for Seniors over 70 Truth 2022(Opens in a new browser tab)

Burial Insurance for Seniors over 80 The Truth 2022(Opens in a new browser tab)

Burial Insurance no Health Questions 2022 The Truth(Opens in a new browser tab)

Cheap Burial Insurance with No Waiting Period 2022(Opens in a new browser tab)