ALS (amyotrophic lateral sclerosis) also known as Lou Gehrig’s disease, is a neurodegenerative disease that effects nerve cells in the brain and the spinal cord.
As the disease progresses, people with ALS “lose the ability to initiate and control muscle movement” as this source suggests.
Eventually, people with ALS lose the ability to move, to eat, to speak, and to breathe.
It’s a terribly sad disease with a 2 to 5 year life expectancy from the date of diagnosis. Stephen Hawking, renowned theoretical physicist, is an exception to the average life expectancy—he lived close to 50 years with ALS. So, there is hope for ALS sufferers.
ALS has a significant impact on Generation X, which is comprised of people in their mid to late 30’s, 40’s, and early 50’s, and the age demographic with which I pinpoint my articles.
The average ALS sufferer is diagnosed between the ages of 40 to 55—this places the average ALS sufferer smack dab in the Generation X population.
The following article will discuss the following:
- what burial insurance is,
- what life insurance companies ALS sufferers should look to in getting burial insurance.
If you have ALS and need burial insurance, please email me at robert@weigelinsurance or contact me here.
So, what is burial insurance?
Burial insurance is a small life insurance policy with a death benefit from $5,000 to $25,000.
Burial insurance is typically a whole life insurance policy.
People buy burial insurance to pay for their funeral (i.e. burial or cremation) and final expenses.
Burial insurance is straightforward and easy to understand.
So, what companies should ALS sufferers look to in getting burial insurance?
ALS sufferers are not eligible for traditionally-underwritten life insurance policies.
ALS sufferers are also not eligible for simplified issue life insurance policies which offer limited underwriting.
If you suffer from ALS, please do not waste your time applying for these types of life insurance policies.
The reason why ALS sufferers are not eligible for these types of life insurance policies is because the life expectancy for ALS is 2 to 5 years from the date of diagnosis.
Therefore, if you suffer from ALS, you need to apply for guaranteed issue life insurance which will pay for burial and final expenses.
Guaranteed issue life insurance is exactly how it sounds—if you apply for the guaranteed issue life insurance policy, you are guaranteed to get it with very few exceptions.
Guaranteed issue life insurance has the following characteristics:
- death benefit between $5,000 to $25,000 (some go up to $50,000) which will pay for your funeral and final expenses,
- typically, a whole life insurance policy as opposed to a term life insurance policy,
- available to applicants between the ages of 50 to 80 although some companies offer guaranteed issue life insurance to younger applicants,
- no medical exam and no health questions—to reiterate, if you apply for a guaranteed issue life insurance policy, you get the policy as long as you make the premium payments.
- graded death benefit which means that if you die within the first two years of your guaranteed issue life insurance policy being in force, your beneficiaries will only receive the amount of money you paid into the policy as a death benefit; after that two year period, your beneficiaries (i.e. your family typically) will receive the full death benefit.
- expensive in that guaranteed issue life insurance policies are typically three times as pricey as a traditional life insurance policy would be for the same amount of coverage.
The life insurance companies that do a good job with guaranteed issue life insurance are the following:
- United Home Life
- Gerber Life
- Mutual of Omaha.
If you suffer from ALS and need burial insurance, you should start your search by looking into getting guaranteed issue life insurance from one of these three companies. These companies are all A-rated companies.
I hope this has been a helpful overview article on ALS, burial insurance for ALS sufferers, and what companies to go to in getting burial insurance.
If you suffer from ALS and need burial insurance, email me at firstname.lastname@example.org or contact me here.
If you would like to help further research to find a cure for ALS, make a donation to the ALS Association here.
“We are all different, but we share the same human spirit. Perhaps it’s human nature that we adapt and survive.”—Stephen Hawking.
Until next time and until next life insurance article,
Life Insurance Agent for Generation X (people in their mid to late 30’s, 40’s, and early 50’s).
Weigel Insurance Agency