Burial Insurance with Amyotrophic Lateral Sclerosis (ALS)
Condition Underwriting Highlights
NODLB.COM Difficulty RATING
If you are considering purchasing burial insurance with Amyotrophic Lateral Sclerosis (ALS), you have landed in a good place. This review will briefly address the policy’s financial ratings and offerings, underwriting niches, pricing, and alternatives.
ALS & Burial Insurance
If you are here looking to research burial insurance with ALS, you already know that Amyotrophic Lateral Sclerosis or "Lou Gehrig's Disease is a serious progressive disease which affects the spinal cord & brain’s nerve cells.
Unfortunately, there's no cure at the moment for ALS. No effective treatments have been found either for reversing or even halting the disease’s progression.
This means that an ALS diagnosis will a automatically disqualify you for most kinds of burial insurance and final expense insurance policies.
However, you will be able to obtain a guaranteed issue burial insurance policy. While there are significant drawbacks to this type of policy, it is the only option available when it comes to an ALS diagnosis.
Guaranteed Issue burial insurance for ALS cases
Forget about medical exams, guaranteed issue policies don't ask any health questions at all. They simply want to know your age and gender and citizenship.
Of course, there is a price to be paid for this blind approval The first price is just that,price. Guaranteed acceptance policies are more expensive than traditional "final Expense" policies. However, the cost increase is usually a manageable 20%-30%.
The bigger hurdle is that there is a 2 year mandatory waiting period for your beneficiaries to be eligible for the benefit. That is, if you die prior to the 2 year waiting period, your beneficiaries will only receive the premiums paid plus interest.
Lastly, these guaranteed issue policies will generally limit you to $30000 in coverage. However, you may be able to "stack" two policies from differnt carriers.
The two best guaranteed issue carriers for ALS are AIG and Gerber.
Accidental Death Coverage
Faced with limits in coverage amount and expensive policies, some folks will supplement there guaranteed issue burial policy with a guaranteed issue accidental death policy.
Guaranteed issue accidental death policies will cover you if your death is the result of an accident rather than a natural death. An important distinction with these policies is that while they only pay in the case of an accident, they do not have a waiting period.
Accidental death causes include several different causes like natural disasters, motor vehicle-related accidents, slip & fall incidents. These causes, unlike natural death causes, are instantly covered by guaranteed issue policies. They aren’t subject to graded death benefits waiting period.
Your Next Step
Thank you for choosing NODLB.com to research policies about burial insurance with Amyotrophic Lateral Sclerosis (ALS). Should you have any questions, please do not hesitate to call or send over an email.