As a physically challenged, are you worried that you do not qualify for life insurance? Have you been discouraged from getting life insurance because of your disability? Hopefully, your questions will be answered in this article.
Can I get life insurance as a physically challenged person?
Yes you can! Most life insurance companies have different life insurance policies that are tailored to meet the needs of the physically challenged. However, before charging you for a premium, these life insurance companies are required to note your disability so they can know how much life insurance to offer you.
How will my premium be determined?
To determine your premium, your life insurance company will examine your overall health status so as to find out your risk level. This examination will also include your lifestyle habits and earnings. If your risk level is low, that means your life expectancy is normal. Therefore, your premium will not increase. On the other hand, having a high risk level means that your disability will negatively affect your life expectancy. Fortunately, there are special life insurance policies for physically challenged persons whose risk levels are high.
What are the special life insurance policies for people with high risk of disability?
- Group life insurance
This is life insurance coverage given by your employer or union. You do not need to undergo any medical examination or volunteer personal information to qualify for this life insurance policy. However, the death benefit of this life insurance policy is equal to your 1-year or 2-year income.
- Impaired risk life insurance
If you have been rejected from other types of life insurance coverage because your disability is seen as high risk, then this is the life insurance policy you need. It is mainly for physically challenged persons who are at risk of dying early.
- Guaranteed issue life insurance
Even though this life insurance does not require physical checkup, it is quite costly. Besides, when you die, it places a limit on how much your family or loved ones can receive.