Disability Life Insurance

Disability Life Insurance: Reasons You Might Need Insurance

Life insurance is important to everyone, but for those who already have a disability, it is even more important, especially if the disability is one that may render them helpless at some time in life. The problem with this is that if the person did not have life insurance before the disability took hold of them, it may be difficult to obtain insurance if the insurance company feels that the disability may cause a premature death. Not all disabilities fall into that category, of course, and for those who have disabilities that are more of a nuisance than life threatening such as being blind, deaf, or mute, the process of obtaining life insurance is not as difficult. On the other hand, even those with asthma may be considered high risk because of the potential for a fatal asthma attack. What is the answer to life insurance for those with disabilities?

Finding Insurance Sources

In spite of disabilities, there are some insurance companies who will insurance those with disabilities and even others who will insure you without a physical examination. The problem with the latter scenario is that if you have a disability and don’t disclose it when you take the policy, and you die because of an undisclosed condition, the insurance company may not pay on the policy, which will leave your family without funds upon your death. On the other hand, it may create a higher premium, so if you can, it’s best to find an insurance policy that asks no questions about your health. If you are able to work, and your company offers life insurance, this is your best bet because most group policies do not ask any medical questions, and if they don’t ask, you cannot be held liable for not disclosing the information.

Where to Find Disability Life Insurance

The Internet is an excellent source of information for disability life insurance for those who do not have the good fortune to have a policy through work. Even insurance companies that you customarily think will not insure you because of your disability may have special types of policies just for those with disabilities. Some states have regulations forbidding insurance companies from refusing to insure those with disabilities, however, that does not exclude them from charging higher premiums based upon the seriousness or potential hazard of the condition. The less life-threatening the condition is, the more likely you are to find a disability life insurance policy that is reasonably priced.

Verify the Legitimacy of the Quote

Sometimes an insurance company will give you a lower quote in order to assure them of your business. This is not only unethical but also illegal if the misrepresentation was deliberate. After all, quotes are just that, quotes, but they should be within reason to the amount of the actual premium if you correctly answered all of the questions that the questionnaire asked. In the event that the actual premium differs from the quote to the point that you no longer want the policy, you are in no way obligated to accept those terms. In some cases, the carrier will renegotiate the premium in order to prevent you from going to a competitor, so do not allow them to intimidate you into taking something that you do not feel is worth the price they are charging. The next step is to go to your next highest quote and work from that angle until you find a legitimate insurance company who will give you the insurance you need for a price that is both fair and one that you can afford.