Parkinson’s Disease and Life Insurance
Parkinson's Disease (PD) belongs to a group of conditions called motor system disorders, which are the result of the loss of dopamine-producing brain cells. The four primary symptoms of PD are tremor, or trembling in hands, arms, legs, jaw, and face; rigidity, or stiffness of the limbs and trunk; bradykinesia, or slowness of movement; and postural instability, or impaired balance and coordination.
Currently there is no cure for PD but there are a variety of treatments which can provide significant relief. PD is an insurable illness especially in the early stages where there are minimal localized tremors (i.e confined to the fingers) and no treatments are required.
We have had several cases where an applicant with PD has received standard rates (i.e the same rate a person without PD would receive).
In the more advanced PD cases the insured would likely be better off going with a Guaranteed Issue policy. These policies only ask a selected number of health questions and there are no medical requirements. Most of the plans do not have a question related to PD. The one big caveat is the death benefit is often limited to a return of premium plus interest in the first two policy years.
Assumption Life has unique program called Golden Protection which provides up to $50,000 of coverage on a guaranteed issue basis with no questions related to PD. It should be noted the application does ask if the insured has been declined for insurance in the last 2 years.
A strategy we have used with several of our clients is to apply for the Assumption Life plan first and use it as a worse case scenario. If the insured gets a better rate elsewhere great but if he/she is declined the Assumption Life plan is already inforce.
Please feel free to visit our non medical life insurance page for a free quote.