Purchasing life insurance can be challenging to people with disabilities. In most cases, individuals who suffer from serious disabilities are assessed with higher premiums. Due to the demand for affordable life insurance among people with disabilities, some insurance providers have rolled out a specialized life insurance option for them. With this life insurance product, people with disabilities are provided with a policy that works well for their condition.
The Americans with Disabilities Act
The Americans with Disabilities Act relay that insurance companies cannot deny coverage for people with disabilities. Given that disabilities can have a serious impact on one’s health and wellness, the premiums may still be slightly higher. In addition, the amount of coverage may also be limited or may come with a few rules and restrictions.
The Relationships between Disability and Premiums
Insurance providers have their own unique rating system during the underwriting process. Insurers assess and evaluate individuals based on the impact of a disability on health and wellness. Other factors that they will consider when calculating premiums are lifestyle, health history, and income to name a few.
In the case of policy owners with disabilities that do not affect their overall health and life expectancy, the premiums may be as affordable as those issued to average policy owners.
Guaranteed-issue Life Insurance
Guaranteed-issue life insurance is a whole life insurance product that does not require applicants to undergo medical exam. It is more expensive than your traditional term life insurance, and features limits on the amount of payout that will be received by beneficiaries.
Impaired-risk life insurance
This type of life insurance policy are specially made fro individuals deemed high-risk, including those suffering from disabilities that negatively impact their overall health and life expectancy. This type of policy is usually recommended among those who have been declined for traditional term level insurance.
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