Is life insurance for disabled people still possible? The general idea of people is that those with disabilities or those experiencing from chronic health issue can no longer qualify for a life insurance, so they no longer bother to apply.
There are different reasons why a person has disabilities including illness, serious accident, and birth defects, to name some. These reasons will tell the overall health of an individual. Insurance coverage greatly depends on the risk they undertake according to life expectancy of one person. Thus the severity of the disability will be a large factor in determining the availability and cost of the life insurance.
- If the reason for disability increases the risk of complications in later life, say the dysfunction of some internal organs, it is very likely to have an impact on the availability of the cover that would be most applicable, as well as the cost of it.
- If the person disabled reasonable lives a normal and self sufficient life, he may be able to enjoy insurance coverage at standard prices.
But above mentioned does not point to the hard and fast rules when it comes to obtaining an insurance coverage for people with disabilities. Insurance companies still follow the general process of assessing the applicant on individual merit and to thoroughly examine all relevant medical information in which a need for the expertise of an underwriter is sought. The underwriter is tasked to review the application. After taking all things into consideration, he will give the determination on whether it is still applicable to cover your life with insurance.
How to get a lower premium for people with disabilities?
It may be noted that insurance for disabled people tend to have higher premium than standard policies because of the risk factor. Nonetheless one can still have a policy with an affordable premium. Speak directly to advisers whose expertise deals primarily on protection for people with disabilities. They will understand the type of disability one has, therefore finding the appropriate policy that covers everything you need and at the same time having them at reasonable prices.
There are also those policies with stated pre-existing conditions whereby the policy becomes void in the event the disability caused the death of the insured. These types are for those who want to get a life insurance at lower cost despite being diagnosed of disabilities. They are the ones who are insuring their life discounting the present health condition, therefore explicitly disclosing that should death be connected to the disability the insurance protection will not apply.
Having considered the foregoing, it is safe to conclude that insurance for the disabled is still possible. Go fill out that simple questionnaire and have yourself assessed by the expert! After all, it won’t hurt to check around.
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