If My Disability Left Me Uninsurable For Medically Underwritten Life Insurance, What Are My Options?
Yes! There are options. You can try group insurance and guaranteed issue life insurance policies that may be good choices for you, if your disability leaves you in a position that you can’t acquire medically underwritten life insurance.
Group insurance does not require individual underwriting, because it is spread out over a group of policyholders, usually available to employees from employers. There are other places to get group insurance,however, such as business groups and fraternities. These are also places that frequently offer group insurance, which may be a good option for you, as the underwriting is not a requirement.
The second option, a guaranteed issue life insurance policy, is another option to you. This can be extremely beneficial to you in the case that you cannot acquire group life insurance. There are several catches to it, but it is better than no insurance at all. For one thing, insurance companies may charge a higher premium for this type of insurance. Since they know that this type of insurance is often sought by those who cannot get other types of life insurance, they also know that they can raise the price on the premiums. Another catch is attached to the death benefits you may or may not receive. In some cases, if your death is before 24 months of holding the policy, the death benefit may not be paid.
As a disabled person, there are life insurance options available to you other than ones that require you to be medically underwritten.