Life insurance is something many people think about, even people with disabilities. Individuals who have disabilities can get life insurance. Several factors come into play and may affect what plans they have access to. When you are ready to apply for a life insurance policy, you will need to gather as much information as possible so your agent can review it. This article provides information on obtaining life insurance if you are disabled.
Type of Disability
Disabilities take many forms, some of which do not affect general health and well-being. Being blind or deaf, even experiencing an amputation, may pose obstacles for people but will not necessarily shorten a person’s life or result in a higher risk of health problems. Understanding how your disability impacts your health will allow you to work with your insurance agent to find the right life insurance policy.
Medical Treatments and History
Similar to any life insurance policy, your medical history may become an issue. If you have a disability, you will need to complete a physical. All of your past medical events directly related to your disability will be reviewed. In most cases, if your disability does not impact your overall health, your agent will only review medical events and experiences that are not related to your disability.
Just because you have a disability doesn’t mean you can’t find a job you love. Maintaining employment shows a responsible nature and will give you the means to pay your bills on time and keep up with a regular payment schedule. It also shows stability and an ability to function efficiently even though a disability is present.
Habits, Lifestyle, and Hobbies
If you apply for a life insurance policy, your lifestyle, habits, and hobbies will be subject to intense scrutiny. Some life insurance carriers require blood and urine tests to check for recreational drugs and alcohol. People with disabilities can participate in the same activities as those without disabilities. Depending on the risk level involved with your lifestyle will have a lot to do with the type of policy you qualify for.
There are multiple plans that a disabled person may qualify for. Term and permanent life policies are popular choices. Another policy worth looking into is a guaranteed-issue whole life insurance policy. It costs a little more and has a cap on the death benefit, but there is no medical exam to worry about when you apply.
Things to Think About
Life insurance for disabled individuals may include various riders, including a child rider. Many add-ons or policy riders allow the insured person to borrow against their policy. Chronic illness riders also allow the insured to benefit from the equity they have in their policy.
Being disabled doesn’t mean you can’t get life insurance. It just means there may be an extra step in the process. Contact our insurance professionals at EastEnd Insurance Agency today to learn more about what you need to do to get a quality life insurance policy.