There are many reasons why people purchase life insurance. The proceeds from a life 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 applying for life 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 cancer or heart disease that may shorten his or her life expectancy – and in turn, deem them a higher risk of a life insurance claim – then it is more likely that the individual will either be required to pay a higher amount 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, life expectancy for those who have down syndrome 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 that they won’t qualify for life insurance in the past, there is good news. 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 one – or just a few – health related questions to answer on the application. 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 a cash value build up. This cash is allowed 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, because these types of plans are typically underwritten on individuals who are considered to be more risky to the insurer, the premiums that are charged will typically be higher than those of a comparable life insurance plan that is traditionally underwritten.
In addition, the death benefits on these policies may also pay out somewhat differently, too. For example, in some cases, if the insured dies within the first two or three years of policy ownership, the policy beneficiary may only receive a refund of the premiums that were paid in rather than 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 typically best to work with a company that has access to several different life insurers. This way, you will be able to make a side by side comparison of more than just one life insurance policy, along with the exact types – and amounts – of benefits that are offered, as well as the premium quotes.
When doing so, we can help. We work with many of the top life insurance companies in the market place today, and we can help in pointing you in the right direction to the carriers that may serve you best. We can assist you in obtaining the important information that you need for purchasing this important financial protection quickly, easily, and conveniently – and directly from your home computer, without ever having to meet in person with a life insurance agent. When you’re ready to start the process, all you need to do is just simply use the form at the top of this page.
If you find that you have any additional questions along the way regarding how to obtain life insurance for someone who has down syndrome, how to compare premium quotes, or even about life insurance in general, our experts can walk you through the process and / or answer any of the questions or concerns that you may have. Please feel free to contact us directly, toll-free. We can be reached by calling 888-229-7522.
We understand that the purchase of life insurance is a big decision, and we want to ensure that you have all of the details that you need in order to make the right choice for your loved one. So, contact us today. We’re here to help.