How Life & Mortgage Insurance Works When You Have Disabilities
An important insurance policy that every adult should have is a life insurance policy. This is most beneficial if you have a family. If you are the breadwinner, and you were to pass on, they would be left on their own without any financial support. The purpose of a life insurance policy is to give them the money that is needed to replace your income. However, many people wonder how a life insurance policy works when you have some type of disability. This overview of what life insurance is, and how it can be affected if you have disabilities, will now be presented.
Are There Different Types Of Life Insurance?
There are many different types of life and mortgage policies. Despite the number of different policies, however, they all serve the same purpose. An individual that dies will then qualify for using the policy. This means that the family of the deceased will then receive the death benefit. This is how all life insurance policies function. You cannot collect unless the person that is insured dies whether this is term life, universal life, or some other type of policy.
Does It Matter If You Have A Disability?
People that have disabilities often wonder if they will be eligible for life insurance. For example, people that provide you with the policy often have you do some type of physical. During the physical, they will determine how healthy you are, and if you have any existing conditions. If you do, this could affect the premium that you are paying for the life insurance policy. An example of how this could be detrimental is if you have lung cancer because you are a smoker. This would cause your policy to become much more expensive than someone that is younger who does not smoke. This does not apply to those that have disabilities.
Why Disabilities Do Not Matter In Regard To Life Insurance
If you have a disability such as not having use of your legs, or if you were injured in war, this will likely not affect your premium. It will also not affect your eligibility if you are working with a legitimate underwriter. These businesses understand that they cannot discriminate against people because they are disabled. Therefore, when you get a quote on the total cost of your life insurance policy, it should be the same for you as it is for another person at the same age.
What If You Die Because Of Your Disability?
Let’s say that you are disabled, in a wheelchair, and you are killed as a result of losing control of the wheelchair down a hill. If this were to occur, the only way they could not pay out the money is if there was a clause in the policy. That type of a clause would likely not be legal and therefore you have nothing to worry about. Regardless of the disability that you have, not only can you qualify for life insurance, but the death benefit will be secure.
Where Can You Find Companies That Offer Good Prices On Life Insurance?
The best premiums tend to come from businesses that are larger. They are able to charge less and still make money, because of their numerous clients. When you are working with a smaller company, it is possible that they could be much more expensive. You should also do research on each business to verify that they are credible. You can avoid any complications by simply doing your research on the best life insurance businesses near you.
How Can You Sign Up For A Life Insurance Policy?
If you are disabled, it is possible that you would be able to do this online. If they need to have you go through a physical, they could come out to your location. Businesses that provide insurance always make accommodations for those with disabilities. You won’t have to be concerned about getting your papers signed or completing any examinations that are required. It should be possible to simply fill out the form online, and the company will do the rest.
Will It Take Long To Receive Your Policy?
Life insurance policies typically take a few weeks to become fully active. It is more common today, however, for them to be active once you have signed and you have paid the premium. This ensures that, if something does happen moments after you have paid for the policy, your family will receive the death benefit. This is the case with almost every well-respected life insurance underwriting company.
How Will Your Family Get Access To The Money?
When you sign the policy, you will have already written in the beneficiaries of the policy itself. This will be your spouse, children, or anyone else that you decide should get the cash. This will allow you to feel confident that, in your absence, this business will help your family. This is typically deposited directly into your account that they will have access to as well.
What If You Become Disabled After You Get The Policy?
If you do become disabled after receiving the policy, this will not affect eligibility or your premium. Life insurance is specifically looking at whether or not you are alive, and the state of your health before you signed the policy. Subsequent problems that may occur will not have any effect. If you are working with a legitimate life insurance business, they will have no problem at all with subsequent disabilities that may occur to you.
If you have a disability, you should not be concerned about getting life insurance. It is a straightforward process, one that does not involve discriminating against those that are disabled. Larger companies will be able to dispatch people out to your location if you cannot go to them. The paperwork will be signed, and the medical tests will be done, all from the comfort of your home. Understanding all of this will provide most people with peace of mind when considering life insurance. Disabled people will have no problems at all getting life insurance for their families.