If you or a loved one has Parkinson’s, we can help you get burial coverage that’s not out of your budgetary limitations.
For Parkinson’s patients, it can be overwhelming to consider the costs that your family will deal with once you’re gone. Many folks with any pre-existing condition may think that they can’t get affordable burial insurance. However, this is not necessarily the case. It just might take a little more research and some knowledge of all the different options available to find the one that will be best for you. Don’t let it discourage you, because no matter what stage you’re in, there are affordable options available.
For years, we’ve helped many patients with pre-existing conditions get low-cost burial insurance with no waiting period. And we can do the same for you.
In this article, we’ll explore how insurance companies respond to Parkinson’s patients, what options are open for you, and how to find the best policy and the best possible rate.
What Is Burial Insurance?
Burial insurance is often called final expense insurance, funeral insurance, or end-of-life insurance. These policies are part of a whole life policy for a smaller amount. A whole life insurance policy can come in various forms. Some require underwriting and a medical exam, but these are typically cheaper and can be harder for Parkinson’s patients to get.
Another type doesn’t require underwriting and can come at a higher cost. The applicant may not have to answer any health questions or take an exam, but will likely pay more in premiums. Also, this type tends to have a waiting period before the payout.
Why it Matters
In your burial insurance policy, you’ll name beneficiaries who will use the coverage to handle any costs related to your passing. The truth is, you’ll incur costly expenses when you die — and if you don’t plan for them, your family will have to step in.
These Costs Add Up
No one likes to think or talk about it. But when that fateful day comes, all of these expenses can be a huge financial burden on your grieving family. And when people are mourning, it’s difficult to have to pay on top of that. That’s why low-cost burial insurance for Parkinson’s patients is so crucial, especially now, since the cost of everything seems to be increasing quickly.
How Much Insurance Do You Need If You Have Parkinson’s?
The amount of burial insurance you should purchase depends on your personal and financial situation. However, you’ll want to get enough to cover the cost of your funeral, burial, and final expenses.
To know how much insurance you need, you must know (or estimate) your end-of-life expenses. Your funeral cost is typically the biggest expense. Other expenses to think about are your outstanding medical bills, credit card bills, living expenses, and other debts.
Treatment/Prevention for Parkinson’s
The following treatments can help patients manage symptoms and maintain their quality of life:
💊 Medication
🏥 Surgical
💪 Excercise
🩺 Consult a doctor
Burial Insurance Underwriting for Parkinson’s
As you may know, there’s only one part of underwriting that involves you: the health questionnaire. The insurance companies will check your prescription history behind the scenes to confirm your health status.
Applying for a burial policy that has underwriting is the only way to get instant coverage and the lowest rates. If all underwritten options were used up, you could apply for guaranteed issue life insurance — which has no health questions at all.
Health Questions
If a final expense application asks about Parkinson’s disease, it probably won’t have a timeframe attached. This is because it’s an incurable condition.
Most companies will separate their applications into parts. Typically, the lifelong conditions will be sorted together — and you’ll usually see them mention Parkinson’s. They may ask a question like this:
- “Have you ever been diagnosed with, been treated for, or taken medication for Parkinson’s Disease?”
Some burial insurance companies will include a timeframe when they ask about it:
- “In the last 24 months, have you had, been diagnosed with, or been treated for Parkinson’s Disease?”
No matter how the company asks, you should always be honest. If you’ve officially been diagnosed with Parkinson’s, say yes. The more information you provide, the easier it will be to find the best funeral insurance plan.
Parkinson’s Medications
In addition to the health questions, the companies will analyze your pharmacy history by computer. Their goal is to verify your health status. For instance, you had recently had cancer but didn’t make that known, your prescription history would expose this fact.
According to APDA, Levodopa is the most effective drug for treating Parkinson’s. Most patients will take it at some point.
There are many medications that can trigger red flags for life insurance companies. If you’re taking any of the medications listed below and you don’t have Parkinson’s, many companies won’t look at you as a Parkinson’s patient. These drugs have multiple uses.
- Akineton
- Benztropine Mesylate
- Cogentin
- Mirapex
- Requip
- Ropinirole
- Trihexyphenidyl HCL
On the flip side, if you’ve filled a prescription for any of these medications, the companies will view you as someone with Parkinson’s.
- Amantadine HCL
- Apokyn
- Atamet
- Azilect
- Bromocriptine Mesylate
- Carbidopa
- Comtan
- Eldepryl
- Kemadrin
- Larodopa
- Levodopa
- Lodosyn
- Neupro
- Parcopa
- Parlodel
- Pergolide Mesylate
- Permax
- Procyclidine HCL
- Selegiline HCL
- Sinemet
- Stalevo
- Symmetrel
- Tasmar
- Zelapar
1) They Do Nothing.
Yes, some companies do not care if an applicant has a condition like Parkinson’s. With them, you’d pay the same price as a healthy triathlete. And there would be no waiting period, so you could get same-day approval — immediately over the phone.
2) They Charge You a Higher Monthly Premium.
In this case, the company is willing to risk insuring you by charging a higher monthly premium than somebody who doesn’t have Parkinson’s. Generally, it’s between 20-50% more. But these companies are still prepared to give you a full benefit from day one. You pay a higher monthly price. That’s it.
3) They Charge You More and Enforce a Partial Waiting Period.
This is a fairly common response, where the company puts you in their ‘graded plan’. It’s a burial insurance plan that pays out a partial death benefit and charges a higher monthly premium. Typically, they’ll pay out 30-40% of your death benefit if you pass away within the first year, and 70-80% if you die during the second year.
4) They Charge You More and Enforce a Full Two-Year Waiting Period.
This scenario is pretty straightforward. You pay more money, and the company spells out that they won’t pay out a death benefit if you pass away within the first two years of owning a policy. They would instead return all your money — plus interest (typically 10-20%).
5) They Deny You.
Some final expense life insurance companies will decline anyone who has Parkinson’s. However, if your application has been declined, don’t assume that you can’t get an affordable plan through a different carrier. It’s a matter of choosing the right company.
Senior Life Services Will Review Your Situation
Having Parkinson’s Disease will NOT disqualify you from being eligible for the best burial insurance policy. If you’ve been diagnosed, treated, or prescribed medication for Parkinson’s, you’ll qualify for guaranteed issue life insurance.
So, how can you find the best burial insurance for Parkinson’s Disease? This is the big question that everybody wants to know. There are many factors that can impact what your best option may be.
Work with an Independent Agency.
To get the best burial insurance with Parkinson’s, you should work with an experienced, independent agency like Senior Life Services. We know all the ins and outs of life insurance, and we only use major carriers: Mutual of Omaha, Aetna, TransAmerica, and more. These are some of the biggest companies in the country and they’ve been in business for many decades.
Our licensed agents would be happy to review your entire situation and run quotes from all these companies that look at your health in the most favorable way. Then, you can choose the carrier that offers you the best rate.
Give us a call!
When you work with Senior Life Services, you’ll be in good hands. Let our experts handle your Parkinson’s life insurance and provide the unbiased, excellent service you deserve. Fill out our form or call (800) 548-3249, and we can give you a free quote.
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