At one point or another, everyone starts thinking about life insurance. This is one of those financial protection solutions that people often realize they need when they start a family, and they have people they care about in their lives, so they don’t want to leave them high and dry in case anything happens to them. So, taking it out is definitely important, and while it is often better sooner rather than later, the truth is that it is also better late than never.
While you may understand the significance and the benefits that life insurance brings to the table, you may be worried about one specific thing. What if you are dealing with a disability – can you qualify for any kind of insurance, and do you have any kinds of options? Well, when you take a look at the disability life insurance FAQ written by Steve Case from Insurance Hero or find any other useful sources and expert information, things will become much clearer to you. And, you will know what to do next.
Of course, this is the topic that we are also going to cover for you today. So, we are going to answer the important questions you have swirling around in your mind, if you are a disabled adult thinking about taking out life insurance. In short, you want to know if you have any options at all, and if yes, what those are, and how you can find and get the best one for yourself. Without any more ado, thus, let us start providing you with the answers.
Do You Have Options at All?
We are, unsurprisingly, going to begin with the question of whether you have options at all. Because, finding that out is sure to help you turn towards the right direction and put in the necessary effort into protecting your family’s financial future in one way or another. So, let us quickly answer the question. Do you have life insurance options if you are a disabled adult?
The answer is, fortunately, yes. Life insurance is available for disabled adults. However, things are a bit different than they would be if you weren’t dealing with a disability, so we have to get into a bit more details about this and help you figure out what to expect. The good thing is, though, that you do have options, and you will be able to find what you are looking for, if you simply take the time and learn how to do it right.
Read about how this coverage in general works: https://hoa.org.uk/advice/guides-for-homeowners/for-owners/life-insurance/
What Are Your Options?
Before we cut to the chase and start discussing the actual options you have for life insurance when dealing with a disability, we have to quickly cover something else. In short, you want to know what exactly constitutes a disability, so let me give you a better idea about that. For one thing, there are physical disabilities, such as amputation, paralysis, or limited mobility.
Then, there are also developmental and intellectual disabilities to take into account, including conditions such as Down Syndrome, or some autism spectrum disorders. Moving on, some chronical medical conditions, including epilepsy, muscular dystrophy and more also count as disabilities. And so do mental health conditions, such as, for instance, bipolar disorder, or severe depression.
Now, what kind of options do you have for life insurance as a disabled adult? First of all, there is term life insurance that provides coverage for a specific period. It is suitable for those people who are looking for coverage for a defined time frame, and who are in general good health. Given the fact that it is taken out for a fixed time period, it is usually a cheaper solution than whole life insurance.
Whole life insurance, of course, is also available to disabled adults. As you may have guessed it already, it offers lifetime coverage, and comes with a fixed premium. Since these policies are sure to be paid out at one point or another, it means that the insurers carry a higher risk, which further means that the premiums are sure to be a bit higher.
Guaranteed acceptance plans are available for people over 50, and they are useful for those people who have been declined by traditional insurers. The idea behind this solution is that you can get accepted automatically without any medical checks, but there is a waiting period for full benefits. This option can be great for some smaller debts, or for covering funeral costs.
Group life insurance can also be available for disabled adults through their employers. The good thing here is, once again, that no medical exams are usually required, and employers offer the same coverage to all the eligible employees. Plus, since you’re getting this through an employer, it will be either free or low-cost.
Critical illness cover is also an option, once again providing coverage for a specific time frame. And then, there is income protection insurance that can be added to your life insurance policy, or even purchased separately. This is a policy that offers a lump-sum payment if you get diagnosed with a certain condition.
How to Find and Get a Good Solution?
As you can see above, there are options for disabled adults. And, since we all know that life insurance can be extremely beneficial, and you can read some more about those benefits on this page, there is no doubt that you are now thinking about how to find and get the right solution for yourself. Well, you’ll have to be careful and compare a lot of different options.
The best thing to do is, of course, work with a great broker. When you have those professionals on your side, you will also have higher chances of finding the perfect insurance solution for yourself, which is definitely a big deal. So, the most important thing you have to do here is find the right broker, meaning that you will have to research different ones, check their levels of experience when it comes to finding good policies for disabled adults, as well as their reputation, and the fees they charge for their services.
