Can someone with a disability get life insurance? The short and sweet answer is yes, life insurance is available for persons with disabilities. However, there are a few things you should know before you embark on your journey to secure coverage.
When talking about securing coverage on disability, the question to be asked is “Who offers the best life insurance for those on disability?” The answer to this question will vary. Sometimes the right choice may even be a no medical exam life insurance company.
Life insurance for Disabled persons.
This article was written to to those who want life insurance if on disability but have been told that they can’t qualify for traditional term life or whole life insurance policies simply because they’re currently receiving disability benefits.
In most cases disabled persons will have been offered an accidental death policy or some type of guaranteed issue whole life product that is typically limited to about $25,000 in coverage. Now you are stuck in a policy you don’t want or you are scouring the internet for a way to buy life insurance if on disability.
Can you get life insurance on disability?
Or put another way, how do people with Social Security Disability insurance (SSDI) get life insurance? The truth is that most insurance companies will flat out refuse any applicant for a traditional fully underwritten term or whole life insurance policy that is currently receiving disability benefits. What isn’t discussed is that there is one highly rated, well known insurance carrier that will make an exception and approve an individual buying life insurance on disability if the cause of the disability:
- Isn’t life threatening, and
- the applicant would otherwise be considered healthy, absent the condition causing the disability.
Yes you read that correctly, life insurance for disabled individuals is available! Examples of such individuals that would qualify for life insurance if on disability would include but not limited to those suffering from:
- Bipolar Disorder
- Attention Deficit Hyperactivity Disorder
- Anxiety Disorders
- Pain Disorders
- Long Term Back Pain
- Spine/joint Disorders
- Digestive System Disorders
- Skin Conditions
- Controlled Diabetes
As you can see, there are a lot of conditions that are generally not life threatening and would otherwise be acceptable to most insurance carriers if they were not paired with a disability claim. Which is why it makes sense that there is an insurance carrier that has chosen to be a leader in the industry and offer life insurance to those receiving disability benefits.
Why then is it a big secret?
That’s a tough question. It’s probably because these policies have a minimum value of $50,000 and a max value of $100,000. So needless to say, writing life insurance policies for those on disability isn’t a real “money maker” for most insurance agencies. Combine that with the fact that these smaller burial life insurance policies are still going to require a medical exam just like any other policy would (exams cost life insurance companies money) and you can see why many life insurance carriers (and the agencies who work for them) choose not to offer this option to their customers.
Since we at TermLife2Go already specialize in these harder to place cases, we know that when done right, helping those obtain life insurance on disability really isn’t that difficult or time consuming at all. In fact, we love helping individuals obtain life insurance who were previously told they could not qualify due to their disability because when we do, we typically gain a loyal client for life!
Life insurance for a disabled person
Often times we will receive a phone call asking “Can someone on disability get life insurance” or “Can I buy life insurance for someone on disability?” What is really being asked is, “Can I buy life insurance for my disabled _______ (fill in the blank, mom, dad, son, daughter, brother, sister, etc…)?”
The short answer is, YES!
The actual answer is a bit more complicated. The reality is, if you want to get life insurance on a disabled family member or significant other you can…with the help of the disabled individual. Because the disabled person will have to sign off on the life insurance for it to be official.
If you are disabled or are looking for life insurance for someone who is disabled, give TermLife2Go a call. We can help you find the most affordable life insurance on disability available. It is our job to know who the most disability friendly life insurance companies are. If you are currently receiving SSDI benefits and life insurance is a priority for you, please call us today.
For those who are currently having a difficult time getting approved for high risk life insurance, you may also want to read the following articles which focus on difficult to place insurance policies: 10 Great Final Expense Burial Insurance companies
We’re looking for lifetime customers that will recommend their friends and family to us which is why we place customer satisfaction above all else.
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!
Because we’ve been doing this awhile here at TermLife2Go, we know that a lot of times when you’re on disability, you probably don’t have a ton of discretionary money laying around!
This is why…
We’ve chosen also to write an article The Best Money Making Apps to help those who may not be able to actually go to work every day find ways that they can make money from home, on their own time.
Now will you end up using this money to help finance a life insurance policy?
Who knows, but our ultimate goal here at TermLife2Go is to help improve the financial security of our clients so it is our hope that this article and our Best Money Making Apps article helps you do this.