Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
A preexisting condition can be an out right declination depending on the impairment or disease. Whatever the preexisting condition is there are some that may have a possibility of placement depending on how the records are presented and if any mitigating circumstances can credit the underwriting balance sheet in a positive manner.
Getting disability insurance with a pre-existing condition is possible. It depends on the seriousness of the health condition, or rather, how likely that pre-existing condition is to cause disability in later life. Some policies are offered for substandard risk, that have a graded benefit the first years of the policy.
Social Media Strategist, Disability Insurance Services, California
If you do have a pre-existing condition, it's possible that that particular condition would be excluded. For example, if you have had several knee surgeries, it's most likely that they'd exclude your knee. Don't forget that if you get denied for DI due to a pre-exisiting condition, you could still possibly receive critical illness insurance.
It is difficult to say for certain whether you can purchase disability insurance with a pre-existing condition. The answer depends upon what medical condition you have and it's severity, and where you purchase the policy. Every insurer will ask medical questions and may decline an application if you are deemed likely to make a claim due to your condition.
Group policies offered at work sometimes allow for guaranteed issue if enough employees participate. Company paid plans automatically include all employees regardless of health. There may be an exclusion period during which benefits are not paid when the loss is caused by a preexisting condition.
Whether or not you can get Disability Insurance with a pre-existing condition depends on the condition, it's severity, whether or not it is well controlled, etc. If that health condition is disallowed for approval with a certain DI policy, you may be able to get the insurance with an exclusion for disability caused by that particular condition. Also, there are graded DI policies available for persons with some health conditions.
That depends entirely upon what the pre-existing condition is and it's likelihood of causing a person to become disabled. Something like common allergies would technically be a pre-existing condition but just because you may need allergy shots it is highly unlikely that such a condition would be an issue. Now, if you've had a mild stroke and have a family history of heart disease then you are in a situation where qualifying for disability insurance would be much more difficult, if not impossible, in the individual market.
Some disability insurance carriers will issue coverage that might exclude coverage if the disability is a result of the pre-existing condition. And some employer groups offer group disability coverage to their employees that may be guaranteed to be issued as least up to certain levels of financial coverage.
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Group policies offered at work sometimes allow for guaranteed issue if enough employees participate. Company paid plans automatically include all employees regardless of health. There may be an exclusion period during which benefits are not paid when the loss is caused by a preexisting condition.
Some disability insurance carriers will issue coverage that might exclude coverage if the disability is a result of the pre-existing condition. And some employer groups offer group disability coverage to their employees that may be guaranteed to be issued as least up to certain levels of financial coverage.