When it comes to purchasing life insurance, there are certain terms and exclusions involved in the process. These terms specify your insurance coverage and conditions under which your claim shall not be accepted. Similarly, for individuals who suffer from genetic disorders, getting the right coverage can be cumbersome. Today, let’s understand everything about genetic disorders and their inclusion in life insurance policies.
What Are Genetic Disorders?
A genetic disorder is a condition caused due to mutations in the DNA of an individual. Such mutations or changes can lead to genetic changes in a person and can be heritable from parent to child as genes are passed down. But this doesn’t mean that a specific person with the mutation shall experience any symptoms of the genetic disorder. The change affects a person when that specific gene is dominant or if the mutation is present in both the recessive genes. People who only have that particular change in one of the recessive gene are termed as carriers. When two carriers have a child, there are chances of the child having that genetic disorder. So, such genetic disorders can be grouped into three categories namely, single-gene disorder, chromosome disorder, and multifactorial disorders.
- Single-gene disorder
When the disorder is caused due to the change in one single gene, it is called as single-gene disorders. Some common types of such genetic disorders are Huntington’s disease, Sickle cell disease, muscular dystrophy, cystic fibrosis, etc.
- Chromosome disorder
These are disorders that affect a chromosome, resulting from changes in the structure or number of chromosomes. Some common examples of chromosome disorders are Down’s syndrome caused due to an extra chromosome 21, Wolf-Hirschhorn where part of chromosome 4 is deleted, etc.
- Multifactorial disorder
These are disorders that develop due to changes in genes and factors such as the environment and lifestyle. The non-genetic factors can be drinking alcohol, smoking, unhealthy diet, high levels of air pollution, etc. Common conditions that are examples of multifactorial disorders are certain types of cancers, diabetes, asthma, multiple sclerosis, etc.
Coverage of Genetic Disorders Under Life Insurance
If you suffer from any genetic disorder and want to secure a life insurance policy, it is best to contact the insurance company to learn more about your coverage options. Many insurance policies may or may not specify the type of genetic disorder covered or excluded from the policy. So, it is recommended to approach any reputed insurance companies to find out the best option for you from the types of life insurance. You can also enquire if the critical illness rider covers genetic disorders. This might also be helpful as the rider benefits go over and above the features of the policy. Though you may have to purchase the rider separately, it shall be available at a nominal rate. However, it is advised to read your policy documents thoroughly to know any terms and conditions applicable to availing the rider benefit. Many such add-on covers have a minimum survival period or other such conditions to be able to get the payout. Take advantage of the free-look period and talk out every doubt regarding the policy terms with your insurance provider.
Term Insurance with Critical Illness Rider
Term plans enable you to maximise your insurance coverage by adding riders to the policy. These riders are extra components that you can buy for additional security against various risks. Critical illness rider is one such rider option that many policyholders purchase with their term insurance policy. The chances of getting diagnosed with an ailment increase with age and thus, a critical illness rider can go a long way in safeguarding you. Some common major illnesses covered under the rider are Alzheimer’s disease, Parkinson’s disease, cancer, heart attack, paralysis, kidney failure, etc. Such add-on covers can be bought at the time of purchasing your term insurance plan.
Now that you have understood what is life insurance and if genetic disorders are included, you can purchase one today! To get the most from your life insurance plan, it is recommended to use the online insurance calculator to compare various policies. Thus, you shall have access to all types of life insurance plans available in the market.
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