With more than 37 million people classified as disabled by the Council for Disability awareness, the question of getting life insurance for this group comes to us on a fairly regular basis.
So, you ask, can you get life insurance if you are disabled? Good news is, in 1990 the Americans with Disabilities Act was passed and it prevents anyone from denying coverage to anyone because of their disability.
What they can do is charge you higher rates if your disability has the potential to shorten your life.
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Life Insurance for Disabled Adults
We put together these common questions to help you understand what will affect your life insurance rates and how to get the cheapest life insurance if you are a disabled adult.
If you are familiar with your options and are ready to get quotes you can use the form on this page to get started looking at your options.
What Factors Influence Premiums For Disabled Adults?
When we are trying to understand what the life insurance companies want to see it really comes down to overall health.
If your disability does not increase the likelihood that you will pass away then they will ignore it.
For example, a person who has lost a limb but has been fitted with a prosthetic and is fully functional and healthy will probably qualify for standard rates.
The companies also assess each person individually. If you have only a minor form of a disability then that will get rated less than someone who has a serious one.
So what it comes down to is understanding how your disability will be viewed by the life insurance company and then minimizing the risk that the company would take by insuring your life.
This holds true for any person getting life insurance.
Can The Disabled Get Life Insurance Through An Employer?
Most employer plans are group plans. This means you typically do not have to fill out a questionnaire or even have an exam to get the life insurance.
So yes, in most cases you can get life insurance from an employer group life insurance plan.
There are two downsides to a group plan.
The first is that there is usually a limit to the amount of life insurance you can get. So if you are looking to have a large lump sum you will have to go through the process of getting an individual plan.
The second problem is the plans do not usually follow you from job to job. So if you stop working for that employer you no longer have coverage.
Are There Other Life Insurance Options For Disabled People?
The only other main options are a pre-existing conditions clause in a standard life insurance policy.
What this means is the company agrees to sell you life insurance and as long as you do not pass away as a result of your disability then they will pay out the death benefit.
For many people, this is worth the risk and can really drop the rate of their premiums. If you have very low income and are on Medicaid you do have some group options for life insurance through that program.
The options are limited and fairly expensive but they are there if you qualify financially.
What Is The Best Way To Get Low Rates With A Disability?
First, you need to make sure that there are no other reasons for the life insurance company to reject you.
If you are a smoker then they are not going to issue you a smokers life insurance policy on top of your disability.
The same goes for diabetics. Carriers that offer diabetic life insurance policies will not issue a policy to someone who suffers from the condition as well as a disability.
Do not fall prey to the belief that life insurance is going to be too expensive! As long as we’ve been an agency we’ve heard that excuse and most of the time we are able to show the client several options and tips to bring the cost of the premiums down.
No Exam Insurance with a Disability
As we mentioned earlier, one option for life insurance coverage is to purchase a no medical exam life insurance policy.
As the name implies, you can get issued one of these policies without the burden of going through a medical exam. These type of plans are ideal for consumers with a lengthy medical history or going through a current medical crisis.
It should be noted that no medical exams are going to be more expensive and you could be limited on the amount of protection that you can buy.
These no medical exams are the last resort for life insurance. Even if you’ve been declined for a term plan in the past, we can help you find a company that will accept your application and gives you a quality and affordable life insurance plan.
Tips to Getting Affordable Coverage For Disabled Applicants
When you’re looking to get cheap life insurance, there are steps to take towards secure lower insurance rates from the company. Completing these steps and tips can help you save money on those life insurance plans.
Being a smoker is going to drastically increase your chances of being declined for life insurance coverage if you have any additional health complications on your medical record.
If you want to get the lowest premiums for your insurance plan, just quit the bad habit. So recommendation number one will be to stop using tobacco altogether, or else you’ll end up with premiums twice the rate of non-users.
Eat a Healthy Diet
The next thing that you should do is stick to a healthy diet. A diet is a great way to help lower your blood pressure, lower your weight, and help you lose weight.
All of these can reduce your chances of being diagnosed with severe health complications later. You can still enjoy your favorite foods, but making healthier choices is a great way to reduce your monthly insurance premiums.
Compare Quotes from Top Providers
Every insurance company has different medical underwriting, which means all of them are going to view your applications differently.
Every company is going to offer drastically different rates depending on the rigidness of their underwriting. So the final tip we have is to contact an independent agent who will work for you instead of the carrier.
If you want to get the lowest rates, you’ll need to compare quotes from dozens of companies before deciding which one works the best for you and your budget.