Have you ever wondered what impaired risk means with…
Yes, fortunately, it's possible in 2020 to secure life insurance if you have a disability.
Even if you've previously been declined or struggled to find affordable life cover in the past, there are options available.
Factors such as the severity of your disability and the impact it has on your life expectancy are key influencers.
Although rest assured, those with disabilities are able to obtain cover, some on standard terms.
At Reassured we can arrange life insurance for disabled individuals from just 20p-a-day.
This article identifies the key considerations if you're disabled and require life insurance...
Once your life insurance is in place, your disability won't affect your cover.
It will cover all the same causes of death and abide by the same terms and conditions as your non-disabled counterpart.
Being disabled will only affect the cost of your premiums or on the rare occasion, your likelihood of being accepted.
At Reassured we have a specialist team who have helped secure cover for 45% of customers declined elsewhere and by comparing quotes we can help you secure the best deal.
As with most aspects of life insurance, no two scenarios are ever the same.
Disabilities come in many forms, some very severe which affect your life expectancy; others, more minor which don't affect your ability to work or live an active life.
Sometimes people are born with their disability, whilst others are as a result of a serious accident.
Either way, in the majority of cases you should be able to secure life insurance.
Disability is often seen much like other pre-existing medical conditions in the eyes of the insurer.
In fact, an insurer can only reject your application if they can prove that your disability affects your life expectancy.
That said, the severity and type of disability you have will impact the type and cost of life insurance you're able to secure.
You're also likely to experience an increase to your premiums if you're on steroid-based or other strong medications.
For more information on how the severity of your disability will affect your cover, contact our experts today.
On average, living costs are a staggering £583 more each month if you're disabled.
When you also consider that many disabled people are unable to work and some are having their government funding cut, it's easy to see why many don't think they can afford life insurance.
The good news is, at Reassured we can arrange cover from just 20p-a-day, making it more affordable than you may think.
Insurance providers employ different criteria to determine the level of risk you pose.
Underwriting processes can actually differ significantly between insurers.
For example, one insurer may deem your disability significantly more high risk, than another.
Because of these differences in approach, the cost of your monthly premiums may vary.
Our team have a strong understanding of the insurers most likely to accept your application, at the most affordable price.
Therefore, using our broker service can allow you to increase your likelihood of arranging cover and help you to do so at the best price.
If you happen to be disabled, you'll probably require life cover for the same reason anyone else does.
This need is generally heightened if you've children who rely on you and/or have a mortgage.
Regardless of your disability, it's likely you'll have access to the full range of life insurance policies available.
There are a number of different types of cover, each better suited to protecting different aspects within your life.
Therefore, the best type of cover will be the one most suited to the aspects within your life you're looking to protect.
Term life insurance provides protection for a specified period of time, if you pass way during this, a lump sum payout will be made to your loved ones.
As a result, this type of cover is ideal for protecting a mortgage or children until they become financial independent.
Family income benefit provides ongoing monthly, tax free payments, making it ideal for covering a lost income and helping with daily living costs.
Simply get in touch with our team who'll provide you with all of the information you need to make an informed decision.
Whole of life cover provides protection for the rest of your life guaranteeing a pay out.
However, it's possible to pay more into the policy than the pay out amount, therefore making it more suitable to those in later life experiencing favourable health.
Contact our team today to see if whole of life cover is the best option for you.
If you're aged between 50-85 you may be best suited to an over 50 plan, especially if your disability affects your likelihood of being accepted.
An over 50s plan offers guaranteed acceptance to all UK residents within this age range, with no medical questions.
Therefore, declaring your disability is not required.
Other unfavourable aspects of your health also don't need to be disclosed, making this a suitable form of life cover for those whose disability does not affect their ability to arrange cover, but suffer elsewhere.
Cover can be arranged up to £25,000, making an over 50s plan ideal for covering funeral costs and/or leaving an inheritance.
It's worth noting, most over 50s plans employ a waiting period of 12-24 months, where you won't be covered for death by natural causes during this time.
Simply get in touch with our team today to discover if an over 50s plan is the right option for you.
As discussed, being a parent is one of the primary reasons people arrange life insurance; as a means of providing financial protection for their children.
In this instance, most would look to arrange term life insurance cover until their children are financially stable, however, this may differ depending on your requirements for cover.
Read our life insurance for parents article for further information or contact our team today for a free quote.
Many parents look to insure the lives of their children, although this may not be the most beneficial use of cover.
Losing a child, as devastating as it may be, doesn’t tend to bring with it a financial loss.
Therefore, the need for life insurance is less necessary.
As a result, it's usually recommended to protect parents’ lives instead.
However, critical illness cover can include protection for your children, helping you to cover lost income if you have to take time off work.
Some providers include this as standard whilst others treat this as an optional benefit and charge an additional cost.
Simply contact our team today to discuss your policy options.
Whether you're registered disabled or not each and every one of us is unique.
What this means is insurers must evaluate each and every life insurance application on its' own merit.
Disability can take many many different forms:
Reassured can support you with your application, regardless of your impairment.
We can also use our extensive industry knowledge to present you with various cover options from the most suitable insurers for your needs.
We have a dedicated in-house impaired risk team, who work tirelessly to find non-standard applicants the right policy.
No. Unfortunately, life insurance doesn’t pay out if you become disabled.
However, whilst your life insurance won’t pay out you could receive an early pay out if you have critical illness cover included.
Critical illness can come in the form of a standalone policy, or as part of life insurance cover.
If you’ve become totally permanently disabled as the result of a serious accident or illness and have critical illness cover you can make a claim, so long as the circumstances are included within your policy.
The proceeds from a payout could be used as you wish, such as to clear your mortgage and/or meet future living costs.
If you’re no longer able to work, these funds could prove invaluable for you and your family to replace a lost income.
It is possible to add critical illness cover to all term life insurance policies arranged through Reassured, so simply get in touch today for your free quote.
All life insurance policies arranged through Reassured come with terminal illness cover as standard.
This means if you are diagnosed with a life-threatening illness and given less than 12 months to live, you can make an early claim on your cover.
This early payment can be used to settle your finances, pay for private medical treatment or simply to enjoy your final days with your loved ones.
If you're a former member of our Armed Services and been injured in action, it's still possible to secure life insurance.
However, again, the severity of your disability will determine how easy cover it is to secure and how much your premiums will cost.
Our in-house impaired team have a proud history of working with military veterans and helping them secure suitable cover.
As a result of the Equality Act 2010, insurers aren't allowed to discriminate against you just for being disabled.
Under this legislation, which replaced the Disability Discrimination Act 1995, a disability is classified as 'a physical or mental condition which has a long-term and substantial effect on your daily life'.
Let's look at some key UK statistics...
As with all types of life insurance, it's imperative that you compare multiple quotes, as prices vary.
Our dedicated impaired team can help you find the right cover, even if you've previously been declined.
We're here to help you secure the financial future of your loved ones and will search both the major insurers and smaller specialists.
And the best bit is our award-winning broker service is completely fee-free.
Why not challenge us to find you the best disability life insurance quotes today?
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
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Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
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Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry