There
are many types of disabilities and
although all make life extremely hard, some do not stop you from getting life
insurance coverage. Your chances of
being entitled to coverage depend
on the type of disability you suffer
from. Like any business, insurance
providers are interested in making a
profit. Whether your condition hinders or does not affect their chances of
making a profit through
insuring you, determines your eligibility for coverage.
The underwriting process
An agency will determine the
risk each and every applicant
poses, via a process of
underwriting, which include physical
exams and blood as well as
urine tests. Mainly they will be interested in four main things: if your
condition shortens your lifespan, if it damages your internal organs, if it
prevents you from doing basic activities and if your disability could cause future health conditions. If the answer is absolutely no to all of these issues, you will get a
policy with regular rates.
Group life insurance
Group insurance is becoming more and more well known. Disabled people have a higher probability of getting insurance
coverage this way because the
underwriting process is simplified. No medical exams or perhaps tests are necessary. The premiums are determined based on the age and average health of the people covered. This means that a person with a disability would
have no problem getting life coverage through a group plan. Mainly, employers and
also associations qualify for this insurance policy. The downside is that giving up or even leaving your job/association/organization means that you will not be protected anymore.
If you've been refused coverage
If an agency considers you a liability, they may refuse your application. You should find out the reason and go to your doctor. If your doctor doesn't agree with the company's decision, you could appeal the denial.
If you are refused a second
time, you can search for a noexam term life insurance policy. These policies have a more lenient
underwriting process as they don't
require the applicant to
undergo medical examinations. You
simply need to answer a few medical questions. Nonetheless, keep in mind that these policies are also more costly and the amount caps at $250,000-$300,000.
Guaranteed issue is seen as a
last resort. There are no medical questions asked, but the benefit does not exceed $50,000.
The advantage no medical exam
policies have is that anyone can
get insured simple and
fast, as most policies are read in 24
hours.
To conclude in this possible
for someone who is experiencing a disability to obtain coverage, but his depends on what type of disability they have and
how it impacts their health as
well as lifestyle.
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term life insurance quotes? We could help you find the best
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