My disability left me uninsurable for medically underwritten life insurance. Are there other options?
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UPDATED: Sep 15, 2020
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If your disability makes you uninsurable under an individually underwritten life insurance policy, then the first option you should explore is group insurance. Group insurance is not individually underwritten and is often extremely affordable because premiums are usually subsidized and pooled with many other policyholders. Group life insurance may be available to you through employer and business groups or fraternities.
A guaranteed issue life insurance policy may be a good choice for you if you do not have access to group life insurance coverage. Insurers know guaranteed issue policies are favored by those who may not be able to get regular life insurance so insurers can charge much higher premiums. In addition, your death benefit may only be payable if your death occurs after you’ve held the policy for 24 months.