Can People with Disability Qualify for Life Insurance?
Living with a disability can be a difficult journey. Many of us have to face the reality of our disability daily and strive to make the best of our lives. Buying life insurance can be difficult when you have a disability. You must know how you can qualify for life insurance and to get the right coverage. In this blog, we will discuss how a disability can affect life insurance costs, how to qualify for life insurance with a disability, and some tips to help you qualify.
Impact of a Disability on Life Insurance Costs
The short answer is yes, a disability can affect life insurance costs. Life insurance companies assess the risk of insuring someone with a disability and factor it into the cost of the policy. However, the extent of the increase in cost depends on the severity of the disability. Generally, the more severe the disability, the higher the cost of the policy.
The Americans with Disabilities Act (ADA) prohibits life insurance companies from refusing to sell policies to people with disabilities but in some cases, they may deny someone coverage due to the risk being too high for them to cover. Life insurance companies are businesses, and they must protect their bottom line. So, if the risk of insuring someone with a disability is too high, they may deny coverage.
It’s important to note that this is not true for all life insurance companies. There are some that specialize in providing coverage to people with disabilities. They understand the unique needs of those with disabilities and are willing to provide coverage even if they have a pre-existing condition.
How Can You Qualify for Life Insurance?
The good news is that you can qualify for life insurance with a disability. While it may cost more than a standard policy, it is possible to get coverage. Life insurance companies want to make sure they are insuring people who are healthy and have an acceptable risk level. So, if you can demonstrate that you are a low-risk candidate with a disability, then you may be able to qualify for coverage.
In addition, some life insurance companies may require a medical exam to determine your risk level. This is done to make sure that the person is healthy and does not have any underlying conditions that could affect their ability to pay the premiums. Besides your health, your income and lifestyle may also be determining factors for your insurance providers while assessing you as a potential life insurance candidate.
Helpful Tips for People with a Disability Buying Life Insurance
If you’re looking to qualify for life insurance with a disability, here are some tips that can help:
Be honest about your condition: Life insurance companies need to assess the risk of insuring someone with a disability, and the more information you can provide, the better.
Provide as much documentation as possible: This includes medical records, doctor’s notes, and other pertinent information.
Work with a company specializing in providing coverage to people with disabilities: These companies understand the unique needs of those with disabilities and may be more willing to provide coverage even if you have a pre-existing condition.
Consider a no-exam policy: This is a policy that does not require a medical exam, so it may be easier to qualify for if you have a disability.
Shop around for the best rates: Different life insurance companies have different rates, so it pays to shop around for the best deal.
Consider a disability income policy: This is a policy that pays a portion of your income if you become disabled and unable to work.
Consider a guaranteed issue policy: This policy will neither require a medical exam nor you will need to answer any medical questions.
Living with a disability can be difficult, but it doesn’t have to be impossible to qualify for life insurance. With the right information, you can find a life insurance policy that works for you and your needs. Be honest about your condition, provide as much information as possible, and shop around for the best rates.
Get Yourself the Best Life Insurance with Abbate Insurance Associates
At Abbate Insurance Associates Inc, we understand the unique needs of those with disabilities and are committed to providing the best life insurance coverage at the most affordable rates. If you’d like to learn more about how to qualify for life insurance with a disability, contact us today. We’d be happy to help.
