Life Insurance with Down’s Syndrome.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after being diagnosed with an intellectual disability.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with an intellectual disability?
- Why do life insurance companies care if I have been diagnosed with an intellectual disability?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance if I have been diagnosed with an intellectual disability?
Yes, individuals who have been diagnosed with an intellectual disability can and often will be able to qualify for a traditional term or whole life insurance policy. The problem is that most individuals who have been diagnosed as “intellectually challenged” won’t be able to qualify for a Standard or better rate and depending on their ability to earn a living many may also find it difficult to be able to “financially” qualify for anything other than a small “burial” life insurance policy.
Individuals who have been given a more “specific” diagnosis such as Down’s Syndrome or Autism, may also find it impossible to qualify for anything other than a guaranteed issue life insurance policy assuming that they are over the age of 40.
For this reason…
While it is technically true that there are a few life insurance companies out there that will be willing to insure someone that has been diagnosed with an “intellectual disability” chances are that most individuals who meet this “definition” won’t be able to qualify for a traditional life insurance policy and will have to settle for a guaranteed issue life insurance policy or an accidental death policy if the can meet the minimum age requirements.
Why do life insurance companies care if I have been diagnosed with an intellectual disability?
There are several reasons why a life insurance company is going to “care” if an individual has been diagnosed with an intellectual disability. The first reason is because there does seem to be a correlation between a shorter lifespan and the degree of disability one has. Which is definitely something that is going to make a life insurance company nervous.
The second reason…
Why a life insurance company is going to “care” if an individual has been diagnosed with an intellectual disability is because purchasing a life insurance policy involves someone to enter into a legal contract in which an insured agrees to pay a “premium” or “price” for insurance. And like all legal contracts, both sides need to be of sound mind and body in order to make this contract valid, so most (if not all) life insurance companies are going to want to be especially careful about entering into a legal contract with someone who may not fully understand what they are purchasing.
For this reason…
We wanted to take a moment and briefly define what an Intellectual Disability (ID) is and highlight some of the most common symptoms so that we can gain a better understanding of exactly what a life insurance underwriter will be looking for when making his or her decision about your life insurance application.
Intellectual Disabled (ID) Defined:
Intellectual Disabled, once called mental retardation is characterized by a below-average intelligence combined with a lack of skills necessary for day-to-day living. Individuals diagnosed with an intellectual disability will generally be able to learn and perform new skills however their ability to do so will generally be much slower than an average person.
Common symptoms may include:
- Difficulty remember things,
- Inability to link “cause and effect” to actions,
- Poor problem-solving skills,
- Difficulty in school often performing several grade levels lower than their peers,
- Difficulty performing routine daily activities.
Individuals suffering from…
A intellectual disability will generally be classified into one of three categories labeled: Mild, Moderate, Severe, and Profound. Each category will usually be defined by the following characteristics:
- IQ scores ranging between 50-70,
- Can acquire daily skills,
- Usually no physical signs of their disability,
- Reading and math levels hoovering around grades 3 to 6,
- Ability to work and live independently.
- IQ scores ranging from 35-49,
- Can participate in daily skills with assistance,
- Can learn to travel alone to familiar places,
- Frequent speak difficulties,
- Can learn to care for themselves with assistance.
- IQ scores 20-34
- May be trained in simple self-care techniques,
- Will need continual care and supervision,
- Little or no social communication skills,
- IQ scores <20,
- Not capable of self-care,
- Requires full time care,
- May be able to respond to physical and/or social activities buy not always.
Now at this point…
We usually like to take a moment and remind folks that nobody here at IBUSA has any kind of “official” medical training and we’re certainly not doctors. All we are is a bunch of life insurance agents who just happen to be really good at helping folks with pre-existing medical conditions like this one, find and qualify for the life insurance coverage that they are looking for.
Not so great if you’re looking for answers to any specific medical questions. In cases like these, we would recommend that you contact a true medical professional who has the training to help. For everyone else, you’re in luck because now we’re going to get into some of the “nitty gritty” about what you may or may not be able to qualify for.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- How severe has your Intellectual Disability been defined as?
- Do you life on your own?
- Do you have a job?
- Have you been diagnosed with any other pre-existing medical conditions?
- Do you have a legal guardian?
- In the past 2 years, have you been admitted into a hospital for any reason?
- In the past 12 months, have you applied for or received any form of disability benefits?
What rate (or price) can I qualify for?
As you can see, there are a lot of variables that can come into play when trying to determine what kind of “rate” that an individual who has been diagnosed as Intellectually Challenged. For this reason, it’s pretty much impossible for us to know for sure what kind of “rate” someone might be able to qualify for without first speaking with them directly.
That said however…
What we can say for sure is that most individuals who have been diagnosed as mildly or moderately intellectually challenged will usually only be able to qualify for a “high-risk” or “Sub-standard” rate. While those who have been diagnosed as severely or profoundly challenged will most likely not be able to qualify for a traditional life insurance policy at all. In cases like these, we would recommend that folks take a look at either a Guaranteed Issue Life Insurance Policy or an Accidental Death Policy which wouldn’t require one to have to meet certain “medical” requirements in order to qualify.
The good news is…
That regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours and are committed to helping all of our clients find the “best” life insurance policy that they can qualify for. Which brings us to the last topic that we wanted to take a moment and discuss which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that usually the folks who seem to find the “best” life insurance policy for them are those that:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions, but also have access to dozens of different life insurance companies so that when it comes time to helping a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
The good news is that this is exactly what you’re going to find here at IBUSA!