There are many reasons why people purchase life insurance. The money from an insurance policy can be used for the payment of final expenses, as well as to pay off a loved one’s medical bills or other debt obligations. Oftentimes, these funds can mean the difference between survivors being able to go on with their lives as planned, or struggling financially for many years to come in the future. If you’re interested in no medical exam life insurance or smokers term life insurance, we have options for you.
When one applies for insurance coverage, certainly one of the most important aspects that is reviewed by the underwriters is the applicant’s health. Oftentimes, if an individual has an adverse health issue such as heart disease or cancer that may shorten his or her life expectancy – and in turn, deem them a higher risk of a life insurance claim – there is a better chance that the individual will either be required to pay a higher cost of premium, or possibly even be denied for coverage altogether.
But, what about those who have other issues such as down syndrome? This is actually the most commonly occurring genetic condition today, occurring in one in every 691 babies that is born in the U.S., or approximately 6,000 U.S. babies each year. Many years ago, those who lived with down syndrome typically had a shorter life expectancy than most other individuals. However today, people with down syndrome’s life expectancy has increased substantially, with the average approaching that of those who do not have this condition.
Yet, many individuals who have down syndrome that apply for life insurance may still not qualify based on this older information. If you have a loved one who has down syndrome and have been told at some point in the past that they won’t be able to get life insurance, this is not true. Life insurance is now available to those who have down syndrome – and it is not difficult to qualify for coverage.
How Does Guaranteed Issue Life Insurance Work?
With a guaranteed issue life insurance policy, the applicant for coverage will typically only have a few questions to answer on the application related to their health. These will usually consist of the following:
- Are you currently confined to a hospital / hospice / long-term care facility?
- Have you been diagnosed with a terminal illness?
If the individual answers No to these questions, then it is likely that he or she will qualify for coverage. There are no medical or physical examinations that are required for these types of policies either – and because of that, the policies can be issued much quicker, as there is no need for long, drawn out underwriting delays. This means that the applicant can oftentimes have their coverage within just a few days after submitting their application to the insurance company.
Often, these policies are permanent life insurance plans. This means that in addition to offering a death benefit, the policy will also provide build up with cash value. This money is able to accumulate on a tax-deferred basis. Over time, because there is no tax that is due on the gain each year, the cash is able to grow exponentially – and it can build up substantially over time.
This cash is able to be borrowed or withdrawn for whatever need that the policy holder sees fit. This means that if he or she has a cash need in the future, they could consider using this money for that particular need.
Some Considerations With Guaranteed Issue Life Insurance
Although guaranteed issue life insurance for those with down syndrome is easier to qualify for than a traditionally underwritten type of coverage, there are some items to be aware of prior to purchasing a policy.
First of all, a lot of the time, these plans are underwritten on individuals who are considered to be more risky to the insurer, the premiums that are charged will usually be more expensive than those of a comparable life insurance plan that most of the time is underwritten.
Additionally, the death benefits on these policies may also pay out somewhat differently, too. For example, in some cases, if someone with insurance dies within two or three years of starting their policy, the policy beneficiary may only get a refund of the premiums that were paid in, instead of the death benefit that is stated on the policy. Therefore, it may be required that the policy be owned for a certain number of years in order for the full death benefit to be paid out.
Why Purchase Life Insurance on An Individual Who Has Down Syndrome?
There are numerous reasons to purchase life insurance on an individual who has down syndrome. Just like anyone else, medical expenses, final expenses, and other debts throughout life can tend to add up.
Today, the average cost of a funeral alone can be upwards of $10,000 – and many families just simply don’t have this amount of money readily available. Payment is oftentimes due at the time of service. Therefore, a life insurance policy would allow loved ones access to cash that is needed quickly for these expenses.
Likewise, should the individual become ill, medical expenses can also add up quickly. Sudden or unexpected illness or injury can happen to anyone at any time – and at any age. No one is immune. So, having life insurance proceeds can help to pay the costs that health insurance and/or government benefits may not cover.
How and Where to Look for Life Insurance for Someone with Down Syndrome
When seeking life insurance for a loved one who has Down Syndrome, it is a good idea to do business with a business that works with different life insurers. If you do this, you’ll be able to conduct a side by side comparison of multiple life insurance policies, along with the exact types – and amounts – of benefits that are offered, as well as the premium quotes.
When doing this, we want to help you. We work alongside many of the top insurance companies in the marketplace today, and we want to help point you in the right way to the carriers that may serve you best. We will help you obtain the key information that is necessary for purchasing this important financial protection in an efficient, timely fashion – and directly from your home desktop, without having to meet an agent in person. By using the form at the top of our page, we can help you get this process started.
If you discover that you might have any more questions during your process of obtaining appropriate life insurance for someone who has down syndrome, how to compare premium quotes, or general questions about life insurance, our professionals can walk you through the process and/or answer questions or concerns that you might be having. Please know that you can contact us at 888-229-7522, toll-free, at any time.
We know and understand that the purchase of life insurance is a big decision for you, and we want to help you know that you have all of the details that are necessary in order to make the best choice for your loved one. So, call us today. We are here to help you.