Despite many people’s best intentions, they put off getting life insurance. Sometimes it’s the thought of their own death or disability that disturbs them, other times it’s just a convenient thing to push to the back burner. After all, what are the chances of something happening to you…right? Unfortunately, accidents, death and illness happen and sometimes with very little warning. When something does inevitably happen, the need for life insurance becomes much more urgent. So, why life insurance for Parkinson’s patients?
For example, did you know that 1 in 500 Canadians are affected by Parkinson’s disease? Over 6,000 cases are diagnosed each year and 10 per cent of those cases are in people under the age of 50. Since the underlying causes of the disease are unknown, everyone is at risk. Imagine being diagnosed and not having life insurance!
Thankfully, you are not completely out of luck. There is life insurance for Parkinson’s patients, but it’s best to know how it works so you can save yourself time, money and additional stress.
Read on to learn more.
What is Parkinson’s disease?
Parkinson’s disease is a neurological disorder brought about by the death of cells in a region of the brain and a drop in the neurotransmitter dopamine. It’s easy to miss the early symptoms such as a slight trembling in the hands or stiffness in the body, however, as the disease progresses, the symptoms increase. While medical intervention can help with the symptoms, there is no known cure.
If you are uninsured when you get Parkinson’s disease, or if you have term life insurance and are at the renewal phase, you will be classified as having a precondition. You can still get life insurance, but the type of policy will be dependent on what stage of Parkinson’s you are experiencing, and your future prognosis.
What is guaranteed issue life insurance?
Life insurance, from the insurer’s perspective, it is all about balancing risks. Clients with preconditions present a higher risk of needing their policies to pay out sooner. To manage this risk, life insurance is divided into three categories: standard (traditional), no medical simplified issue insurance, and no medical life guaranteed issue.
It is important to note that with guaranteed issue life insurance, if a Parkinson’s patient dies within the first two years, the claim will not be paid.
- Standard/traditional life insurance: you undergo medical questions and a tests. The premiums are low and you can qualify for up to $5,000,000 for straightforward cases. Traditional insurance offers the highest benefit.
- No medical life insurance/simplified issue: you answer some medical questions (never lie on the application) but you do not have to take any tests. You get less coverage than traditional policies (around $300,000) and the premium is higher.
- No medical life insurance/guaranteed issue: you do not answer any medical questions and you do not undergo any tests. You cannot be denied coverage. The premiums are expensive and the coverage is typically $25,000. A two-year clause means if you die in the first two years of the policy, no claim will be paid out.
It is absolutely possible to get life insurance with Parkinson’s disease
Are you wondering why anyone would go for a no-medical policy if it costs more than a traditional policy? The fact is, any life insurance is far better than none, and if you don’t qualify for traditional, why should your family be stuck with a dismal financial future and exorbitant final and funeral costs? By paying a little each month, you can ensure a better future for your family after you pass on.
If you have Parkinson’s disease and you don’t have life insurance, you could actually qualify for standard rates, providing you are in the early stages of the disease. If you are in the advanced stage and are, for example, experiencing significant tremors and receiving medical intervention, you can likely qualify for a no medical guaranteed issue policy.
How do you get started in finding life insurance for Parkinson’s patients?
The best thing to do if you have been diagnosed with Parkinson’s disease and need life insurance is to contact a skilled broker right away. Brokers (as opposed to agents) have access to all the products on the market, so they can shop around for the one that best fits your budget and your prognosis. A broker is not “captive” to one insurance agency, so they often work with special underwriters that deal primarily with clients that have preconditions. Their services are free to you because they get commissions from the insurers when you purchase a policy.
Our experienced insurance brokers can ensure you get the best possible coverage so you have one less thing to worry about as you focus on fighting the disease – simply complete a short form on the side of this page or get your quote here.