Navigating life insurance options can be particularly challenging for individuals with pre-existing conditions like Parkinson's disease due to the unique underwriting considerations associated with the condition. The progression and stage of Parkinson's can significantly impact your premiums and your eligibility for certain policies. However, that doesn’t mean coverage options aren’t available to you. In this article, we’ll explore what Parkinson’s disease is and how pre-existing health conditions can affect life insurance rates so you can make informed decisions about your life insurance coverage and find a policy that’s right for your coverage needs.
What is Parkinson’s disease?
Parkinson's disease is a progressive neurodegenerative disorder that affects the central nervous system. It’s primarily caused by the loss of dopamine-producing neurons in a region of the brain called the substantia nigra. This neurotransmitter deficiency leads to the impairment of motor control and other brain functions, contributing to the wide-ranging symptoms. Parkinson’s disease is characterized by a range of motor and non-motor symptoms, with the most recognizable being tremors, bradykinesia (slowness of movement), rigidity, and postural instability. Beyond these motor symptoms, individuals with Parkinson's disease may also experience non-motor symptoms such as cognitive changes, mood disturbances, sleep disruptions, and autonomic dysfunction.
Types of Life Insurance for People with Parkinson’s Disease
Individuals with Parkinson's may encounter difficulties obtaining traditional term life insurance or permanent life insurance and, therefore, may benefit from alternative approaches, such as working with a brokerage like SelectQuote, which can navigate the market to find suitable coverage for people with unique needs. The stage of the disease will play a pivotal role in underwriting decisions, with better chances of approval if you’re still in the earlier stages of Parkinson’s disease when you apply for life insurance. However, if your Parkinson’s disease has progressed significantly, it may make more sense to explore final expense insurance, including guaranteed issue or simplified issue coverage, as these policies typically have limited or no medical exam requirements. Let’s walk through the different final expense policy types and their features.
Guaranteed Issue Life Insurance: This type of coverage is, as the name implies, guaranteed. If you’re between the ages of 45-85, you can’t be denied guaranteed issue coverage. You also won’t need to submit to a medical exam or answer questions about your health status, making it a good option for people with pre-existing conditions like Parkinson’s disease.
Simplified Issue Life Insurance: While simplified issue coverage isn’t guaranteed, it has much more relaxed eligibility requirements than traditional life insurance. Simplified issue policies typically require you to answer a brief health questionnaire as part of the application, but they don’t require a medical exam.
Critical Illness Life Insurance: Critical illness life insurance is a type of policy that provides a lump sum payment if the policyholder is diagnosed with a serious illness covered by the policy. This typically includes illnesses such as cancer, heart attack, stroke, and organ failure. Similar to guaranteed issue and simplified issue life insurance, critical illness policies do not require a medical exam to qualify for coverage.
SelectQuote Can Help You Navigate Shopping for Life Insurance
If you or a loved one has Parkinson’s disease, you may feel overwhelmed when reviewing life insurance options, as some traditional options may not be available. However, this doesn’t mean you should go without coverage. At SelectQuote, we have 40 years of experience helping people from all circumstances, including those who have chronic conditions like Parkinson's, find life insurance. In just minutes, we’ll gather quotes from several of the nation’s most highly trusted carriers, making it quick and easy to find the coverage that’s right for you.
