Life insurance and Lou Gehrig’s Disease? Would I be accepted?

Lou Gehrig’s disease or ALS- amyotrophic lateral sclerosis.  If you have this condition will you still be able to get life insurance?  Yes you can!!   I am Mitch Winstead owner at Allstar Senior Benefits.   My toll-free number is 866-598-8170.  This is a tough subject to write about.  Recently we lost Sam Shepard the actor to ALS.  Many people have lost their lives to this dreaded disease.  Recently the football player Dwight Clark who played with the San Francisco 49ers came out and said he has ALS.  He was in a wheelchair.  The lifespan with Lou Gehrig’s disease is not long.   These are just a few people we know about.  There are many more people we don’t know about who have been a victim of this disease.  ALS is a progressive neurodegenerative disease that affects nerve cells in the brain and spinal cord.  As a co-owner of a physical therapy practice, I have helped treat people with physical therapy that have this disease.  The most heartbreaking patients are the ones who have this disease in their 30’s.  Please don’t get me wrong.  It is a heartbreaking disease at any age.     I have worked with both young and old. Male and Female.  It is a myth that this disease only affects young people.  It is also worth mentioning that there is another form of this disease that doesn’t kill you but it still affects your neurological system.  It is still called ALS but it may only affect a person’s lower motor neurons.  I have actually worked with  gentlemen who had this also.  He had a small but noticeable limp when he walked.  So let’s talk about life insurance.   Great news, you can still get life insurance.   It will cost more.  However, you can get some great benefits with a life insurance plan.  First off you won’t have to answer ANY health questions.  There are NO medical exams and  NO blood or urine tests.   The type of policy is called a guaranteed issue policy.   The way it works is  you pay a monthly premium.  During the first 3 years if you die, your beneficiary gets 110% of the premiums you paid in.  Now after the 3 years if you die your beneficiary gets the full face amount.  So if you have a 10,000 dollar policy that is what is paid out.  Some companies are offering discounts on funeral products such as caskets, vaults and headstones.  So if you buy from another company and buy the same $10,000 policy most of that money is going straight to the funeral home to cover the funeral costs.   So keep most of the money for your loved ones and purchase life insurance the smart way.  Getting back to life with Lou Gehrig’s disease/ ALS you may already know the physicist Stephen Hawking has a form of ALS. It is slow progressing form.   This is interesting since he is so intelligent.   I watched the movie about his life.  I don’t necessarily agree with all his views.  He is interesting to say the least.  I hope like a lot of my peers that his body and brain will be studied upon his death.  He has lived a long time.  However, his quality of life is terrible.  From  watching the movie, he got his disease while he was in college.   He was able to impress his professors despite his disease. I won’t go into the rest of the movie for two reasons, in case you haven’t seen and you may not to read about the details again.  Back to insurance, the type of policy available with life insurance and Lou Gehrig’s would be whole life insurance.  Now is a good time to write what the difference is between whole life insurance and term life.  Whole life is more of a permanent life insurance.  This is a product that builds cash value.  The benefits never decrease and your premiums never increase.  Your whole life policy would build cash value after 18 to 24 months.  At the time of this writing. I don’t believe there is a guaranteed issue policy for term life. But it’s great that a person can get a whole life policy with a diagnosis of ALS.   Also at the time of this writing, life insurance rates are at historical lows.  It”s never too late and never too early to get life insurance.  It is going to sound like I am giving you a lecture now.   Sometimes a person just has to keep reading or hearing about life insurance to get you to make a decision.  Most of us want to do the right financial thing.   And that is not leave a financial burden on your family.  We might also want to leave something extra for our loved ones such as :  a college tuition that is paid for by a love gift.  A down payment on a house for a son, daughter or grandchild.  I could go on and on.  Please make sure before leaving love gifts that your essential bills are not a burden on your family.   That means having enough to pay your mortgage off.  Auto payments, and credit card payments or personal loans need to be accounted for.  I could not imagine leaving my family in debt with me gone.  So I will say it again life insurance is the financially responsible thing to do.  I know people who just don’t have life insurance and must think someone else is going to take care of my funeral and debt for me.  Oh by the way, if I don’t make my car payment of house payment before I die so what?- I will be dead who cares?  You will always find those kind of people everywhere. Don’t be one of these people looking for a handout.   Alright before I go.  My name is Mitch Winstead with Allstar Senior Benefits.  My website is:www.allstarseniorbenefits.com   My Facebook page is www.facebook.com/medsuppguru.  My email is mitch@allstarseniorbenefits.com  My toll-free number is 866-598-8170 or 910-538-4547.  I am licensed nationwide and to find out more about me, visit my website or my Facebook page.  Please let me know if I can help you.