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Are you looking for information on qualifying for life insurance?
Are you currently paraplegic or quadriplegic?
Have you experienced frustration and difficulty trying to get life insurance do to your paralysis?
If you answered “yes” to any of these questions, then you have arrived at the right article!
Today you’re going to learn…
How To Get Life Insurance If You Suffer From Paralysis As A Paraplegic Or Quadriplegic
So let’s jump right in!
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Here’s An Overview Of Today’s Topic:
- Types Of Paralysis Discussed
- Can You Qualify for Life With Paralysis?
- Life Insurance Available To People With Paralysis
- Stories From The Field
- How To Apply and Next Steps
Different types of paralysis discussed
First, let’s clarify the type of paralysis we’ll discuss.
The core of our conversation will focus on:
- Quadriplegia. and,
- Partial Paralysis
Now, for the MAIN question you’re probably wondering…
Can A Paralyzed Individual Qualify For Life Insurance?
The short answer is almost assuredly a YES.
The LONG answer is… it depends.
Factors such as your age and your health weigh matter greatly on determining your insurability. More on that soon.
How Old Do I Have To Be To Qualify?
There are life insurance options for paralyzed people between the ages of 25 and 85 years old. So as long as you are within that age range, we should be able to produce some sort of life insurance options for you.
How Was Your Paralysis Caused?
The cause of paralysis may make a difference in what you may qualify.
For example, was an accident responsible for your paralysis? Or did a non-accidental event like a stroke cause your paralysis?
I’ll unwrap these questions soon enough.
Can you qualify for life with paralysis
Now that you know there are life insurance options for paraplegics and quadriplegics, let’s take a closer look at what you may qualify for.
And just as important as getting life insurance, it’s important to answer this VERY important question…
What do you want your life insurance to accomplish?
Here’s why it’s so important to answer this fundamental question early on.
First, not all life insurance products work the same.
Some are designed for temporary financial problems while others provide protection for permanent problems.
As you can see, knowing WHY you want life insurance will more easily help you answer what TYPE of coverage will accomplish your goals best.
What are some reasons people buy life insurance plan? Let’s answer that below.
1. Payment For Final Expenses (Burial or Cremation)
Do you plan on being buried or cremated when you die?
Are you worried your surviving spouse or kids may have to pay out of pocket for your funeral expenses?
If so, a life insurance plan to pay your final expenses may be worth considering.
Final expenses typically include costs related to funeral and cremation services. The casket, embalming, transportation, etc., are customary costs associated with funeral expenses.
A life insurance policy to pay your burial costs provides peace of mind, eliminating your family from paying the cost out of pocket.
2. Income Replacement
Even though you experience some sort of paralysis, you may still actively work and earn a living.
Have you ever worried about how your family would fare financially if you step out and your income disappears?
How would your family’s standard of living hold up? Would they be worse off if you passed away?
If you have ever asked this question, then purchasing a life insurance plan to replace your income is a good idea.
These plans are really simple.
If you die earlier than expected, your family receives a lump sum cash benefit from your life insurance policy, enough to replace many years’ worth of your income.
Whether your young or “not so young,” these income replacement life insurance plans are available. Even if you’re paralyzed in some circumstances.
3. Mortgage, Debt Payoff
While replacing your income important, so is reducing your expenses on your family.
That’s why people use life insurance to pay off debt like a mortgage or loan payment.
Imagine dying and leaving your mortgage payment behind for your family to pay.
Ask yourself, “Could they could pay it without your income?”
If not, the bank may force your house into foreclosure if you could not sell in time and keep up with the payments.
You see, when people pass away, debts are due. And people sell off assets quickly to pay down what’s owed.
And when you have to sell something fast, you commonly sell it at a discount.
All of this is avoidable with a life insurance plan in place.
Even if the policy doesn’t pay off the entire mortgage, you could pay the mortgage payment for many years to come, preventing foreclosure and giving your survivors peace of mind.
When buying insurance – determine your budget
When purchasing insurance coverage, know your budget.
My experience as an insurance agent is helping people on a fixed income. So budget has always been top priority to me.
As a professional salesperson, I want to make sure what you can purchase is easily affordable!
You want the insurance premium so affordable that it doesn’t cause any financial stress whatsoever.
And what you DON’T want is to bite off more than you can chew.
If you do, the time will come where you’ll drop it. And that’s just a real shame!
Three types of insurance available to people who have paralysis
Here’s your 3 options for life insurance coverage:
- Term Life
- Permanent Life (Whole, Universal)
- Guaranteed Acceptance Life Insurance
Term Life Insurance
How exactly does term life insurance work?
It’s pretty simple.
In short, term life insurance is temporary life insurance coverage.
And what I mean by “temporary coverage,” is that the term life plan only lasts for a specific period of time.
Most commonly, term lasts for 10, 20, or 30 years. And you pick the length of time that best addresses your temporary need for life insurance.
What happens after your term life insurance exceeds the length of coverage time?
One or two things could happen.
Your term premium increases
If you reach the end of your term life insurance length, you may experience a rate hike.
And not some small increase, either!
We’re talking a price increase 10 to 20 times higher than your original premium rate.
Your term insurance cancels
Otherwise, your policy will totally cancel.
No joke… in this scenario, if you die 1 day AFTER the term policy expires, too bad! No coverage is paid to your beneficiary. Not good!
And while you may think this type of policy is a rip-off, I’ll explain later why term life insurance is good in certain circumstances.
Then what are the pros to buying term life insurance?
You may be wondering how this kind of coverage is a good plan.
Let’s talk about that now.
Level premiums payments
With the term life insurance plans we offer, the premiums remain level through the length of the term.
What that mean is that you’ll never have a premium increase during the period of the term policy.
Unlike permanent life insurance that develops cash value, term insurance sacrifices cash value generation for maximal coverage opportunity.
What does this mean?
Basically, term insurance gives you MORE coverage per dollar of premium when compared to universal or whole life insurance.
And buying term life insurance is useful when you have a large financial obligation and need it covered.
For example, if you have a large debt such as a mortgage. Or if you have concerns about replacing your income. A term insurance plan does a good job covering these because:
- (a) the coverage amount is high enough to provide protection for these obligations, and
- (b) the nature of these obligations are temporary.
One day you’ll pay off your mortgage, and one day you’ll save enough to retire. Therefore such large amounts of coverage aren’t necessary.
Drawbacks of term life
Can you accurately predict the future?
While we all have goals and expectations in life, the truth is we have very little control as to what happens to the economy, changes in our health, and other circumstances.
As the old saying goes, “Man plans. God laughs.”
But don’t get me wrong. Preparing for worst-case is CRUCIAL and something ALL of us should do more of.
But the truth is life doesn’t always go the way we plan.
And this is the biggest drawback of term life insurance. You may NOT reach the savings and retirement goals you had.
Perhaps it’ll take longer to pay off your mortgage. Or, perhaps the stock market suddenly drops 40% like it did in the Great Recession in 2007 and 2008, and you fear retiring now isn’t a good idea.
What’s my point?
Sometimes our temporary obligations last a little longer than we like. Which is where “permanent” life insurance comes in (more on that later).
Term life insurance underwriting for the paralyzed
Term life insurance has tougher underwriting standards across the board.
When someone with paralysis, hemiplegia, paraplegia, hemapheresis, and paraphrases applies for life insurance, they will have better odds to qualify for term life insurance.
When I say better odds, I’m not promising it’s possible for everyone. Each case is unique.
What about quadriplegics?
For quadriplegics, you won’t find anything in the traditional sphere of coverage.
But stick around. There DEFINITELY are life insurance options for quadriplegics. More on that later.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Permanent Life Insurance
Let’s talk about the kind of life insurance that DOESN’T cancel at specific age.
Whole Life Insurance
The opposite of term life insurance is whole life insurance.
Whole life insurance offers permanent protection.
Allow me to explain.
Coverage never cancels due to age or health
As long as you continue paying your premiums on your whole life insurance, your coverage cannot be cancelled due to age or health.
This type of plan is perfect if you appreciate peace of mind, and need coverage for permanent obligations, such as paying your final expenses.
2. Premiums never increase
Unlike term life insurance premiums, whole life insurance coverage NEVER has premium increases.
Don’t like price increases? Like to keep things in a consistent budget? Then you’ll like whole life a lot!
Bonus: Universal Life Insurance
Universal life insurance is interesting can act like whole life insurance if set up correctly. Or run the risk of increasing in price at a future date like term life insurance.
Let me explain.
Sometimes people want a permanent life insurance policy with as much death benefit payout as they can get.
And if they medically qualify, getting a universal life insurance policy that has a “no lapse” rider on it does the trick.
The way it works is simple. Pay the suggested premium until you pass away and the policy guarantees to pay out.
However, if you lower the premium down – even if for only one month – then you lose that privilege and risk having your universal life policy lapse.
Drawbacks of Permanent Life Insurance
What could possibly be so bad about a policy that never cancels due to age or health?
Primarily, it’s the price.
When you get a permanent life insurance plan, you are buying an “upgraded” form of life insurance that comes with a higher premium than compared to term life insurance.
Think of it liking buying a warranty on a car. Having to pay more for warranty protection makes sense, right?
Same goes for permanent life insurance. If you want the guarantee of not worrying about outliving your policy, it’s going to cost you more than term, which does not provide that guarantee.
Simplified Issue Whole Life
There’s one more permanent product I want to mention before we wrap up our discussion on life insurance options for paralyzed people.
If there is a circumstance where you cannot get covered using a fully underwritten life insurance product, that’s where a simplified issue whole life product comes in.
In short, it’s whole life insurance, so you get the same benefits permanent protection provides.
However, the underwriting standards are not as intense. So folks with health issues like paralysis usually have a MUCH easier time getting approved.
If your paralysis was caused by disease or illness, it’s more likely I’ll recommend simplified issue whole life insurance versus a traditional product like mentioned above.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Case study examples
Cremation Coverage with Diabetes Concern
A client of mine named Mr. Howe recently got in touch looking for final expense coverage. He was 45 years old and a paraplegic. He wanted just enough coverage to take care of his cremation when he passed away so that his family wouldn’t have to pay for it out of pocket.
In addition to being confined to a wheelchair, Mr. Howe suffered from diabetes. He had to take insulin on a regular basis and was concerned this would have an affect on his ability to qualify for quality coverage.
The good news is that despite Mr. Howe’s health condition we were able to shop a variety of different burial insurance companies available in his state we were able to qualify him for first day full coverage.
While I can’t promise the same outcome for every individual, what I can promise is that here at Buy Life Insurance for Burial we strive to help our clients find quality life insurance coverage at an affordable price.
Let’s talk about a life insurance product that literally asks zero health questions and approves everyone within the product’s acceptable age range.
I’m talking about guaranteed acceptance life insurance.
Guaranteed acceptance life insurance is reserved for folks who have the hardest time qualifying for any type of life insurance.
In most cases, people ONLY consider this type of life insurance when they are declined with another life insurance.
And what I find is that certain paralyzed individuals looking for life insurance will find that guaranteed acceptance coverage is their only option.
Here’s how guaranteed acceptance works
It works like this.
Guaranteed acceptance life insurance is permanent whole life insurance. So it never cancels due to age or health.
In addition, the premiums never increase, either. That’s more good news.
But the biggest downside is that there’s no full natural death coverage until two years have passed after taking out the policy.
What does this mean?
If you die from any natural cause BEFORE the 2 years are up… the policy only pays your premiums plus interest to your beneficiary as the death claim payout.
Why the 2 year wait? Because it’s the only way these life insurance companies will accept folks with tough health histories.
Trust me. I don’t like it, either. But when this is is the only option, there’s not much other choice.
On the brighter side, you ARE covered for accidental death from the first day with a guaranteed acceptance life insurance policy.
And since these policies are predominantly used for final expense coverage, the maximum is usually $25,000.
But, if you wanted more, we can add additional policies to increase your covereage.
Bottom line, guaranteed acceptance life insurance plans are a last-resort life insurance policy, only used when nothing else works.
And in my experience, the most severe paraplegia, Hemiplegia, and quadriplegic cases will have high odds of ONLY qualifying for a guaranteed acceptance life insurance plan.
Stories from the field
In this story I want to convey the importance of getting quality life insurance, and whenever possible first day coverage, because it has an impact on those you leave behind.
This true story began in Albany, Georgia where I met a client who was 85 years old. We will call this gentleman him Mr. Jones. He was an interesting character. Mr. Jones was a veteran, a retired school teacher, and had recently gotten remarried.
It was his marriage that had caused him to reach out to us. He wanted to make sure his final expenses were taken care of and he also wanted to elave money behind to his wife and kids.
He already had a plan in place, but wanted to add to his policy, as he had heard 85 was the cut off point to do so.
Mr. Jones had suffered from a number of strokes and was taking blood thinners to help prevent any further complications. He was aware this could cause an increase in rates and was concerned if he would be able to afford additional coverage.
The one thing Mr. Jones stressed to me was that he wanted to get first day coverage if at all possible. He was aware that there were a lot of companies out there that claimed to offer superior coverage but had a 2-3 year wait period before coverage would take affect. At his age, this was something he wanted to avoid at all costs.
We worked hard to get him approved for first day coverage and he was thrilled that he was able to max out his coverage at an affordable rate.
This all took place on a humid Georgia day in May. By November of the same year I got word that Mr. Jones had passed away from heart failure.
I’m happy to report that my life insurance company paid the entire balance of his death claim. This was significant because had Mr. Jones gone with a company that offered a 2-3 year wait period his wife and kids would not have benefited from his insurance policy.
Though every application has to undergo an underwriting process and we can’t guarantee approval, we certain strive to provide affordable coverage to all of our clients whenever possible.
Mr. Jones story is a reminder how important it is to get first day coverage whenever possible. I see on a regular basis the huge difference this makes in the lives of those left behind. It just makes sense that if you are going to pay into a policy that it should cover you from day one. If you would like to see what your first day coverage options might be, please get in touch.
How To Apply And Next Steps
Let’s say you’ve identified a plan that you think makes sense for you.
Now you want a quote and wonder how the application process works.
Here’s what to expect.
Pick an agent that can shop to give you the best price and coverage.
That’s what I do best. We here at Buy Life Insurance For Burial help people find the best combination of price and coverage for our clients.
Complete an application for life insurance.
Assuming you and I work together, the next step requires me to ask you health questions in order to figure out which carrier will give you the best life insurance offer.
Assuming you like what you hear, we’d complete an application via email or over the phone. No personal visits are required these days.
Then, depending on the type of policy you apply for, you’ll get a same-day approval in best case scenarios, or it may take a few days or weeks. Kinda depends on the situation.
Ready to get started?
If you’re ready to get started, here’s what to do.
Call me at 888-626-0439 now.
Otherwise, go here to request a quote. We’ll contact you within the next 24 hours.
Thank you so much for reading this article. I appreciate your time. If we can do anything to help you in your search for quality life insurance, please give us a call at (888) 626-0439 or send us a message.