Many forms of insurance have restrictive policies. Learn how you can still obtain a final expense insurance policy.
When you or a loved one suffer from dementia or Alzheimer’s, you might think that having a final expense insurance policy issued to you is impossible. With average funeral costs around $10,000, and cremation around $6,000, these costs can be overwhelming.
As an intelligent consumer, you understand the need for the coverage. You know that when the time comes, being protected gives peace of mind when it is most needed and most scarce. However, you can rest assured that you most likely will be issued a policy.
Final Expense Insurance Policies Issued for Those with Dementia & Alzheimer’s
You would be correct in assuming that life insurance underwriters view a diagnosis of one of these degenerative conditions as a risk. They may not issue a policy. However, when it comes to final expense insurance, you can be issued a policy, with some caveats.
For example, you will most likely be issued a guaranteed acceptance policy. This is a policy that ensures everyone is approved. However, in the event of a death within the first two years of the policy term, the beneficiary will only be paid the premiums put in, plus 10% interest.
If the death occurs after the two year mark, full benefits are paid. For many seniors in their eighties, a guaranteed acceptance policy might be their only option. This is much better than no policy at all. Ensuring your loved ones are not overly burdened is priceless.
Many researching final expense insurance are children preparing for the loss of a parent. More than likely, this is the first foray into the world of burial insurance policies.