The truth of the matter is that having Parkinson’s Disease changes just about every aspect of your life.
This diagnosis can significantly alter the ability to get life insurance with Parkinson’s Disease. Though some of the best burial insurance carriers will approve coverage with this diagnosis.
Can You Get Burial Insurance With Parkinson’s Disease?
People with Parkinson’s Disease can get immediate burial insurance protection from select carriers. Many other insurance companies will require a 2-year waiting period before full coverage begins. Each company sets its qualifying guidelines and has varying risk tolerances, which is why they all react slightly differently.
Understanding Burial Life Insurance
Burial insurance is a type of life insurance intended to cover the funeral costs acquired upon the insured’s passing. This protection is also known as final expense coverage and funeral insurance.
It was built specifically with seniors in mind to create an affordable way to pay for these expenses without leaving behind a financial burden on their loved ones.
Whole Life Fundamentals
Final expense coverage is a type of whole life insurance. All whole life insurance comes with the following benefits of coverage.
No Expiration or Coverage Changes: The coverage never expires, and the death benefit will never change. This is invaluable because you do not have to worry about outliving your policy or not leaving enough money to your beneficiary to cover your funeral costs.
Price Lock: The cost does not fluctuate, which is important for budgeting purposes. Other products increase premiums every few years, but you will never have to worry about a rate increase with whole life insurance protection.
Builds Cash Value: This living benefit provides money that you can borrow from the policy if needed. With each premium payment, a small portion goes towards the cash value, growing over time.
Funeral Insurance Advantages
The following advantages are specific to burial insurance, making it the right choice for many Americans.
Low-Cost: Since the available death benefit sizes are smaller than traditional policies, it makes the monthly premiums much more affordable. Burial policies range from $2,000 to $40,000 of coverage.
No Medical Exam: These policies go through simplified issue underwriting, so you will never be asked to get a medical exam. You can take out a final expense insurance policy over the phone from the comfort of your home.
No Waiting Period Options: For seniors that qualify, immediate coverage is available. Parkinson’s patients will be able to access immediate coverage through certain insurance providers, but not all.
Underwriting For Funeral Insurance With Parkinson’s Disease
Parkinson’s Disease is a progressive disorder of the nervous system that affects movement. As the disease progresses, common symptoms include tremors, rigid muscles, and speech changes. While there is no cure for Parkinson’s, there have been many advancements in treatment options that allow patients to live a long life.
Underwriting is the process of determining if a company will extend coverage to an applicant. Each company sets its own underwriting guidelines to determine who they will provide coverage to. With specific pre-existing conditions, like Parkinson’s, this process gets very specific from company to company.
For example, some life insurance companies will make Parkinson’s patients wait a few years before full coverage begins, while others will award immediate protection.
3 Ways Companies Ask About Parkinson’s Disease
There will be a series of yes or no questions on the application for coverage. Questions about Parkinson’s will typically be asked in one of the following 3 ways.
“Have you ever been diagnosed or treated for Parkinson’s Disease?”
Since Parkinson’s is a condition that you live with for the rest of your life, it is most commonly asked about in this way. This question will put you into a more restrictive plan tier with either a waiting period or increased premiums if you have received this diagnosis.
Other companies, such as Transamerica, will ask about your age when the condition was discovered.
“In the past X years, have you been diagnosed or treated for Parkinson’s Disease?”
Typically questions that are worded this way regarding neurological conditions ask about the last 2 – 4 years. However, some ask about the past 5 years. This question will also place you into a restricted plan with a waiting period or higher premium cost.
They will not ask about your condition.
Some applications may not ask about Parkinson’s at all. Other times they will refer to the broad range of neurological disorders in which Parkinson’s would fit. If they do not ask about either of these, then this diagnosis does not matter to the provider, and they will accept your application.
How Funeral Insurance Companies React to Your Answers
Based on how the applicant answers the above questions, the carrier will move forward in one of the following directions.
Acceptance with No Waiting Period and Lowest Premiums
Companies that do not ask about a Parkinson’s diagnosis will treat you as though you do not have it, thus awarding you with immediate coverage at its lowest premiums. This assumes that you do not have an additional health concern that they might consider high-risk. This is very hard to find as only a few companies do not ask about Parkinson’s Disease.
Acceptance with No Waiting Period and Moderate Premiums
There are a few select companies that offer this protection. Carriers that have this option divide their premier plan into two tiers, allowing for immediate coverage at slightly increased rates with more lenient underwriting.
Acceptance with a Waiting Period and High Premiums
This is the most common way that companies react to Parkinson’s patients. However, only if you have additional health concerns should you move forward with a plan that has a waiting period.
Denial of Coverage
This is not typically the case with Parkinson’s. Most companies will accept you, but you will not qualify for a top-tier plan with every company.
Related Health Concerns that Affect Insurance Coverage
There are several conditions associated with Parkinson’s Disease that insurance companies will ask about. Each one listed below will affect your ability to get coverage if you have been diagnosed or have experienced them. Make sure to let your insurance agent know this information.
How To Find The Best Final Expense Insurance With Parkinson’s Disease
As mentioned, each company creates its own acceptance guidelines. There is a lot of information to sort through, and it can be challenging trying to decide where to start. However, there are really just three things to look for before applying for an insurance policy.
3 Things to Look For in an Insurance Company
Cost of Premiums: Make sure you are getting the best deal available to you. Getting the lowest price will save you money and allow you to get the most coverage for your premiums.
Company Rating: An insurance provider that has a high financial rating is key. This shows that they manage their investments well and will be able to pay their claims when due.
Coverage Start Date: You can get immediate final expense insurance with Parkinson’s Disease. Do not apply for a plan that has a waiting period unless you have other advanced health concerns.
Captive vs. Independent Agents
You can purchase a funeral insurance policy from two types of agents, captive or independent.
Captive: A captive agency offers products from one company only. This can create a problem for someone with a pre-existing health concern because of the limited policies offered and strict underwriting requirements. These agents may not know that there is a better policy available since they are familiar with only their company’s offerings.
Independent: An independent agency can sell products from multiple companies, allowing the agents to price shop on your behalf. Independent agents are not handcuffed to any single company, which is of huge benefit to their clients.
To obtain the lowest monthly premiums with immediate coverage, it is best to work with an independent agency with a high level of expertise in this field.
How Willamette Life Can Help Parkinson’s Patients
Willamette Life Insurance is an independent agency that specializes in burial insurance. Because of this specialization, we can focus our attention on placing our clients with the policy that best fits their needs.
Willamette Life prides itself on finding excellent coverage for people who have a health concern, such as Parkinson’s, that could throw up a red flag with providers. We represent companies that will award day-one insurance protection to seniors with Parkinson’s Disease.
a. It is easy to get affordable and immediate burial insurance with Parkinson’s Disease by working with select companies.
b. Only select companies accept Parkinson’s patients with immediate protection. Make sure to work with one of these providers.
c. It is important to work with an independent agency that specializes in finding people with high-risk conditions the final expense coverage they want and need.
Give Willamette Life a call at 844-576-0019
Stacie manages the content for Willamette Life by keeping it up to date and accurate. By taking the questions frequently asked by clients she has been able to assist in developing a series of blogs that will hopefully be able to help more people than just those we are able to speak with.
We would be happy to answer your specific questions if there is anything we haven’t covered yet.