My life insurance focus is Generation X, which consists of people in their mid to late 30’s, 40’s, and early 50’s born between 1965 and 1984.
I focus on Generation X because I’m a Gen Xer myself (I’m in my late 30’s).
Since the average age of diagnosis for ALS is between the ages of 40 to 55, ALS is an important topic for me as well as many of the Gen Xers who read my life insurance articles.
ALS, or amyotrophic lateral sclerosis, is a progressive neurodegenerative disease that affects nerve cells in the brain and the spinal cord.
According to this source, the symptoms of ALS include the following:
- “muscle cramps and muscle twitching,
- weakness in hands, legs, feet or ankles, and finally
- difficulty speaking or swallowing”.
The median life expectancy for ALS is 2 to 5 years.
Because the life expectancy for ALS is only 2 to 5 years, ALS patients are not eligible for a traditional life insurance policy or even a simplified issue life insurance policy.
If you have ALS and need life insurance, applying for a traditionally-underwritten life insurance policy or a simplified issue life insurance policy is a waste of your time.
Therefore, the best option for you would be to apply for a guaranteed issue life insurance policy.
Guaranteed issue life insurance is just how it sounds—if you apply for the policy, you get the policy as long as you pay the premiums.
Although there are numerous companies that offer guaranteed issue life insurance, the number one guaranteed issue life insurance company for ALS is the following:
- United Home Life Insurance Company.
Therefore, the purpose of this article is to detail United Home Life’s Guaranteed issue life insurance product.
Before launching into the meat-and potatoes of this article, if you would like to help find a cure for ALS, donate to the ALS Association here.
So, what about United Home Life Insurance Company?
Just a little about United Home Life Insurance Company. According to their website,
- They’ve been around for more than 70 years,
- they offer whole life, term life, and accidental benefit coverage,
- they specialize in life insurance up to about $50,000, and
- they are an A- rated carrier.
What about United Home Life’s Guaranteed Issue life insurance policy?
United Home Life offers guaranteed issue life insurance that people with ALS are eligible for.
Here are some features of their guaranteed issue life insurance policy according to United Home Life:
- graded death benefit life insurance product with guaranteed cash values up to age 100 (a graded death benefit policy means that if the named insured dies within the first few years of the policy being in force, the beneficiaries get a return of the premium paid in as the death benefit; after that time period, the beneficiaries get the full death benefit).
- The product is ideally suited for those individuals who are deemed uninsurable and unable to secure needed life insurance.
- The product is guaranteed issue.
- There are no health questions, no medical exams, and no physical examinations.
- Premiums are level and guaranteed.
- People between the ages of 45 to 75 are eligible for the policy.
- The minimum face amount for the guaranteed issue life insurance policy is $5,000; the maximum face amount is $10,000.
Some of the pros of United Home Life’s guaranteed issue life insurance policy include the following:
- It is life insurance—if you have ALS and have been turned down for life insurance previously, you know how frustrating that can be. This guaranteed issue life insurance policy from United Home Life is a policy you can qualify for.
- Easy and Straightforward Application with no health questions, no medical exams, and no physical examinations
- Quick turnaround time—from the time the application is submitted to the time in which the policy is issued typically takes less than a week.
Some of the cons of United Home Life’s guaranteed issue life insurance policy include the following:
- Maximum face amount of $10,000—that’s basically a burial insurance policy.
- A little Pricey—your rate will be two to three times the rate of the same level of coverage in a traditional life insurance policy.
All in all, I hope this been a helpful, overview article on United Home Life Insurance, and their guaranteed issue life insurance product which people with ALS qualify for.
I’ve detailed the features, pros, and cons of their guaranteed issue life insurance product above.
I will update this blog article when I find other companies that offer guaranteed issue life insurance to people with ALS that have comparable or better policies than United Home Life.
If you have ALS and need life insurance, email me at email@example.com or contact me here.
If you would like to help find a cure for ALS, please make a donation to the ALS Association here.
Until next time and until next life insurance article,
Life Insurance Agent for Generation X