When purchasing life insurance, the underwriters will review some different factors of the applicant. These will include the individual’s age current health condition, health history and family health history.
However, there are also other criteria involved that can pose a risk to the insurance company that some applicants applying for life insurance may not be aware of. These can include “external” risks such as the danger that may be present in the individual’s occupation and/or the hobbies that they participate in.
What Does “High Risk” Mean?
To a life insurance company, there are some things that can constitute risk. Certainly, an applicant who has various health conditions such as cancer, heart disease, and stroke will be considered as much more risky in terms of paying out a life insurance claim as versus an applicant who is in perfect health.
However, other risks to a life insurance company that could also potentially lead to paying out a death benefit claim could include high-risk occupations such as firefighters, police officers, and loggers, and those who participate in high-risk hobbies such as scuba diving, skydiving, and hang gliding.
Types of High-Risk Life Insurance Available
There are different types of high-risk life insurance policies that are available in the marketplace today. For example, with a guaranteed acceptance life insurance plan, an applicant will be accepted for coverage – even with various health related issues and/or pre-existing conditions. These are no medical exam life insurance policies, so there is usually no long wait between the time of application and the time of policy acceptance.
The downside to purchasing a guaranteed acceptance life insurance plan, however, is that because the applicants for these policies usually present more risk to the insurer, the premium price will typically be much higher – sometimes two to three times higher – than that of a traditionally underwritten policy.
There is also simplified issue life insurance. With this policy, the applicant will usually need only to answer just a few simple health questions. Here, too, there is no medical examination required. Therefore, the individual will not need to worry with submitting a blood and urine sample.
As with the guaranteed acceptance life insurance coverage, the premiums that are charged for simplified issue policies will typically be much higher than those of regular coverage due to the higher risk applicants that apply.
Another option for higher risk applicants in the area of life insurance protection is accidental death. This type of benefit may be added on to a guaranteed issue life insurance policy to increase the face amount of the coverage. It is important to note that the additional amount of coverage will only be paid if the insured dies due to an accident.
Where to Obtain Life Insurance for People with High-Risk Activities or Occupations
When seeking life insurance for people with high-risk activities or occupations, it will be important to work with a company that has access to more than just one insurance carrier. This is because you will want to be able to “shop” your application and compare several different policies – as well as premium quotes – in order to determine which will provide you with the best all-around coverage and price for your specific situation and needs.
If you are ready to begin looking for high risk insurance, we are here to help. By working with many of the top life insurance companies – we understand what it takes to help our clients get approved. We can help you to determine the following criteria:
- Type of Coverage – We can help you in determining what type of life insurance coverage may be best for your particular needs. This may include traditionally underwritten term or permanent coverage. However, it may alternatively be a simplified issue, guaranteed issue, accidental death, or a return of premium life insurance policy , based on your specific situation.
- The amount of Benefit – We will also help you in determining the amount of death benefit that will be right for you. The reasons that people purchase life insurance can be varied – but one thing is for sure – and that is you don’t want to leave your loved ones with too little in financial security if the unthinkable should occur. With that in mind, we will help to walk you through various scenarios so that you can decipher just how much coverage will be right for you and your survivors.
- The Right Carrier – Once the type and the amount of coverage has been narrowed down, we will also assist you in finding the right carrier for your life insurance needs. While there are many good life insurance companies that offer life insurance in the marketplace today, not all will underwrite coverage equally. With that in mind, we will guide you in the right direction, based on the potential risks that may be presented. This will save you countless hours of time and frustration – and can end up providing you with the life insurance coverage that you need within a much faster period.
We specialize in higher risk, hard to place life insurance cases – so we know we can help you find the life insurance coverage that you or your parents need. When you’re ready to find the protection that you need to financially protect those whom you love, all you have to do is fill in the needed information on the quote form.
Getting the Best Life Insurance Rates with High-Risk Applicants
Just because you have a high-risk job or hobby, that doesn’t mean you have to pay through the roof for your life insurance coverage. It’s important that you get affordable life insurance coverage that you and your family deserve.
One of the obvious ways that you can get lower rates is by either switching jobs or quitting those dangerous hobbies. Sure, it’s a drastic move to save money, but if you’ve been considering either of these, this could be the final push that you need.
As we mentioned early, the company that you choose is going to have a significant impact on your monthly premiums. Every company is different and views jobs and hobbies different. Some of them are going to view your application more favorably than others. This is why it’s important that you get quotes from several companies before you pick the one that works best for you and your family. Don’t spend hours talking on the phone to dozens of companies, let us do all the work for you.
Another way for you to save money on your policy is to focus on your health. Yes, your job and hobbies could cause your rates to go up, but that’s not the only thing the company is going to focus on. Unless you choose a no-exam life insurance policy, the company is going to look at your health when determining your rates. The better your health is, the lower your premiums are going to be.
If you want to save money, it’s time to lose those extra pounds you’ve been carrying around. The heavier that you are, the more risk you are at of having health complications later in life. The higher risk you are, the more risk you pose to the insurance company, which translates to high premiums. It’s time to start getting regular exercising and sticking with a diet.
Getting Enough Life Insurance Coverage
One of the most important parts of purchasing life insurance is ensuring that you get enough coverage for you and your family. There are several different factors that you have to consider when deciding how much coverage you need.
The first is your debt. If you pass away, all of your unpaid expenses are going to be left to your family. Your policy should be large enough to pay off all of those debts. Don’t let your loved ones be stuck with thousands of dollars of debt after your passing.
The other factor is your annual income. If you’re the main income earner in your family, they would experience serious financial suffering if you passed away. The other goal of life insurance is to replace your salary for your family members that rely on the money. This will give them time to recover from the loss and find a more permanent source of income.
If you have any questions about high-risk life insurance or about how to obtain a life insurance premium quote, please feel free to contact us directly via phone, toll-free, by calling 888-229-7522. Our experts will answer any questions or concerns that you may have going forward.
We know that the purchase of life insurance can be a big decision – and if you’ve been turned down in the past, it can be especially overwhelming. Contact us today – we can help!