Life Insurance for Disabled Adults

April 20, 2023

Learn how to get life insurance for disabled adults, as well as important information such as how to select a beneficiary and how much insurance you can hold.

Life insurance is an important financial asset for everyone, and that includes people with disabilities. Every provider does have its own requirements, terms and coverage options when it comes to getting insured. For those with disabilities, qualification requirements and premiums can be extremely important to pay attention to. Before you select a provider or policy, it's important to shop around to find coverage that's going to adequately provide for your family after you're gone. To help you understand what to look for, this guide explains what you need to know about life insurance for disabled adults.

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Can Someone on Disability Get Life Insurance?

Physical or intellectual disabilities don't typically bar a person from obtaining a life insurance policy; however, premiums may be higher if you're deemed risky by your provider.

Insurance risk is determined by a variety of factors, and while this includes your medical history, there are other elements that your insurer will consider. That includes your location, your age, your gender and even hobbies or travel habits.

Disabilities That May Affect Your Life Insurance Premiums and Eligibility

There are several types of disabilities, as listed by the Americans with Disabilities Act. That includes any impairment that limits a person's ability to breathe, speak, hear, learn, walk or see.

Every insurer has a different system in place for determining how these disabilities equate to risk, and how a person became disabled may also affect your eligibility or risk level. For example, a person who has a medical condition that caused their disability would be considered higher risk than a person who became disabled due to injury or who was born with their disability.

How Much Life Insurance Can You Have on SSI Disability?

SSI only limits life insurance when it's considered a resource, which means it needs to have a cash surrender value. The maximum amount a person may own in a cash surrender life insurance policy is $1,500 if they're on SSI.