Introduction

If you have a disability, it’s important to make sure you have the right life insurance in place. This is because if you were to die, your family would need to pay off debt, cover funeral expenses, or for you to leave a nest egg for your loved ones.

There are a number of different life insurance options available to people with disabilities, so it’s important to shop around and find the one that best suits your needs. Here are a few things to consider when looking for life insurance with a disability:

• The type of policy: There are two main types of life insurance policies – whole life and term life. Whole life policies offer lifelong coverage, while term life policies only cover you for a set period of time. If you have a disability, you’ll likely want a policy that provides lifelong coverage.
• The amount of coverage: You’ll need to determine how much coverage you need based on your unique circumstances. Consider factors like your age, health, lifestyle, and financial obligations when determining the amount of coverage you need.
• The price: Life insurance policies can vary significantly in price, so it’s important to compare quotes from multiple insurers before making a decision. Be sure to pay attention to both the premium and the death benefit when comparing policies.

Understanding Your Disability

A disability can have a significant impact on your life insurance coverage and premiums. Here are some tips for understanding your disability and how it may impact your life insurance options:

• Your ability to qualify for life insurance coverage may be affected by your disability. Some insurers will deny coverage altogether, while others may charge higher premiums or exclude certain benefits.
• It’s important to understand how your disability will affect your life insurance needs. For example, if you have a chronic illness, you may need more coverage than someone who is physically disabled but otherwise healthy.
• Disabilities can also impact the type of life insurance policy that’s right for you. For example, if you’re unable to work, you may need a policy that provides income replacement benefits.
• Be sure to disclose any disabilities when applying for life insurance coverage. Failure to do so could result in the denial of benefits or cancellation of your policy.

Types of Life Insurance Available

There are two main types of life insurance available: whole life insurance and term life insurance. Whole life insurance provides coverage for the policyholder’s entire life, while term life insurance only provides coverage for a set period of time, usually 10-20 years.

Whole life insurance is more expensive than term life insurance because it covers the policyholder for their entire lifetime. However, whole life insurance also has some advantages over term life insurance. For example, whole life insurance builds up cash value over time, which the policyholder can borrow against or use to pay premiums if they become unable to work. Whole life insurance also does not require a medical exam, which can be difficult for people with disabilities to obtain.

Term life insurance is less expensive than whole life insurance because it only covers the policyholder for a set period of time. However, this also means that the death benefit will only be paid out if the policyholder dies during the term of the policy. If the policyholder lives past the end of the term, they will not receive any death benefit. Term life insurance also requires a medical exam, which can be difficult for people with disabilities to obtain.

Pros and cons of each type of life insurance

Whole Life Insurance:

• More expensive than term life but offers coverage for your entire lifetime
• Builds up cash value over time
• No medical exam required
• Can be difficult to qualify for if you have disabilities

Term Life Insurance:

• Less expensive than whole life but only covers the policyholder for a set period of time
• Affordable premiums and death benefit payouts
• Requires medical exam which can be difficult to obtain if you have disabilities
• If policyholder lives past the end of the term, no death benefit is paid out

How to Apply for Life Insurance with a Disability

When you have a disability, there are a few things you need to keep in mind when applying for life insurance. First and foremost, it is important to be honest when filling out the application. You will need to provide accurate information about your medical history and current health condition. It is also important to be as detailed as possible when answering questions about your lifestyle and daily activities. The more information you can provide, the better chance you have of getting approved for life insurance coverage.

Here are a few tips to help you through the life insurance application process:

Be honest: It is very important that you be truthful when answering questions about your health and disability. If you try to hide or downplay your condition, it could result in your application being denied.

Be detailed: When filling out the application, make sure to provide as much detail as possible. Include information about your medical history, current health condition, and any medications you are taking. The more information you can provide, the better chance you have of getting approved for life insurance coverage.

Get help: If you’re not sure how to fill out the application or what information you need to provide, get help from an insurance agent or broker. They can walk you through the process and make sure you have all the necessary information before submitting your application.

Working with an Insurance Broker

Working with an insurance broker can help you find the right cover for your needs and ensure that you are getting the best possible deal. Here are some tips for choosing the right insurance broker:

1. Make sure that the broker is qualified and experienced in dealing with life insurance policies.
2. Ask for recommendations from friends or family who have used an insurance broker in the past.
3. Check out online reviews of different brokers to get an idea of their reputation.
4. Get in touch with several brokers and compare their quotes before making a decision.
5. Make sure that you understand the terms and conditions of the policy before signing up.

Take away…

A disability in your medical history does not mean you cannot get life insurance coverage. There are a number of companies that specialize in providing coverage to people with disabilities, and many of them have policies that are specifically designed for people with pre-existing conditions.

The most important thing to remember when shopping for life insurance with a disability in your medical history is to be honest about your condition. The more information you provide to the insurance company, the better they will be able to tailor a policy to meet your needs.

It is also important to shop around and compare rates from different companies. Just because you have a disability does not mean you have to pay more for life insurance coverage. There are a number of options available, and by comparison shopping you can find the policy that best meets your needs at the most affordable price.

Next Steps

There are a number of organisations in the UK that can help you find the right life insurance cover if you have a disability in your medical history.

The main ones are:

• The British Insurance Brokers’ Association (BIBA)
• The Financial Conduct Authority (FCA)
• The Association of British Insurers (ABI)

You can also find helpful advice on what to do next on the following websites:

• GOV.UK: Disability and life insurance
• Money Advice Service: Life insurance with a pre-existing medical condition

You should also consider speaking with an independent financial advisor who can help you understand your options and provide advice tailored to your individual circumstances.