Everyone is entitled to take out life insurance cover whether you’re single, widowed or disabled; the level of cover will depend on how much you pay in and your circumstances. There is a discrimination act that states that insurers are not allowed to make you pay more if you have an ailment. Saying this, if they can prove that this is justified then they can get away with it. The one thing to remember when taking out insurance for a disabled person is some insurers may not pay out if the death was because of a pre-exiting condition. So when taking out a policy read it over thoroughly to make sure it meets your needs before signing any paperwork, otherwise the contract is legally binding.
Why is insurance for disabled people important?
Just like everyone else, people with disabilities can still live normal healthy lives without their ailments getting in the way. If they were to die, then it’s reassuring that funeral costs and any other expenses will be covered in the event of a death. If it is found that a disability could have a negative impact on life span, then insurers can make you pay higher insurance premiums and the only way to avoid this is to shop around.
How to get lower disabled life insurance?
Speaking directly with an advisor who deals primarily with insurance for people with disabilities can save you a lot of money. They will understand the type of disability you have and will be able to find a policy that covers everything you need and also at a reasonable price. Years ago it was hard to find an insurance company that would take on people who have disabilities whether it was from birth or developed later on in life. Nowadays there are many companies that have been set up to offer better deals for people that do have disabilities due to experience and knowledge in this field. Unfortunately comparison websites do not really give you the option to list your disability and even if they do, they will most probably not accept you.
What insurers must do when a customer approaches them for a quote is do a risk assessment to see if they are high risk and if the customers’ disability would affect the life insurance quote. In most cases disabilities will not have a detrimental effect on the life insurance quote but if the disability causes death, then the policy will not be valid. If this is the case, the insurer will inform the customer that pre-existing medical conditions contributing to death will account in the policy being void.