Life Insurance While on Disability
As an insurance advisor, I have come across many people who have been told that they cannot be eligible for term or whole life insurance policies just because they are presently getting disability benefits. In fact, there are many people in Canada who live with this misconception and do not even try to find out what is the reality behind it. If this is the case with you, keep reading this article because you can get life insurance while having disability insurance.
The fact is that many insurance companies will deny any candidate for a complete underwritten whole or term life insurance who is getting benefits of disabilities.
The thing which is not discussed here is that there is a well-known highly rated insurance carrier which can make an exception and approve one’s life insurance policy if the reason is disability.
If the disability does not pose any danger to one’s life i.e. if other parts of the body are working in a perfect manner irrespective of the disabled part, the applicant would be considered healthy.
Yes, you read it correctly! You may still qualify for life insurance policy while on disability. I have given a list of such people who would be eligible for the life insurance policy while on disability. People who are suffering from following conditions are eligible for the life insurance policy, for a high rating policy underwritten by certain insurance companies.
- Bipolar Disorder.
- Anxiety Disorders.
- Attention Deficit Hyperactivity Disorder.
- Pain Disorders.
- Spine/joint Disorders.
- Long Term Back Pain.
- Skin Conditions.
- Digestive System Disorders.
- Dyslexia etc.
There are several other conditions which are not life threatening and can be acceptable to some insurance carriers provided that they were not paired with a disability claim. That is why; I am telling you that there is an insurance carrier that provides life insurance to physically disabled people.
So, why not everyone is aware of this thing?
That’s really tough to find out the answer to this. Perhaps these policies are not big money makers. It may be because these policies have very high premium.
Additionally, these smaller life insurance policies also need a medical exam just like any other policy would. Our dedicated team of insurance advisors provides adequate information to our clients. You can directly contact us for receiving quotes on disability insurance.