Life Insurance Guide for Alzheimer’s Patients (2024)
Around 5 million Americans live with Alzheimer’s disease, a pre-existing, permanent condition to life insurance companies. The best options for life insurance for Alzheimer’s patients are guaranteed issue policies and burial or final expense insurance. Final expense elderly care insurance costs around $65.63 annually at the standard rate, but Alzheimer’s patients should expect to pay more. Compare life insurance quotes for Alzheimer’s patients online to secure your best price.
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Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
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UPDATED: Nov 23, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Nov 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- 5 million Americans currently live with Alzheimer’s disease, the 6th leading cause of death in the country
- Options for life insurance for Alzheimer’s patients include a guaranteed issue policy or burial and final expense insurance
- Burial insurance with a $10,000 death benefit costs around $65.63 annually at the standard rate
- Alzheimer’s and dementia are considered pre-existing, permanent conditions by life insurance companies
About 5 million Americans currently live with Alzheimer’s disease. Our guide will help you secure life insurance for Alzheimer’s patients and answer your questions about eligibility, available insurance products, and more.
Suppose it’s too late for you to feasibly secure long-term care or nursing home insurance.
You can still purchase guaranteed issue life insurance policies or burial or final expense insurance, even after an Alzheimer’s diagnosis.
When you’re ready to buy life insurance for Alzheimer’s patients, enter your ZIP code into our free quote tool above to receive rates immediately.
Can you get life insurance for Alzheimer’s patients?
If you or a loved one has been diagnosed with Alzheimer’s disease, securing traditional whole or term life insurance policies will be nearly impossible.
Even the best insurance companies consider Alzheimer’s to be a pre-existing condition. Companies view Alzheimer’s and dementia insurance coverage the same way.
Both diseases impact a person’s life expectancy. While treatments have advanced, there’s still no actual cure.
According to the Centers for Disease Control and Prevention (CDC), Alzheimer’s disease is the 6th leading cause of death in America.
If you still work, your employer’s group life insurance plan might cover you. But that coverage ends if you leave your job.
Your best options for coverage are guaranteed issue life insurance or burial and final expense insurance.
See average annual rates for burial and final expense insurance with differing death benefits at the standard rate from Baltimore Life Final Expense Insurance in the table below.
Average Annual Final Expense Insurance Rates at the Standard Tier by Gender, Age, and Death Benefit
| Age | $5,000 Death Benefit (Male) | $5,000 Death Benefit (Female) | $10,000 Death Benefit (Male) | $10,000 Death Benefit (Female) | $15,000 Death Benefit (Male) | $15,000 Death Benefit (Female) | $20,000 Death Benefit (Male) | $20,000 Death Benefit (Female) | $25,000 Death Benefit (Male) | $25,000 Death Benefit (Female) |
|---|---|---|---|---|---|---|---|---|---|---|
| 40 years-old | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 45 years-old | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 50 years-old | $19.35 | $16.65 | $33.30 | $27.90 | $47.25 | $39.15 | $61.20 | $50.40 | $75.15 | $61.65 |
| 55 years-old | $22.50 | $18.90 | $39.60 | $32.40 | $56.70 | $45.90 | $73.80 | $59.40 | $90.90 | $72.90 |
| 60 years-old | $27.00 | $22.05 | $48.60 | $38.70 | $70.20 | $55.35 | $91.80 | $72.00 | $113.40 | $88.65 |
| 65 years-old | $32.85 | $26.55 | $60.30 | $47.70 | $87.75 | $68.85 | $115.20 | $90.00 | $142.65 | $111.15 |
| 70 years-old | $41.85 | $33.30 | $78.30 | $61.20 | $114.75 | $89.10 | $151.20 | $117.00 | $187.65 | $144.90 |
| 75 years-old | $54.90 | $43.20 | $104.40 | $81.00 | $153.90 | $118.80 | $203.40 | $156.60 | $252.90 | $194.40 |
| 80 years-old | $76.50 | $61.65 | $147.60 | $117.90 | $218.70 | $174.15 | $289.80 | $230.40 | $360.90 | $286.65 |
| 85 years-old | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
Take the data with a grain of salt; life insurance quotes for Alzheimer’s patients may cost more than what is listed above.
Whatever your condition, don’t lie on your application about the state of your health.
It’s illegal to take out a life insurance policy on someone who doesn’t give consent.
Final Expense or Burial Insurance for Alzheimer’s Patients
Final expense and burial insurance is an excellent option for families dealing with Alzheimer’s disease. The is one of the only life insurance plans for those over 80 with no medical exam options.
Your beneficiary receives a small cash benefit to help cover funeral costs and other left-behind expenses.
You can purchase a guaranteed issue or a simplified issue policy. Simplified issue burial insurance requires you to answer some medical questions. (For more information, read our “What is a simplified issue life insurance policy?“).
Companies that sell final expense insurance include:
- Baltimore Life Final Expense Insurance
- Liberty Bankers Life Final Expense Insurance
- Settlers Life Insurance
- Security National Life Insurance
- Prosperity Life Insurance and Final Expense
- Sagicor Life Final Expense Insurance
- United Home Life Insurance and Final Expense
- Burial Insurance: Understanding Insurance for Final Expenses
A waiting period may apply to final expense insurance. If you pass away before the waiting period ends, usually two or three years, your beneficiary doesn’t receive the death benefit.
Instead, the provider returns all of your premium payments to your beneficiary, usually with interest.
Read more: Settlers Life Insurance Review & Complaints: Final Expense Insurance
Guaranteed Issue Life Insurance for Alzheimer’s Patients
As the name implies, anyone can purchase guaranteed-issue life insurance, including Alzheimer’s patients.
However, expect high premiums for guaranteed issue life insurance rates for Alzheimer’s patients.
The death benefit, often limited, is usually $25,000 or less. The insured often needs to be at least 50 years-old.
A waiting period also applies to this type of policy. Again, usually two or three years.
Read more: What is the life insurance waiting period?
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Case Studies: Life Insurance for Alzheimer’s Patients
Case Study 1: John’s Burial Insurance
John, a 68-year-old man diagnosed with Alzheimer’s disease, was concerned about the financial burden his funeral expenses would place on his family. He decided to purchase burial insurance to ensure that his final expenses would be covered.
Despite his pre-existing condition, John was able to secure a burial insurance policy with a death benefit of $15,000. The policy required a waiting period of two years before the full death benefit would be payable. John’s annual premium for the policy was $800.
Case Study 2: Mary’s Guaranteed Issue Life Insurance
Mary, a 55-year-old woman in the early stages of Alzheimer’s disease, wanted to provide some financial security for her family after her passing. She applied for guaranteed issue life insurance, which is available to individuals regardless of their health conditions. Mary was approved for a policy with a death benefit of $25,000.
The policy had a waiting period of three years, during which only a portion of the death benefit would be paid out in the event of her death. Mary’s annual premium for the policy was $1,200.
Case Study 3: Robert’s Employer-Provided Coverage
Robert, a 45-year-old man with early-onset Alzheimer’s disease, was fortunate to have employer-provided group life insurance coverage. The policy provided a death benefit of $100,000. As long as Robert remained employed, he was eligible for this coverage. However, if he were to leave his job, the coverage would end, and he would need to seek alternative options for life insurance.
Life Insurance for Alzheimer’s Patients: The Bottom Line
You might struggle to find affordable life insurance for Alzheimer’s patients is difficult, but it’s not impossible.
Two valid options for Alzheimer’s patients include final expense or burial insurance and guaranteed issue life insurance.
If Alzheimer’s and dementia run in your family, don’t wait until you need coverage to purchase long-term care insurance, otherwise known as elderly care insurance.
Apply when you’re still young and healthy to receive the best rates.
Find the best life insurance company for Alzheimer’s patients near you by entering your ZIP code into our free tool below, and immediately receive life insurance quotes from reputable providers.
Frequently Asked Questions
Can individuals diagnosed with Alzheimer’s disease still obtain life insurance?
Yes, individuals diagnosed with Alzheimer’s disease can still obtain life insurance coverage. However, the availability and terms of coverage may vary depending on the stage and progression of the disease, as well as other individual factors such as age and overall health.
Will my Alzheimer’s diagnosis affect the cost of life insurance?
Yes, an Alzheimer’s diagnosis can impact the cost of life insurance. Insurance companies assess the risk associated with insuring individuals with Alzheimer’s, and as a result, they may charge higher premiums or impose certain limitations on coverage. The cost will depend on various factors, including the stage of the disease, age, and overall health.
Are there specific types of life insurance policies available for Alzheimer’s patients?
There are various types of life insurance policies available for individuals diagnosed with Alzheimer’s disease. These may include term life insurance, whole life insurance, or guaranteed issue life insurance. The best type of policy will depend on individual circumstances and financial goals.
Can I purchase life insurance for a loved one with Alzheimer’s?
Yes, you can purchase life insurance for a loved one with Alzheimer’s disease, provided you have their consent and insurable interest. Insurable interest means that you would experience a financial loss if the person were to pass away. The insured person may need to undergo a medical examination or provide medical records for the application process.
What should I consider when purchasing life insurance for an Alzheimer’s patient?
When purchasing life insurance for an Alzheimer’s patient, consider the following factors:
- The stage and progression of the disease
- The individual’s overall health and life expectancy
- The type and coverage amount of the policy
- The cost of premiums and affordability
- Any limitations or exclusions specified in the policy
- The financial needs of the beneficiaries
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.