Life insurance plans are generally purchased to secure the future of our loved ones during challenging times. These policies pay a lump sum to the beneficiaries in case of the policyholder’s death. But are you searching for epilepsy life insurance options?
Well! Having pre-existing medical conditions like epilepsy can make your insurer more concerned about your underwriting process. It will depend on the severity of your disease for which insurance plan you may qualify for. If it’s too severe the insurance company may decline your application or demand higher premiums.
Want to know more about epilepsy life insurance? Read out the blog post to learn the facts and figures about life insurance for epilepsy. In this blog post, we will cover.
Can you get Life Insurance for Epilepsy?
Epilepsy is one of the common medical conditions causing unprovoked seizures along with bursts of electrical activity in the brain. However, having epilepsy doesn’t mean you can’t apply for epilepsy life insurance. If you have epilepsy, life insurance is still available and sometimes it doesn’t even affect your premium rates, if it isn’t very severe. But remember that buying life insurance for epilepsy means you have to provide all the medical information regarding your condition and how it may affect you.
Life Insurance for People with Epilepsy
Insurers want you to live a long and healthy life. Because for them, the longer you live, the longer you pay premiums and the longer they have to pay the claims. That’s the reason insurance companies require an epilepsy life insurance underwriting process to figure out the factors that can shorten your life. One of the best ways to do this is by taking a medical exam.
During this exam, you may be asked about your medical history, family history, alcohol usage, smoking status, lifestyle, and other factors. Moreover, the insurer may also require blood work to check out the overall health condition of your organs. This underwriter process will determine your risk level and ultimately decide how much your epilepsy life insurance may cost.
Although epilepsy is curable, if it gets severe depending on its type and severity symptoms, it can shorten the lifespan of a suspected person from between 2 to 10 years.
What does Epilepsy Life Insurance cover?
Epilepsy life insurance covers the same benefits as standard life insurance plans, including a death benefit to the beneficiaries in case of the insured’s death. This payout can be used to cover the funeral expenses, pay off any debt, or cover any other huge financial obligation. However, while getting the plan you may have to carefully review the terms and conditions of your epilepsy life insurance to make sure you understand your coverage.
Best Life Insurance for Epilepsy
While buying epilepsy life insurance you may come across many forms and there’s no single plan that may work for everyone. However, here are some of the best life insurance for someone with epilepsy:
1- Term Life Insurance Epilepsy
Term life insurance offers coverage for a specific time frame generally for 10, 20, or 30 years. If the insured dies during the term of the policy, his designated beneficiaries will get a lump sum amount from the insurer. This life insurance plan is also considered one of the most affordable life insurance types and it stands best for people with epilepsy.
2- Whole Life Insurance Epilepsy
Whole life insurance covers the insured for his whole life, however, the premiums are usually higher as compared to term life insurance. Although it also comes with a saving option from which you can borrow against the cash value of your policy. If you have epilepsy and want to secure the financial future of your loved ones, whole life insurance is something for you.
3- Critical Illness Cover
It’s a type of life insurance that pays out a face amount if the policyholder is diagnosed with a critical illness like cancer, diabetes, heart attack, or others. Meanwhile, epilepsy isn’t considered a critical illness, some insurance companies offer this coverage for people with epilepsy who have a high risk of getting additional health complications.
4- Over 50s Life Insurance
A type of life insurance specifically designed for individuals who are aged 50 and over is called Over 50s life insurance. This insurance plan doesn’t require medical exams or health questions, however, premiums will be higher as compared to other types of insurance plans. It would be suitable epilepsy life insurance for you if you can’t get coverage from anywhere else.
Note that different life insurance companies may offer different types of policies in certain cases. It is advisable to do your research and compare various quotes for epilepsy life insurance before proceeding.
What kind of challenges are associated with epilepsy and life insurance?
People with epilepsy may have to face challenges whenever it comes to getting epilepsy life insurance. One of them is the perception that individuals having epilepsy are at greater risk of premature death. However, the insurer will consider the frequency and severity of your attacks and the potential impact of epilepsy on your life expectancy while calculating the policy’s cost.
Another challenge could be that some insurance providers may impose some exclusions or limitations on the plan. For instance, your plan would exclude the death from a seizure or maybe there is a higher premium payment if you have an increased death risk.
What will your insurer ask about your epilepsy?
If you are getting epilepsy life insurance, you may have to prepare yourself for the life insurance application process. For that purpose, you have to gather as much information as possible. However, your insurer will specifically ask for the following information from you:
- When you were first diagnosed
- What was your diagnosis was
- Types of seizure
- Date of recent seizure
- Frequency of attacks
- What steps you have taken after your diagnosis
- What type of treatment you are getting
- The degree of control illustrated by medical records
- Presence of any other medical condition
- Whether you smoke or not
- Bloodwork and a medical exam
- Any medications you are taking to prevent seizures
- Any emergency plan you may have.
In short, you have to disclose all the details about your epilepsy while getting an epilepsy life insurance plan. If you mislead the insurance company or provide any authentication information, your plan will be canceled and the insurer will also refuse to pay the coverage amount. So be honest with your insurance provider.