Are there life insurance carriers that will insure special needs adults. I have a 32 year old female living with her mom and her mom is trying to insure her just to have some final expense coverage. I've had a couple carriers tell me she has to be able to understand what the insurance is for and sign the app and therein lies the problem. Is this where the power of attorney comes into play?
Coverage for special needs adults
- Thread starter obewan
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- 5,882
Yes, there are. Son's of Norway will help with this issue.
- 10,687
That is what Power of Attorney is for. It gives a capable person legal authority to make legal decisions (such as signing for life insurance) for a person who is not mentally capable of doing so.
Literally any and every carrier will take this case assuming they pass UW.
Often on apps you will see statements like "Insured Signature, or of their Legal Representative".
The legal representative would be a Power of Attorney situation. (there are others, but thats the most common)
Literally any and every carrier will take this case assuming they pass UW.
Often on apps you will see statements like "Insured Signature, or of their Legal Representative".
The legal representative would be a Power of Attorney situation. (there are others, but thats the most common)
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Life Underwriter here. Depends where they fall in the severity range and the actual diagnosis. It can range from Standard to table rated, to decline. "Devils in the details."
Name one carrier that will allow a POA to sign a life insurance application. I had a similar situation lately. Talked to multiple underwriters and ended up writing GI.
- 4,265
There’s a small carrier in Texas that would probably approve her for first day coverage unless she has Down’s syndrome. Mom can sign without the daughter’s signature. Unfortunately, they’re only admitted to a handful of states. What state are you in?
- 4,797
If the daughter did not have Down's Syndrome, but had Aids, or was on oxygen, or was in a nursing home, etc. then the daughter could still get 1st day coverage?
- 10,687
Lincoln National. Want more?
As I said in my post. Many carriers have the wording on the app "or legal representative". I have also seen some say "or POA". They wouldnt put that on the app if they didnt accept it.
But that doesnt mean they will take just any situation. There are still financial and other UW standards that must be met other than health.
There is an entire special needs planning market out there in the industry. How do you think those advisers get cases placed? Some might require a trust to own the policy for certain special needs situations. But this is done every day. I might have overstated with the words "literally any", but "many" is accurate.
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- 10,687
- 4,265
Of course not. I’m only addressing this case. The OP didn’t indicate any other health difficulties. But I also said “probably” instead of “will”, because it’s up to the underwriter whether they’ll accept the risk. They do ask health questions (5 year look back), and want details for yes answers. It’s not a “know before you go” carrier, yet still fairly simplified underwriting. I’ve gotten several special needs cases issued through them with immediate benefit.
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