Choosing A Better Insurance Plan

Can You Qualify For Life Insurance If You're Disabled?

by Isabella Torres

If you're currently receiving federal disability benefits at a relatively young age, you may be worried about your family's financial future if anything happens to you (or to nationwide disability funding). While many parents of young children will purchase term or whole life insurance policies to pay bills and cover other costs after an untimely death, those who are already disabled or dealing with a chronic illness may find it tougher to obtain coverage. Is life insurance an option for you if you're deemed disabled? Read on to learn more about the coverage process and how you can protect your family's financial future. 

Can Disabled Adults Qualify For Life Insurance?

Life insurance policies are largely governed by state law. While there are many insurers who operate and sell policies in all 50 states, there are some that may be more state-specific in their policy terms, coverage offerings, and prices.

As a result, your ability to obtain coverage will largely depend on where you live. However, if your disability is not expected to significantly impact your life expectancy, it may not have much of an effect on the life insurance policies available to you. For example, if you have orthopedic issues that prevent you from sitting or standing for more than a few minutes, you may be deemed too disabled to work, but you're unlikely to meet an early end simply because of these orthopedic problems.

On the other hand, an individual with a chronic and fatal illness, like Huntington's Disease or ALS, may have a tougher time obtaining term life insurance. For these individuals, purchasing a whole life insurance policy that accrues cash value as monthly payments are made may be the best option.

How Can You Obtain Coverage After A Disability Determination?

Your first step on the road to life insurance coverage should be to contact an insurance broker. While many may be able to obtain a low-cost policy simply by signing up or filling out a short survey online, those dealing with complicating factors (like disability or chronic illness) are usually better served by having a professional to assist them.

Your broker will be able to browse a wide variety of policies available in your state and find the one that offers the most comprehensive coverage at the lowest possible cost to you. You won't need to do the work of wading through policies for which you're unlikely to qualify; instead, you'll be able to select from a list presented to you.