Compare Life Insurance Policies For High Risk Individuals.
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Life insurance is usually inexpensive and easy to get if you’re young and in perfect health. But that’s not always the case if insurers classify you as high risk. This can cause your rates to be higher or may even make an insurance company decline to insure you. Welcome to Insurantly Life where we focus on life insurance for high risk individuals.
Life insurance companies will use terms like “table ratings” when they consider you high risk. They may refer you to Table 1 or Table B for example. For each table rate there is usually an additional 25% increase above the standard rate a healthy individual would receive.
What Are the Most Common High-Risk Categories? There are numerous factors that can class you as “high risk” in the eyes of insurance companies.
What makes you a higher risk to insure by life insurance companies can often be put into three main areas:
Some health conditions that will put you into a higher risk slot and increase your premiums include:
Some high-risk jobs, recreational activities, and lifestyle habits include:
The older you are, the more you’ll generally pay for insurance. An insurance company is much more likely to have to pay a claim on an 80-year-old than on a 20-year-old, and the older person will have fewer years to make payments on the policy.
Insurance companies use height and weight charts to determine whether you qualify for regular rates or fall into the insurance for high-risk category.
Generally, if you’ve used tobacco products (including snuff, cigars, etc.) at all in the past 12 months, you’ll be classified as a smoker.
According to the centers of disease control and prevention there are about 29.1 million people or 9.3% of the U.S. population have diabetes with about 28% being undiagnosed.
Ways to save if you are high risk
If you fall into one of these categories, it doesn’t mean that you won’t be able to get life insurance. The following tips will help give you a better chance you get the coverage you need and want:
Term insurance is often the cheapest type of life insurance, but insurance companies can be strict with determining who can qualify. Other types of insurance, such as whole or universal life, can sometimes be less difficult for high-risk people to obtain.
Guaranteed Issue (GI) policies are generally the easiest to obtain and don’t include any medical questions. Their rates are typically higher, however, and they are usually issued for a relatively low face value.
Rates can vary from one company to another, and some are more likely to cover high-risk people than others. Shop around and get several quotes to ensure that you have the best chance of being offered coverage at the lowest possible rate.
If you’re high risk because of health issues or behaviors, do what you can to improve them. For example, if you can stop smoking or prove that your diabetes is kept under good control, companies will be more likely to insure you.
A DUI arrest can also put you in the high-risk category, so changing your behavior can also help lower your rates after some time has passed.
Update your information if you have been denied.
If you’ve been denied insurance in the past because of health issues, that doesn’t mean you can’t get insurance now. If you had a heart attack several years ago but have had regular doctor visits and no such events since then, you may now qualify.
As you apply for insurance, make sure to answer questions fully and honestly. If you leave out or falsify information, the insurer is very likely to find out within a short period of time. Even if a policy is issued, it won’t pay out if it’s based on false information.
And finally, make sure to follow up with any additional request for information. You may be asked to supply provide medical records, for example.
Some tips and basic advice to follow when applying for a high-risk insurance policy are given below for your benefit:
How often you pay your policy also has effects on your pricing and rate discount.
The available payment mode options from least to most expensive:
You may look at this and wonder why it will cost you more to pay your policy monthly. Life insurance companies incur higher costs for processing your monthly fee and bill you every month.
Life insurance companies will take money received from premiums and put them into investment accounts. Therefore if you give them a lump sum of your yearly premium you will typically get a discounted rate.
Best way to get coverage if you are high risk to compare.