Guaranteed issue disability insurance is an option that can benefit those who are seeking disability insurance, but also have pre-existing conditions that would most likely be excluded from a standard disability insurance policy. Guaranteed issue policies do not include underwriting, meaning that they do not require any medical exams, tests, or blood work. These types of policies will not exclude your condition. Under many of these plans, the “own occupation” disability definition is offered as well, as opposed to “any occupation.” This ensures that you will be covered if you have trouble completing the responsibilities of your specific job.
What kinds of conditions are covered?
Examples of pre-existing conditions that may be helped by guaranteed issue disability are alcoholism, anxiety, antidepressant users, cancer, cerebral palsy, chronic fatigue syndrome, heart by-pass, epilepsy, kidney transplant rheumatoid arthritis, and obesity. If you have one of these conditions, or another health condition, and worry about qualifying for disability insurance, a guaranteed issue disability policy may be of most benefit to you.
How long will I be covered?
It is important to note that these policies may be more expensive than standard disability insurance, and they are only available in benefit periods of two and five years. Although this may be less ideal than longer term coverage, it is better to have some income protection over none at all. The benefit period will, at the very least, allow you time to recover and develop a financial plan for you and your family moving forward.
If you have more questions regarding your specific situation and whether guaranteed issue disability insurance is right for you, you can contact us here.
