Understanding Life Insurance for Disabled Individuals

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Key Qualifiers for Life Insurance with a Disability

  1. Ability to Perform Activities of Daily Living (ADLs)
    • What are ADLs?
      • ADLs include bathing, dressing, eating, using the restroom, transferring, and taking medications.
    • Importance for Qualification
      • The ability to perform all these activities without assistance is crucial. If an individual requires help with any of these activities, they typically do not qualify for life insurance.
  2. Underwriting the Reason for Disability
    • How it Works
      • Insurance carriers assess the underlying cause of the disability. This process is known as underwriting.
    • Example
      • In a scenario where uncontrolled diabetes led to an amputation, the insurance application would be underwritten with a focus on “uncontrolled diabetes”.
Best Life Insurance For Ssdi Recipients

Challenges in Acquiring Life Insurance with a Disability

  • Individual Evaluation
    • Each case is unique and assessed on its specific details.
  • Higher Premiums
  • Limited Coverage Options

Options for Those Who Don’t Meet the Qualifiers

Can You Have Life Insurance While On Ssdi

Conclusion

Navigating life insurance for individuals with disabilities requires understanding the key qualifiers and challenges. It’s important to explore all available options to find the most suitable coverage. Remember, each situation is unique and deserves personalized attention.

Contact us today for a free quote.

Need Help Getting Life Insurance Coverage?

If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage so you don’t get declined.

Warning: Applying for life insurance without a medical exam can be risky. If you get declined for coverage, it could be at least two years before you can get any life insurance.

Impaired Risk Life Insurance
First
Last
Have You Been Declined Life Insurance Coverage Before?

Frequently Asked Questions

Can you have life insurance if you are on disability?

Your age, medical history, gender, lifestyle habits, and employment may all be considered to decide your eligibility for life insurance. Fortunately, having a disability doesn’t automatically disqualify you from this form of coverage – depending on the policy type and insurer. Furthermore, the results from any necessary examinations can also influence your eligibility and rates for life insurance.

How do you survive on disability insurance?

Your family members may be eligible to receive benefits. Supplemental Security Income (SSI) is also available. In addition, you might consider earning additional income through the Social Security Disability Insurance’s Ticket to Work Program. Food stamps, energy assistance programs, and grocery coupons could help cut costs. Don’t forget about medication assistance and sample offers too!

What is a waiver of premium on a life insurance policy?

This optional add-on allows you to suspend paying your premiums if you become disabled and cannot pay. With this feature, no matter what kind of disability occurs, it can give peace of mind knowing that the policy is still in effect and will remain so until your recovery.

What do disability insurance and life insurance have in common?

While there are distinct differences, disability, and life insurance have vital similarities. Both types of coverage provide financial security in the face of illness or injury-induced income loss. Moreover, these policies offer invaluable protection for you and your family if they rely on your earnings during unsteady times.

*Disclosure: Some of the links in this guide may be affiliate links. I may receive a commission at no cost to you if you purchase a policy. It helps us keep the lights on!

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top