Life Insurance for Alzheimer’s
What is Alzheimer’s Disease and if you have it can you still find and afford life insurance on your life or the life of a loved one?
Alzheimer’s is when the affected person begins to have mild to severe dementia due to degeneration of the brain resulting in severe loss of cognitive function.
The scary statistics say that two to four percent of the population over age 65 is estimated to have Alzheimer’s. With a particular prevalence in older ages about age 75.
Factors that affect the underwriting decision for a life insurance policy if you have Alzheimer’s:
1.) Current age
2.) Age at onset of symptoms (when did you start noticing the forgetfulness)
3.) Activities of daily living (how many ADL’s can you perform)
4.) Living independently (do you live alone)
5.) Type of assistance if required
6.) Judgment intact
7.) Stable Course
You have to make a case for the underwriter and accentuate the positives in your life and down play the negatives, all the factors above if positive will make a good impression on the life insurance carriers underwriting review.
How to help the carrier in assessing your situation and approving your policy quicker!
- Requirements that will be needed:
1.) Dr’s records, with a mobility assessment, a face to face interview may be needed
2.) Any neuropsychiatric testing such as cognitive or memory testing
3.) Activity levels
4.) ADL’s affected (activities of daily living)
5.) IADL’s affected
Likely underwriting decisions with the life insurance carriers and rate quotes:
- Coverage is not typically offered for insured’s that have been diagnosed prior to age 75-
- Best Case: Table 2 rate class to table 4 or 5 if mild symptoms ( independent living) and current age 80-90 older ages may allow better rating depending on the carrier.
- Typical Case is the table 5 to 6 range if mild symptoms and current age is 73-81-
- Worst Case is of course a rated life case or declination of the application or postpone.
If you are shopping for coverage for yourself or a loved one with Alzheimer’s it pays to have professionals who specialize in substandard impaired risk life insurance help you with the process like we do here at the Pros.
Please submit a request for a free quote and we can begin the discussion on how we can best help you obtain the most affordable life insurance policy available.