People have long recognized the value of life insurance. It can help fund a child’s college education, build an estate and provide money to family members after death. Life insurance provides people and families with financial security.
Despite knowing its benefits, persons who are adopted or have a disability sometimes believe life insurance isn’t for them. They recognize the value of life insurance, they just don’t think they would qualify for a policy because of their situation.
Adopted persons who know nothing or little about their birth families are unable to answer insurance company questions about family medical history. Because they don’t have access to family medical information, they believe they cannot qualify for a life insurance policy. Similarly, disabled persons often believe they can’t get life insurance because of their handicap.
Yet, more often than not, adopted persons and those with disabilities can obtain life insurance.
Being an adoptee doesn’t automatically disqualify a person from getting a life insurance policy. Insurance companies ask about family medical history as part of their attempt to establish policy eligibility and rates. It is one of many factors and, in fact, it is less important than other factors such as information about the person’s recent health history.
Being disabled also doesn’t necessarily mean the person cannot obtain a life insurance policy. Some disabilities have no bearing on whether a policy is issued while others may result in a policy being available at a higher rate. However, there are a few disabilities which insurance companies are unable to insure because of low life expectancy.
The bottom line is don’t assume your special situation makes you ineligible for life insurance.
Life insurance is too valuable to ignore. Talk with a knowledgeable financial representative who can help determine your eligibility for life insurance and the financial security and peace of mind it can bring you and your family.
{ 3 comments… read them below or add one }
Yes, as an adopted person I can obtain life assurance - for about four times as much as the average person because I don’t know about my parents medical hisotry! If I find out more about my biological parents (ie their medical history) will that mean that the life insurance premiums go down? Help required please!
Nigel I see that your email is from the UK, here in the US there are medical questions about biological parents which would be unanswerable but it would it would not have only a slight impact on the premium and depending on the type of policy even less because Whole Life policies in most cases do not have preferred rates as term policies do.
I am a father of a 85% mental retarded son. i want to know is there any special policy of Life insurance for that son.