Life insurance is a basic need of modern life and a crucial part of the financial planning of an individual as well as a family. Every individual including those with Autism must have optimum life insurance coverage against unforeseeable circumstances. In Canada, it is easy to find the right life insurance for individuals with Autism if you partner with a credible service provider.
1 out of 66 children in Canada develops Autism which is a neurodevelopmental disorder affecting the communication and social interaction ability of a child. There are medical and behavioral therapies to help Autistics overcome the challenges that the condition poses but when it comes to life insurance, individuals with Autism have a tough battle to fight.
Life insurance for individuals with autism is a tough process but not an impossible one. The insurers evaluate the eligibility of a candidate very strictly and factor in different variables including the overall health of the individual, co-morbidities, and the intensity of the condition.
Challenges individuals with autism face when buying life insurance:
Because autism is a significant condition, life insurance coverage for autistics is higher than usual. The coverage comes at a higher price because Autism is considered a high-risk factor. However, different insurers may evaluate the condition differently and hence must be approached in a different way. Taking help from an experienced financial advisor is recommended to strike the best deal.
Exclusions and limitations
The exclusions and limitations of the life insurance cover is a crucial aspect to evaluate and poses a major challenge when searching for the right insurance for autism. Often, behavioral or developmental disorders are excluded from the coverage by the insurers. Hence, it is important to check all the exclusions and limitations of the policy before buying one.
Type of insurance:
Life insurance coverage comes in two modules: term life insurance and permanent life insurance. Choosing the best-suited life insurance policy is important, especially in the case of autism. Under term life insurance, the insured gets coverage for a limited time, usually for 10-20 years. On the other hand, permanent life insurance offers cover for your entire life. The latter comes with higher premiums and has comprehensive coverage.
Customization
Each individual with Autism has different medical conditions and status and hence taking a personalized approach toward life insurance is important. Right from consideration for all types of medical conditions and shortcomings to effective communication with the individual, an advisor must keep all the factors in mind when shopping for life insurance policies for Autistic individuals.
Getting life insurance for an autistic individual in Canada is a lengthy process that demands close evaluation. However, with due effort, it is possible to get a unique solution for one’s needs. Life insurance offers peace of mind and financial stability to an individual and their family. It is important to contemplate the options well before purchasing to ensure the right decision. Right guidance and support play a crucial role in the process and hence the selection of the financial advisor is crucial.
