Als Life Insurance – Here we often get calls from people with ALS or amyotrophic lateral sclerosis who are looking for a life insurance policy that they still qualify for. Now the good news is that we can consider several options, but the downside is that most (if not all) of these options have limited coverage of around $25,000 and include what is called graduated death. to use
But before we go into more detail about the types of life insurance that will be available, let’s take a moment to be sure when it comes to ALS.
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According to the ALS Society, ALS, or amyotrophic lateral sclerosis, is a progressive neurodegenerative disease that affects nerve cells in the brain and spinal cord. ALS, also known as Lou Gehrig’s disease, is responsible for the gradual deterioration of voluntary muscle control that affects behaviors such as chewing, walking, breathing and speaking.
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Unfortunately, there is currently no cure for ALS, and no effective treatment has been found to halt or reverse the progression of the disease. This means that once you have been diagnosed with ALS, you will always be considered a person with ALS for life insurance purposes, and as a result, you may not always be eligible for terminal expenses and life insurance policies.
In recent years, public awareness of ALS has led to a huge increase in funding, which will hopefully lead to new therapeutic breakthroughs soon!
When it comes to helping people with ALS find life insurance coverage that they can qualify for, we need to look at what the life insurance policy is guaranteed by (eg, guaranteed issue). This is not a life insurance policy and:
This means that as long as you are a US citizen and meet the minimum age requirements (typically 40 to 85 years old, the product may not be available in your state), you will be eligible for life assurance insurance.
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But before we get too excited, we think it’s important to point out the 3 main pitfalls you’ll face when buying a life insurance policy with an acceptance guarantee.
A guaranteed issue policy is not an ordinary life insurance policy. As a result, they only offer coverage up to $25,000. So… if you want to cover mortgage costs or save for lost wages in the event of an untimely death, a guaranteed life insurance policy may not be the best option.
Now it is possible to buy life insurance policies with different acceptance guarantees from different life insurance companies, but then you will learn another drawback of life insurance policies which is their cost!
When it comes to buying a life insurance policy, one thing you will usually find is that “dollar for dollar”, a term life insurance policy will cost more to accept than a traditional term life insurance policy or whole life insurance. That’s fine if you’re thinking of buying a bunch of guaranteed acceptance rules just to get over $25,000, but be aware that it can get really expensive, really fast!
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The last major disadvantage of a life insurance policy is the clause known as the graduated death benefit. Now, to fully understand what a death benefit clause is, it’s sometimes best to think about the last cost and why life insurance companies set it up and then work backwards from there.
You see, the death benefit is what protects the insurance company from paying out the life insurance policy for the first two years (usually 2-3 years) if the insured dies of natural causes.
Now, for our discussion, it is important to know that the “natural cause” of death is related to certain diseases, such as cancer, heart disease, stroke or diabetes.
Accidental causes of death include slips and falls, motor vehicle accidents or natural disasters. Accidental death, unlike natural causes of death, will be immediately covered by the policy and death benefits will not be subject to any waiting period.
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But remember that when it comes to life assurance insurance, the insurance company does not ask any health-related questions and does not require you to undergo a medical examination. This means that the insurance company does not really know what your current health is.
So they created the death benefit as a way to protect themselves from insuring the really, really sick. You can now be really sick and buy a life insurance policy that will not pay a death benefit if you die of “natural causes” unless you have lived through the waiting period for the death benefit.
It’s also important to note that most, if not all, graduate death benefit provisions will contain, or at least should contain, some sort of language that states that if you die of natural causes during the death benefit exclusion period, what happens
In most cases (be sure to check the policy you are considering), you will usually find that the insured dies of natural causes during the death benefit release period, usually before all premiums are paid out. the insured pays to the insured beneficiaries with the addition of a kind of interest depending on the amount of time the insured pays!
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Even in the “worst case” scenario where the insured dies of natural causes during the death benefit exemption period, their beneficiaries will continue to receive all premium payments made by the insured plus a small amount of interest!
Now, it’s true that getting life insurance coverage after an ALS diagnosis will be difficult and your coverage won’t be perfect, but there are life insurance policies out there for even the most extreme of people. . It’s important to know what type of coverage you qualify for and determine if it meets your needs despite any limitations. Of course, this is something you can decide on your own, but if you have any questions, please give us a call and we will be happy to answer your questions and direct all of your business to you. options available!
You may also be interested in reading one of our popular articles on the best funeral expenses and funeral insurance companies. If you are looking for burial insurance with ALS (amyotrophic lateral sclerosis) or Lou Gehrig’s disease, you should know that your options for burial, cremation, final expenses and life insurance are limited.
!!! Read this first!!! ALS (Lou Gehrig’s disease) is a life-threatening condition, and there are no insurance companies that offer Day 1 coverage for ALS patients. We recommend that individuals with Lou Gehrig’s disease purchase guaranteed life insurance with a 2-year waiting period and no health questions.
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If you or a family member has been diagnosed with ALS or Lou Gehrig’s disease and you would like more information about funeral insurance, continue reading this article.
If you have ALS or Lou Gehrig’s disease, a no-questions-asked guaranteed life insurance policy is your best bet.
A guaranteed issues policy does not ask you about your medical history or current health. The insurance company will automatically approve your application and the policy will take effect within a day.
If you are between the ages of 40 and 85, you may qualify for a guaranteed final cost insurance policy. Are you in the US? you are a citizen and resident of the state in which the guaranteed emission policy is sold.
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Assured burial insurance covers a term of 24 months, but if you die within the first two years of ALS, your beneficiary will receive your premium plus 10% interest.
If you die in an accident or other catastrophic event within the first 24 months, your beneficiaries will also receive the full death benefit.
There is no known cure for ALS or Lou Gehrig’s disease, and no effective treatment has been found to halt or reverse the disease’s progression. People with ALS have a life expectancy of two to five years.
Funeral insurance should be obtained for a patient with ALS who is facing the reality of death. The sooner you get coverage, the better because of the two-year waiting period. The more you work on the cooling time, the faster you can get full coverage.
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If you’ve just received a diagnosis, there’s a good chance you’ll cross the two-year limit if you’re just starting out. Also, your monthly premium will be calculated accordingly.