Life Insurance for People with Disabilities

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Did you know that the Council of Disability Awareness reports that there are currently over 36 million Americans who are considered as disabled?

That works out to 12% of the population.

Did you also know that 1 out of 4 people who are currently in their twenties will become disabled before they retire?

And finally, of those people who are currently disabled, 50% are still in their working years and between18 – 64 years of age.

Unless you already were born with a disability or already have a disability, you probably most likely think that it won’t happen to you.

Life is uncertain and there are no guarantees. So, if you are already disabled, then you might be wondering if you are still eligible for life insurance.

Life Insurance and the Legal Rights of the Disabled

Americans who have a disability have legal protection which prevents a life insurance company from refusing coverage simply because of their disability.  These rights are protected under the American with Disabilities Act.  At least that’s the way it’s supposed to work.

Nonetheless, there are many people with a disability who find it a challenge to buy affordable life insurance or even to get any at all.

How Life Insurance View the Disabled

A person with a disability generally has a medical condition caused by disease or injury which physically restricts or limits them from performing some or even all of their daily activities.  A disability can be caused at birth from a genetic disorder, or something which manifests itself over time, or is caused by something they have contracted.

A disability can be a result of an accident or injury which was work related, or caused by just about anything you can imagine.  Many people function relatively well with a disability while others require a lot of additional care to help them cope with performing their daily activities which most of us take for granted.

The first thing you should know is that not all disabilities are the same.  And, not all life insurance companies view similar disabilities the same.  One of the key factors that a life insurance company will look at is to determine if they believe that your particular type of disability will shorten your life span.

If the insurance carrier underwriter’s believe or determine that your particular disability will reduce your expected life span then you will receive a lower rating and they will charge more for a premium.

Additional factors also come into play when making this determination such as your age, and additional health factors such as if you also have heart disease, high blood pressure and cholesterol, and your lifestyle. continue page 2……