Can People With Disabilities Obtain Life Insurance?

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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