Can I get life insurance with a disability?
Having a disability doesn't necessarily mean you won't qualify for life insurance. In fact, denying someone a life insurance policy solely because they have a disability may violate the Americans with Disabilities Act. However, insurance companies do factor in your life expectancy when evaluating your risk, and life expectancy can be affected by health conditions.
But life expectancy is just one factor. Depending on the insurer and policy type, your age, overall medical history, sex, lifestyle factors, occupation, and life insurance medical exam results can also be used to determine your eligibility and life insurance rate.
Living with a disability doesn't automatically disqualify you from life insurance.
How does life insurance for disabled adults work?
The life insurance application process works the same for people with and without disabilities. The insurer will review your application and either approve or deny it based on multiple factors — not just your health. The information provided in your application will be used to determine your risk, and thus your eligibility and rate.
Will my disability affect my life insurance premium?
If your disability affects your overall health and/or life expectancy, it can change your risk and therefore your life insurance premium.
Should I disclose my disability in my life insurance application?
Yes, you must be completely honest during your life insurance application, medical exam, and health questionnaire. If you don't disclose your condition when asked and your insurer finds out, they might terminate your policy or refuse to pay out the death benefit to your beneficiaries. Not disclosing pertinent information to your life insurer can be considered life insurance fraud.
What's the best kind of life insurance for a disabled person?
You may easily qualify for a traditional type of life insurance like term life or final expense. But if your disability makes it difficult for you to qualify, you might consider these life insurance policies with no medical exam requirement:
- Simplified issue: These term and permanent life insurance policies work like traditional ones, but they don't require a medical exam. Simplified issue life insurance policies typically have some health-related questions in the application, and they can be more expensive and provide less coverage than traditional policies.
- Guaranteed issue: Guaranteed issue policies don't require a medical exam, and they don't ask any health-related questions in the application. They're more expensive and provide less coverage, but guaranteed issue term or whole life insurance can be a way for disabled adults to get a policy if they're otherwise having trouble qualifying.
Worried you won't qualify for traditional life insurance? Call 1-866-912-2477 to speak with a licensed representative who can walk you through the best options for your situation.
Helpful life insurance riders for disabled adults
Adding a life insurance rider to your policy can provide support for adults with disabilities. Consider these riders when you purchase life insurance — they may come in handy later in life:
- Accelerated death benefit rider: If you're diagnosed with a qualifying serious or terminal illness, an accelerated death benefit rider could allow you to use some of your policy's death benefit while you're alive and the policy is still active. There are also chronic and critical illness riders that work similarly.
- Term conversion rider: This gives you the option to convert your term life insurance policy to a whole life policy at the end of the policy's term, extending coverage through the end of your life and giving you a cash value feature.
- Guaranteed insurability rider: Typically only available on permanent life insurance policies, a guaranteed insurability rider gives you the option to increase your death benefit at certain points in your life without undergoing a medical exam.
- Long-term care rider: Also typically reserved for permanent life insurance policies, a long-term care rider gives you the option to use your death benefit for qualifying long-term care costs.
How to get life insurance for the disabled
Insurance companies have different criteria for determining eligibility and rates, so shop around and compare coverage options and prices. If one insurer denies your application, that doesn't necessarily mean you won't be able to get coverage through another policy type or insurer.