Is it possible for someone who is over 50 and disabled to find life insurance?

Question

Ummm...

Make that AFFORDABLE life insurance...

Answer 1

If you are on private disability, it may be possible.  Check with a broker who has experience with underwriting challenges to help you find the best company for you.

If you are on SSI disability, your choices are limited to "guaranteed issue" or "graded benefit" policies (as far as I know).

Answer 2

If money is no object, yes.

If you're looking for the same kind of rates as a non-disabled person, well, it's going to heavily depend on the type of disability.  Not all disabilities affect your lifespan.

Answer 3

That is rather  hard to answer without more detail because so many things are reviewed when considering the insurability of the applicant. Depending on the disability, it might be possible to get an affordable policy.

Answer 4

As you probably know, you'll get overwhelmed and exhausted if you fill out individual forms on individual insurance sites. A good place to start can be to use an insurance broker site that will run your information by a number of insurers. Although it IS difficult to find life insurance if you are disabled, it isn't impossible. I would start with a service like this one: http://x.azjmp.com/1bscR

If all else fails, you can also contact your state's department of insurance, which can provide additional help to you in searching for coverage.

Answer 5

You didn't mention what type of disability you have, but yes, you can purchase life insurance. The type and the premium will be based on your health, and the state you live in.

Even if you are totally "uninsurable", you can still purchase a "Graded Benefit" policy, if you have not been diagnosed as "terminal", or are currently in a hospital or nursing facility.

A Graded Benefit policy has a two-year waiting period before it will pay the ultimate face amount. Considering the disability, the premiums aren't that bad.

Here's an example of one company's rate:

$42.40 annually per $1000 of insurance up to $15,000, plus a $30 annual policy fee.

15 X 42.40 = $636 + $30 = $666.00 per year.

$666.00 X .086 = $57.28 per month.

Call your LOCAL agent to see if you would qualify for a life policy with a rated premium. If he/she prequalifies you, have him/her do a Financial Need Analysis (FNA) to determine your total life insurance need.

Answer 6

Yes, depending on the disability and medical underwriting.  But insurance at 50 is never going to be as cheap as insurance at 25.

Answer 7

yeah but its super more expensive.  good luck