How To Get Life Insurance With an Amputated Limb [2024]

Permanent and term life insurance quotes are available for amputees. The rates and available coverages depend on why the amputation occurred. Many financial institutions now offer life insurance for people living with disabilities to provide them with peace of mind and financial security. Understanding how life insurance companies view amputations will help you find the best life insurance for an amputee. 

Before you learn more about life insurance for an amputee, enter your ZIP code to find free life insurance quotes in your area.

How are rates for life insurance for an amputee determined?

The first thing an underwriter will inquire when considering an amputee for coverage is why the amputation occurred. Amputations are usually due to an accident or disease.

The cause of the amputation determines qualification and rates.

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Various accidents might cause a person to have a limb amputated. Some common accidents that might result in an amputation include:

• Auto injury
• Hobby accident
• Professional sport/racing
• Wartime injury
• Work-related accident

An accident-caused amputee will usually experience higher rates than someone with all of their limbs. However, an accident is seen as a one-time occurrence and won’t significantly increase life insurance rates for an amputee.

Insurance companies are most concerned about how long you’ll live. Customers with an amputation caused by a disease, such as diabetes or peripheral artery disease (PAD), are riskier to insure because they could have other underlying health issues.

While companies consider the cause of amputation, other factors will impact affordable life insurance for an amputee. Some of these other factors include:

• Age
• Gender
• Smoker
• Family history
• Height and weight
• Cholesterol/blood pressure levels
• Medications
• DMV record
• Pre-existing health conditions
• Foreign travel
• High-risk occupation or hobby

To obtain the lowest possible rates, customers need a low-risk lifestyle.

Read more: How To Get Life Insurance With Cystic Fibrosis

How can you save money on life insurance for an amputee?

Despite advancements in prosthetics, a person is more prone to accidents with an amputee leg. For this reason, life insurance quotes for an amputee will be higher than for able-bodied applicants. Fortunately, there are some ways that you can save on life insurance.

As previously mentioned, accident-caused amputees can choose between term life and permanent life coverages. In most cases, term life insurance is cheaper than permanent life plans but only lasts for a specific period and usually requires a medical exam.

One way to extend your coverage for less is to layer policies. Purchasing multiple small policies might cost less than buying one large permanent life plan. Should you choose this option, you’ll need to determine why you’re buying life insurance.

An example of layering policies is buying a decreasing term to cover your mortgage and final expense insurance. The term life policy will run out when you pay off your mortgage, and the final expense plan will allow you to pay your funeral and burial fees.

Another option for accident-caused amputees is to renew a policy instead of requalification. Sometimes, a life insurance company for an amputee will allow you to renew or convert your coverage into a whole life plan, avoiding the underwriting process.

Unfortunately, there are few ways to save money for amputations caused by disease. The best way to obtain affordable life insurance is to sign up for a no exam or guaranteed issue policy.

How do you choose the right type of life insurance for an amputee?

The Insurance Information Institute says that there are two primary types of life insurance. The options for an amputee depend on why the amputation occurred.

Amputees whose condition was caused by an accident can buy traditional coverage. Term life insurance is usually the cheapest option for these customers.

Disease-related amputations complicate life insurance options. These customers are considered high risk, so most life insurance companies will decline coverage.

Usually, the only options for customers with disease-related amputations are no exam or guaranteed issue policies. Most life insurance companies only offer these options for their permanent life coverages, which are usually more expensive.

What riders are available for life insurance for an amputee?

Life insurance companies offer various options that customers can add to a policy. These options, known as riders, allow customers to customize their life insurance policies to meet their needs.

While most life insurance companies offer disability or critical illness riders, they’re usually unavailable after a significant amputation. Limbs are considered essential for safely navigating the world, so life insurance companies consider amputees riskier to insure.

While a disability rider is unlikely regardless of the cause of amputation, an accident-caused amputee might be eligible for a critical illness rider. A disease-caused amputee is more likely to suffer from a severe illness, so the rider is often unavailable.

When should I buy life insurance for an amputee?

The best time to buy life insurance is before an amputation occurs. Most life insurance companies lock in rates when you apply, resulting in lower rates.

You can’t anticipate an accident occurring that might result in an amputation. For this reason, it’s wise to purchase a life insurance policy while you’re still healthy.

Those with a disease that commonly results in an amputation should consider purchasing a policy as soon as possible. While you’ll likely still have higher rates, they will be lower than if you were to purchase after your amputation.

How do you apply for life insurance for an amputee?

Applying for life insurance for an amputee is similar to an able-bodied person. The difference is that you might have fewer options.

The first step in applying for life insurance is choosing your policy. In addition to the type of policy, you’ll need to decide whether to have a medical exam or purchase no exam coverage. This decision will impact your rates and might also determine your eligibility.

The next step is to find the right company. For most applicants, comparing policies and quotes is the only concern. However, amputees have to look at available policies for those with their disabilities.

Once you’ve decided on a company, you can apply for coverage. Most life insurance companies allow customers to apply online or by phone. If accepted, your coverage will start when you make your first payment.

Case Studies: Life Insurance for Amputees

Case Study 1: John’s Accident-Related Amputation

John, a 35-year-old individual, experienced an amputation as a result of a car accident. Despite the loss of his limb, John was able to find affordable life insurance coverage. Insurance companies considered his accident as a one-time occurrence and did not significantly increase his life insurance rates.

John opted for a term life insurance policy, which provided him with adequate coverage at a reasonable cost.

Case Study 2: Sarah’s Disease-Related Amputation

Sarah, a 50-year-old woman, underwent an amputation due to peripheral artery disease (PAD). Unfortunately, Sarah’s amputation caused by a disease made it challenging for her to qualify for life insurance coverage. Insurance companies perceived her as a higher risk due to the potential for underlying health issues.

As a result, Sarah had limited options and had to consider more expensive permanent life coverages. She opted for a no-exam or guaranteed issue policy to obtain coverage, although at a higher cost.

Case Study 3: Mark’s Layered Policies

Mark, a 40-year-old individual, experienced an accident-related amputation. To optimize his coverage and save money, Mark decided to layer his life insurance policies. Instead of purchasing one large permanent life plan, he bought multiple smaller policies.

For instance, he obtained a decreasing term life insurance policy to cover his mortgage and a separate final expense insurance policy to pay for funeral and burial expenses. By choosing this approach, Mark was able to obtain the coverage he needed while keeping his costs lower.

Life Insurance for an Amputee: The Bottom Line

Life insurance rates and options for an amputee largely depend on why the amputation occurred. Accident-caused amputees will receive lower rates and more policy options. Knowing how life insurance for an amputee is determined will help you find the best coverage.

Now that you know about life insurance for an amputee, enter your ZIP code to get free life insurance quotes in your area.