Long-Term Care Insurance and Family History of Alzheimer’s

by | Apr 21, 2019 | Health Conditions

Long-term care insurance and a family history of Alzheimer’s may not seem like they go together, but they do. (Hopefully your family member had long-term care insurance before they developed Alzheimer’s). Just because you have a family history of Alzheimer’s does not preclude you from getting long-term care insurance. Shopping for a long-term care insurance policy can be difficult and confusing especially if you have a family history of Alzheimer’s. Getting long-term care insurance with a family history of Alzheimer’s is possible if you work with a long-term care insurance specialist that will help you shop and compare policies from several different insurance companies. 

Can I qualify for long-term care insurance if I have a family history of Alzheimer's?

If you have a family history of Alzheimer’s you can probably qualify for long-term care coverage. Every insurance company has different criteria to determine who they can insure. It’s important to work with an experienced, independent agent who is familiar with the four main types of long-term care coverage. An independent, long-term care specialist can recommend the perfect policy for you based upon your health history.

Which type of long-term care policy should I buy if I have a family history of Alzheimer's?

There are four main types of long-term care coverage: traditional long-term care insurance, long-term care partnership programs, life insurance with long-term care riders, and annuities with long-term care riders. The best type of policy for people with a family history of Alzheimer’s is usually a traditional long-term care policy or a long-term care partnership program. However, everyone’s situation is unique. Click here to try our proprietary “Policy Finder” tool (no phone required). It will give you an instant ranking of the four types of policies based upon your answers to a few short questions.

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Will I pay more for long-term care insurance if I have a family history of Alzheimer's?

Every long-term care insurance company is different. Some long-term care insurers will not charge more to applicants with a family history of Alzheimer’s. Other insurers may charge applicants 20% to 35% more for a family history of Alzheimer’s. That’s why it’s important to work with a long-term care insurance professional who can help you shop around and compare several different policies. 

Can I qualify for long-term care insurance if I have a family history of Alzheimer's?

You may be able to qualify for long-term care insurance if you have a family history of Alzheimer’s. Some long-term care insurance companies are not concerned when there’s a family history of Alzheimer’s. Other long-term care insurance companies are very concerned when there’s a family history of Alzheimer’s. Every company is a little different in how they view your family history.

Can I qualify for long-term care insurance if a genetic test shows I may develop Alzheimer's?

We always advise our clients to apply for long-term care insurance before they get genetic testing. If you have a genetic test that shows you could develop Alzheimer’s, you will probably still be able to qualify for long-term care insurance. To make sure, click here to schedule a 15-minute conversation with one of our long-term care insurance specialists (no obligation). 

Can I qualify for long-term care insurance if I’ve already applied for and been denied coverage due to a family history of Alzheimer's?

Long-term care insurance specialists have less than 20% of their applicants declined. Insurance “generalists” have about 50% of their long-term care insurance applications declined. With over 25 years of experience, we can pinpoint exactly which company (and which type of policy) you’ll be able to qualify for. We have about an 80% success rate in helping our clients get approved even if they were previously declined.

If you have a family history of Alzheimer's, a long-term care insurance specialist will ask you the following questions to determine if you can qualify for a long-term care insurance policy and calculate your premium:

How many of your “first degree relatives” (biological parents or siblings) have been diagnosed with any form of dementia or Alzheimer’s?

 

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