my husband Robert with ftd never believed in life insurance. Does anyone here have information regarding what type of life insurance a person with AD or Ftd would qualify for?
I would expect term life to be very expensive. I wanted to increase the size of my term life policy and it was denied because I've had pre-cancerous moles removed from my body. I had to buy a 2nd policy for the additional $100,000 and it is much more expensive per $1,000 of coverage than my older policy. The irony of taking care of myself with semi-annual dermatology exams resulting in higher cost life insurance.
I realize that my main policy and my wife's term policy expire within 11 months (they were 15 year term policies). To renew them will be very expensive and I don't see the point. My son goes to college and has money for most of those costs. If I die the sale of the house would pay and my 401K plans will cover years of her care. I don't see the point for me.
Redwold, what is the goal of life insurance? It is possible that a small policy to cover funeral costs is reasonable. But for more coverage I think the cost for someone with a limited life expectancy would be unrealistic. But you can talk with a insurance agent, you won't be worse off for having the conversation.
paulc - like you, my husband's expires in March. After that is gets outrageously expensive. I may try one of those term ones where no physical is required just for some quick money until I can get my SS going. I know most have a 2 years clause, so if he died in the first two years it would not pay.
AARP I believe offers small policies to help with those costs. up to 10k and don't believe they require pre existing. but yes none will pay for first 2 yrs after acceptance.
My DH has a term life insurance policy which I renewed for him when he turned 60, which was when he was diagnosed with AD. I chose to decrease the amount of coverage in order to also keep the premium in line. An updated medical was not required when I made those changes, which was good. His policy will terminate when he turns 70. I have decided that if he needs more care before the policy expires, I will sell the policy to a third party and use the proceeds for his care. He doesn't have a long term care policy.
I believe that converting the term policy to a life care plan will only realize about 40-50% of the face value of the policy. However it is enough to help with in home care for him for at least a year. Our home is worth more than that policy so I'm not too worried about income for myself, as I would definitely downsize if he passes first.
I'm not advocating turning a term policy into a life care source, but in some cases it can be beneficial. You can do a search online for "life care funding" and it will give you more information about this concept. Every situation is unique, but it doesn't hurt to be informed and consider different alternatives.