Can I get life insurance with dementia?

You may only be able to secure a life insurance policy with dementia if you’re eligible for a guaranteed over 50s plan.

Traditional life insurance products may not be available as insurers won’t supply standard cover to those with dementia due to it being a chronic condition.

However, if you’re a UK resident aged between 50 - 85, you could apply for an over 50s life insurance policy as no medical information is required.

An over 50s policy is a form of cover that offers guaranteed acceptance to those who fit the age bracket.

For those with dementia, we recommend consulting with/confiding in a member of the family or trusted friend about buying life insurance.

Reassured can help compare over 50s life insurance quotes by leading UK insurers.

What is dementia?

Dementia isn’t a singular condition, but rather a general term that covers the difficulties in impaired ability of memory, thinking, or decision-making that can disrupt daily activities.

A person with dementia may struggle with the following:

  • Memory
  • Speech
  • Thinking
  • Problem solving
  • Difficulty concentrating
  • Finding it hard to carry out familiar daily tasks
  • Mood changes

More than 944,000 people in the UK have dementia, with 1 in 11 people over the age of 65 living with the condition. Alzheimer’s in the most common type of dementia[1].

Does having dementia affect my life insurance policy?

If you've been diagnosed with dementia, this won’t affect your existing policy but your diagnosis could impact any future cover you wish to secure.

Having dementia won’t affect your insurance coverage if you already have a policy in place because the terms and conditions have already been agreed.

Although your current policy will remain the same, it’s wise to inform your insurer of the dementia diagnosis to make things easier for your loved ones when it comes to making a claim.

What policy options are available?

The only policy option available for someone with dementia would be an over 50s plan.

Unfortunately, over 50 life insurance is the only life insurance option available as the insurer doesn’t ask medical questions during the application process (unlike other forms of cover) therefore your diagnosis won’t affect your cover.

Over 50 life insurance key points:

  • Available to those aged 50 - 85
  • Guaranteed acceptance for UK residents who fit this age bracket
  • Guaranteed pay out (typically up to £20,000 depending on needs and budget)
  • Premiums are calculated using your age, sum assured and sometimes smoking status
  • Depending on the insurer, there can be a waiting period of 12 - 24 months (a pay out won’t be made if you pass away due to natural causes during this time, but you’ll be covered for accidental death. Full cover will start once this period has come to an end)
  • Over 50 plans start from just £5 a month through Reassured

Reassured can help you secure an over 50s life insurance policy through leading UK insurers SunLife and OneFamily.

Does life insurance cover dementia?

Yes, life insurance can cover death due to dementia. Life insurance will cover you if you pass away during the term of your policy but not if your policy has expired.

Life insurance is designed to cover you for as many circumstances as possible and to protect your family if the unexpected were to happen.

If you've added critical illness cover to your existing policy, you may be eligible to make a claim if you receive a definite diagnosis for dementia. This can include Alzheimer's disease. Resulting in a potential pay out, although it will depend on the terms and conditions from your insurer.

Can I be denied life insurance for dementia?

Yes, if you apply for any form of life cover except over 50 life insurance.

Unfortunately, you’ll be declined when applying for standard life insurance policies, such as term life insurance and whole of life insurance, with dementia. This is due to the increased health risks.

Additionally, there could be further complications when it comes to filling in the application form as this must be completed by the person securing cover, rather than a Power of Attorney.

If applying for an over 50s policy and you’re aged between 50 - 85, you can't be denied due to your health as acceptance is guaranteed without needing medical information.

However, if the intended policy holder doesn't have mental capacity to answer the application questions themselves, such as being able to provide their own personal information, the insurer will not process their application.

If you've already applied and been declined cover, Reassured have a dedicated impaired life insurance team on hand to offer support if required.

Dementia help & support

It’s important to not feel alone when living with dementia or supporting someone who has it.

Below are some excellent support websites that offer more detailed information and help surrounding dementia:

FAQs

Why might I need life insurance?

Over 50s Life insurance can help provide a lump sum pay out to alleviate financial strain for your loved ones when you’re no longer around, such as helping towards:

  • Bill payments / living costs
  • A small inheritance
  • Charity donations
  • Funeral costs
  • Outstanding debts

Can a third party take out life insurance for someone with dementia?

No, all applications must be filled out by the person being insured.

Applications answered by a Power of Attorney or other third party will be declined.

Will having a family history of dementia affect my life insurance?

Possibly. When applying for most life insurance policies, your insurer will review your family medical history which can affect premium costs.

Whilst many types of dementia aren’t hereditary and passed down to future generations, a small proportion have a genetic link[2]. These types include:

  • Huntington’s disease
  • Familial prion disease
  • Frontotemporal dementia (FTD)

Will I need a medical to get life insurance?

If you apply for traditional life insurance you may need to go through a medical exam however if you're applying for an over 50s policy, as this doesn’t require any medical information, you won’t need to go through a medical exam.

What medical conditions are linked to dementia?

Compare dementia life insurance quotes

There isn’t actually a specific life insurance product called ‘dementia life insurance’. It’s simply a term used to describe a life insurance policy taken out by someone with dementia.

If you have dementia, Reassured can help you secure an over 50s life insurance policy if you're a UK resident aged between 50 - 85 and can offer support during the application process.

As mentioned above, we recommend consulting with a member of the family or trusted friend if you’re considering life insurance.

We're the UK’s largest life insurance broker * and we can compare over 50s cover quotes from leading insurers SunLife and OneFamily.

By comparing quotes through Reassured, we can find you our best deals and give you peace of mind that your loved ones has some form of financial support should you pass away.

Why not get in touch with one of Reassured’s friendly professionals today?

Sources:

[1] https://www.nhs.uk/conditions/dementia/about-dementia/what-is-dementia/

[2] https://www.alzheimers.org.uk/about-dementia/is-dementia-hereditary

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