Life Insurance For Disabled Persons
Life insurance providers that require a health screening may not offer coverage for people with pre-existing medical conditions or disabilities. However, all life insurance companies are different and some may make exceptions or have plans that meet the needs of disabled persons. Read on to learn more.
Who is Eligible for Life Insurance?
Many people are eligible to enroll in life insurance. Because life insurance is offered through private companies, each provider has its own rules, plans, costs, and offerings. For some, enrolling in a life insurance plan is as simple as taking a health screening, determining the amount of coverage you need, and selecting an affordable plan based on your options. For others, the process may be more complicated.
When looking for a life insurance policy for a person with disabilities, it may become necessary to find a plan that does not require a medical screening for enrollment. Though these plans are less available, it may be an option for you. Many plans require those looking to enroll to submit a health history or take part in a medical exam to determine pre-existing conditions, which can then be factored into the price of monthly premiums.
Note: issuance of the policy may depend upon answers to health questions set forth in the application.
How Can Life Insurance for Disabled Persons Be Helpful?
With a term life insurance plan, a beneficiary will receive a financial payout in the event of the policyholder's death if it occurs during the term of their coverage. Coverage terms may range from one year to 30 years, depending on the plan you choose.
According to the Special Needs Alliance, life insurance for people with disabilities not only helps with funeral costs but may also supplement the caregiver’s lost income if they gave up a career in order to care for the insured.
For caregivers who did not progress in the career world and chose to focus on taking care of a person with special needs, the payout associated with the insured’s death can help replace lost wages and even Social Security benefits that may have been affected by time spent away from work.
Finding a Policy
While it may seem daunting, there are likely coverage options and policies available to get life insurance for disabled persons. Find out more about the enrollment process and what your options are by speaking with a licensed agent at1-855-303-4640.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.