You are in luck! Fortunately, today, a number of life insurance companies provide life insurance coverage to high risk people as well. However, this coverage is typically more expensive when compared to a life insurance policy for someone without a health condition.
A High Risk Condition is an increased financial risk to the Insurance Companies. This equates to higher premium dollars for you to offset that risk.
That seems obvious right?
What isn’t obvious are the life insurance companies that assess these risks. There can be a huge difference in premium prices from company to company.
You may find it difficult in finding these affordable life insurance companies on your own.
That’s where we come in. Over 50 life insurance companies have contracted with us. Shopping your situation to all of these companies gives you the best chance to get term life insurance for high risk health conditions.
Looking To Get Term Life Insurance For High Risk Health Conditions?
- THE BASICS OF LIFE INSURANCE BUSINESS
- HIGH RISK HEALTH CONDITIONS
- FINDING THE RIGHT COMPANY
- HIGH RISK CATEGORIES
- THREE TYPES OF LIFE INSURANCE POLICIES
- FINDING THE BEST RATE
THE BASICS OF LIFE INSURANCE BUSINESS
All life insurance companies aim to collect more premiums than the amount they pay out. Generally speaking, traditional life insurance companies tend to keep away from providing insurance coverage to high-risk customers.
In order to generate maximum profit, insurance companies follow a certain formula. They provide insurance coverage on the basis of gender, health history, weight, height, smoking habits, and age.
HIGH RISK HEALTH CONDITIONS
Some conditions that fall under a high-risk category are:
- Crohn’s disease
- Kidney disease
- History of some cancers
- Drug abuse
- Organ transplants
- Heart disease
FINDING THE RIGHT LIFE INSURANCE COMPANY
In order to get the best high-risk life insurance, careful research is needed. Gathering your information and navigating through all of the life insurance companies available is our specialty.
Remember that an insurance company makes a decision on the basis of their underwriting assessment. Insurance underwriters are responsible for protecting the insurance company from risk.
HIGH RISK CATEGORIES
The High-risk category can be further divided into several sub categories.
- High risk professions such as flight instructors, skydiving instructors, and commercial fisherman
- High risk hobbies such as scuba diving, racing cars, and skydiving.
- High risk habits such as smoking cigarettes or cigars, or chewing tobacco.
- High risk diseases such as Alzheimer’s, epilepsy, cancer, and diabetes.
THREE TYPES OF LIFE INSURANCE POLICIES
- Fully Underwritten
- Simplified Issue
- Guaranteed Issue
With fully underwritten policies, the insurance companies ask questions regarding your health. They may also seek information from your primary care providers and ask you to have a medical examination, which may include mandatory urine and blood samples as well.
Simplified Issue policies do not have medical exams. No urine samples or blood work is required. The underwriting question involves answer a few health questions in order to be approved.
You may pay more with Simplified Issue policies than a fully underwritten policy. They are more convenient and many of our clients don’t mind the extra cost for that convenience. It is up to you.
Guaranteed Issue policies do not have a medical exam and typically do not have health questions. The biggest drawback to these policies is that they often have a “Graded” benefit.
This can be a period of time where the company only pays a portion of your death benefit. The time period is usually the initial 2 or 3 years of the policy.
FINDING THE BEST RATE
As you can see, there are many choices to choose from. Finding the best rates will be difficult to find without some help.
Consulting an independent Life Insurance agent will help you get the best policy as per your occupation and medical condition.
An independent insurance agent not only has in-depth knowledge in handling these types of policies, but also has the right connections in this field that are not available to the consumer. Life insurance underwriting for people with health problems and those without health problems are different.
If you select a wrong insurance company for your high risk needs, you may end up with very high premiums.
Impaired risk life insurance companies are specialized in underwriting health problems and will have adequate knowledge for understanding your situation.
We will take the time to understand your specific health history to help you determine which insurance companies are the best fit for you.
If you’ve been declined or you are not eligible for a standard life insurance policy, we’ll help you find the best impaired risk life insurance.
Finding the best high risk life insurance policy can be very tricky and challenging.
Therefore, we’ll do extensive research to find the life insurance company that offers the best possible impaired risk life insurance for you based on your specific criteria.
If you have any questions about how to get term life insurance for high risk health conditions or need assistance please contact us.