Where can I get life insurance for a person with a mental disability?
I need to get life Insurance for my husband (42 yrs. old) who has a mental disability called Paranoid Schizophrania. We had life insurance for him before, but when he got sick, and had to leave his job, we ran into hard times. I was the only source of income at the time, and it was only enough for the basic necessities in life. I couldn't keep the payments on his insurance. We waited months to hear something from Social Security Disability, and by that time I had lost his insurance. When we started getting a little more income from his disability, and applied at different Insurance Companies for Insurance for him , they turn him down. They considered people with mental disabilities a risk. The Insurance Companies didn't say this in so many words, but when you answered their health questions truthfully, and get denied. It's not hard to figure out. We ended up getting him burial insurance, but we both are bothered that he can't leave much to me and our daughter. I do have a policy.
Asked By: Lyn93 - 9/17/2007
Best Answer - Chosen by Asker
Depending on the case history he could possibly get an offer from several companies. The SSI as stated makes it very difficult as it indicates a bad case history. I would guess you are looking at guaranteed issue companies which will give limited coverage for the first 2-3 years and full coverage after that but you pay... More
Answered By: DFW Broker - 9/17/2007
Additional Answers (4)
Many states have programs which make insurance available to people with mental or physical disabilities. Check with local mental health services to see if they know of any in your state.
Answered By: Kay3535 - 9/17/2007
The purpose of life insurance is to protect the dependents of the insured by replacing income he/she was generating, or the services the person was performing. That's why insurance is limited by the individual's earnings or by the economic value of the individual to his/her dependents... More
Answered By: Still reading - 9/17/2007
Depending on his level of control with the illness, I could see offers starting at standard rates (with the right company). The problem is not his illness, it the SSI. If he is taking money from SSI, he is an automatic decline with all the companies I can think of. The reason is that if he is bad enough to get SSI... More
Answered By: aaron p - 9/17/2007
It may be possible to obtain, but will be expensive. If unemployed and on disability, the best case scenario would start around 2x the standard rates you see... More
Answered By: LifeInsuranceAgent - 9/18/2007
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