Standard Disability Insurance vs Guaranteed Issue Disability Insurance
Does a Pre-Existing Medical Condition Preclude Me From Individual Disability Insurance?
Should you bother applying for an individual disability insurance policy if you have a pre-existing condition like diabetes, cancer or even alcoholism? It might surprise you, but the answer is YES!
Your expert disability agent will help you understand individual disability insurance policy options when you submit an application. We can typically secure paycheck protection for you in one of two ways:
Standard disability insurance: With this policy, any disability arising from a pre-existing condition would most likely be excluded from coverage. Typical underwriting practices apply to this policy. Underwriters review your medical history and ask you to undergo an exam and/or blood work. A variety of disability insurance benefit terms are available. And, even though your preexisting condition may be excluded, you'll have income protection for all other causes of disability or injury.
"Guaranteed Issue" disability insurance: These policies may cost more, but for those with pre-existing conditions, the benefits are huge. Guaranteed Issue policies do not require exams, blood work or inspection reports. They also don't exclude your pre-existing condition. Under this plan, the sought-after "own occupation" definition is offered. The downside of these disability insurance policies is that they are only available in two- and five-year benefit periods. However, some coverage is always better than no coverage. Five years of income protection will provide the time you need to recover, plan and train without financial devastation.
A variety of conditions are covered.
The following are a few of the conditions that we've found individual disability insurance coverage for in the past.
- Antidepressant users
- Bipolar disorders
- Cerebral palsy
- Chronic fatigue syndrome
- Heart by-pass
- Drug abuse
- Kidney Transplant
- Rheumatoid arthritis
- Sleep apnea
- Ulcerative colitis
If you have any questions about your need for DI coverage, take the time to submit an individual disability insurance application and explore the possibilities. We will do everything we can to help you secure quality income protection so you can preserve your income, your lifestyle and your dreams for the future.
The first contribution you stop making when you become disabled is to your 401K. If that happens, forget about a comfortable retirement. Without that retirement money, you and your loved ones will continue to struggle for years to make ends meet. You don't need to sacrifice your retirement dreams. With disability income insurance, paycheck protection is affordable and achievable.