How does having a disability affect my chances of getting approved for life insurance?
UPDATED: Mar 5, 2013
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Asked March 5, 2013
It is impossible to say how your particular disability is going to affect your ability to purchase a life insurance policy. The nature of the disability is a prime factor, but the type of insurance policy you are buying, your personal demographics and other factors will play a part as well. Some disabilities could make certain types of life insurance impossible to get, while others simply increase the cost of the policy and still others have no effect on the cost at all.
The type of policy is important because there is some type of life insurance available for everyone, if you are willing to pay the price. For example, you could purchase final expense insurance even if you have a disability which shortens your expected lifespan. You could also buy term and whole life insurance policies, with the premiums ranging upward in proportion to the degree of the disability and how it affects your health.
Some disabilities will increase your premiums more than others. For example, a single amputation due to an accident would not have the same impact on your premiums as someone who has a single amputation related to a vascular disease. The degree of impairment and how it affects your lifestyle may make some types of insurance too expensive, but others will have little or no affect at all.
If your disability is related to any chronic illness, you could be turned down for term or traditional whole life coverage. This is because the risk of insuring outweighs the potential to recoup costs for the insurance company. This does not mean you are uninsurable, but you may have to resort to specialty, high risk insurance or settle for purchasing more limited coverage plans such as final expense insurance. Another option is to have a policy written that excludes your disability from triggering a payout. In that case, if you died from something related to your disability the policy would not pay, but it would pay if you died from an event not related to your condition.
Answered March 5, 2013 by Anonymous