Obtaining Private Disability Insurance with Pre-Existing Conditions

Shawn Plummer

CEO, The Annuity Expert

Acquiring private disability insurance with pre-existing conditions can be challenging, but options are available. One such option is Assurity’s graded disability insurance (DI) product, which is designed to accommodate individuals with pre-existing conditions.

Understanding Assurity’s Graded DI Product

  1. Gradual Benefit Increase:
    • First Year: Pays 35% of the non-graded benefit amount for sickness in the first policy year, leading to total disability.
    • Second Year: Pays 70% of the non-graded benefit amount for sickness in the second policy year, leading to total disability.
    • After Two Years: Pays the full non-graded benefit amount for injury or sickness leading to total disability.
  2. Injury vs. Sickness Coverage:
    • Provides full benefits for injuries after the policy is in effect, with graded benefits for sickness.
  3. Designed for Those with Pre-Existing Conditions:
    • This product is tailored for inDIviduals who may have difficulty obtaining standard DI due to their health history.

Steps to Obtain Disability Insurance with Pre-Existing Conditions

  1. Explore Specialized Products: Look for insurance providers like Assurity that offer specialized products for those with pre-existing conditions.
  2. Understand the Policy Terms: Carefully review the terms of graded DI products to understand how benefits are paid out over time, especially in relation to pre-existing conditions.
  3. Consult with an Insurance Specialist: Speak with an insurance agent or financial advisor who can guide you through the options and help you understand the specifics of policies like Assurity’s graded DI.
  4. Be Transparent About Your Medical History: When applying for DI, be upfront about your pre-existing conditions to ensure you get a policy that accurately reflects your health status.
  5. Consider Additional Coverage: If you have been denied traditional DI, explore if there are supplemental or alternative policies that might offer some level of coverage.

Conclusion

For those with pre-existing conditions seeking disability insurance, options like Assurity’s graded DI product can provide a solution. These policies are designed to offer coverage that increases over time, accommodating the increased risk associated with pre-existing health issues. It’s important to thoroughly understand the terms and consult with professionals to find the most suitable coverage for your situation.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, 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

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