Can you find life insurance for disabled people? In fact, many caregivers and disabled people assume that people who are disabled, or who suffer from a chronic health issue, cannot qualify for life insurance, and so they do not even bother to apply. However, life insurers look at the risk of a person passing away,and do not always dismiss those individuals because of a health condition.
Managing Health Conditions and Shopping Insurers
For instance, I wrote some large life insurance policies for diabetics. I got different answers from insurance underwriters, depending upon the situation and the insurance company. So I learned to look for an insurer who is willing to consider applicants on a case by case basis.
If the diabetes was well controlled, and the individual did not have other risk factors, I got policies issued without any problems. Sometimes these people, who had long term chronic health considerations, even had policies issued at a standard rate with no increased rating for risk.
So if a diabetic individual followed his or her doctor’s orders, worked to maintain weight and fitness level, and did not indulge in poor health habits like smoking and drinking alcohol, I would certainly advise them to apply for almost any sort of life insurance policy.
Chronic Health Conditions or Disability and Poor Health Habits Mean More Declines
Insurers, like doctors, will certainly disapprove of any poor health habits that are combined with a condition like diabetes or high blood pressure. So a smoker or very overweight person who also has a chronic health condition would not be accepted for a large face value insurance policy. Sometimes, diabetics and people with other health conditions, do everything right, and they still have trouble keeping their condition under control. These people would also not be good candidates for large life insurance policy. That said, the majority of people who deal with a disability, but can demonstrate they still function very well in their daily lives by going to their jobs or other obligations, should not assume that life insurance companies will reject them.
Some people who suffer physical injuries because of an accident also assume that they cannot qualify for life insurance. Even though they may not be able to perform their regular job because of pain, or the loss of use of some functions, may still not have a life threatening disability that would eliminate their chances of qualifying for affordable life insurance.
Consider Guaranteed Issue Life as a Last Resort
Now people who have very serious disabilities or illnesses may have to consider a simplified or guaranteed issue life insurance policy. These are generally smaller, whole life insurance policies which were designed as life insurance for older people, though some accept people of any age.
Simplified issue life insurance will only have a few requirements, like making sure the applicant is not in a nursing home and does not suffer from a terminal disease. If the applicant can pass this “test”, then an immediate death benefit policy will be issued.
Guaranteed issue life insurance policies work a little differently. They do not ask any health questions but, instead, use an elimination period in order to pay out the full face value of the policy. An example might be a guaranteed issue life insurance policy with a three year elimination period. During the first 12 months of this example, the policy will pay the beneficiaries back all premiums paid plus 5 percent interest if the insured person passes away. During the second and third years, the policy may pay back 10 percent to the beneficiaries. And then after the elimination period ends, the policy will pay out the full face value. So a guaranteed policy is a good option if a person cannot qualify for another type of insurance.
Anyway, ill or disabled people should submit their information to a qualified life insurance agent before they apply to save time and trouble. Internet life insurance quote forms can take the applicant to an agent who wants to handle their business!
