High Risk Life Insurance Companies.
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High, or “impaired” risk life insurance companies serve a special niche in the market, providing coverage to people whom other insurers often turn down. In days gone by, it was often difficult or even impossible to find affordable cover if you had a high-risk health condition, worked at a high-risk profession, or lived a “high-risk lifestyle.” Today, however, there are many carriers to whom you can turn for help.
Once it is understood that you fall into a high-risk category, insurers who specialize in high-risk life insurance will seek to get a more detailed picture of the real risks you face. If you have a health condition, they will want to know how severe it is, how long you have had it, if you have had any episodes recently, and what treatment you are taking.
If you work in a high-risk occupation, they will ask about the dangers you face on a daily basis and your level of safety training and experience. If smoke or drink, they may ask how often and what specific products. Insurers will also ask you the same questions they ask everyone else in determining your risk class.
This will include such things as age, gender, state of residence, medical history, present overall health (aside from your preexisting condition), and more. You will also likely have to undergo a medical exam, which will include extensive drug testing, and allow the insurance company to access your medical records.
While high-risk applicants pay higher premiums, all other things being equal, than do average-risk applicants, it is not impossible to get Preferred or at least Standard rates. This is especially the case when you are doing all in your power to manage risks and are only higher-risk in regard to a single factor.
Smokers may be able to get Preferred Nicotine instead of Standard Nicotine if they smoke something other than cigarettes, smoke infrequently, or are taking steps to quit the habit.
The best way to search for high-risk life insurance is generally through an independent agent known as an “impaired risk life insurance broker.” These brokers have deep experience in this “corner of the industry,” and they have contacts with dozens of the best insurers who cover high-risk applicants.
They know how to quickly find your best possibilities and do a comparison based on your specific information. Using an agent will increase your odds of finding the lowest premiums on a policy that fits your needs, and it will be a much faster and easier process than if you simply ventured out to search on your own.
An impaired risk insurance broker can, of course, get you multiple quotes to consider. You can also, however, use quick-quote calculators on their websites to get a general idea of how much you are likely to pay. Exact quotes for high-risk applicants are not available online, typically, since too much detailed data is needed to get to the precise number. Nonetheless, a simple questionnaire can be filled out to get you started.
Later, your agent can work to find exact quotes. He/she can accumulate a significant number of such quotes to ensure you are getting the best deal. Remember that each insurer assesses risks a little bit differently, so it really does pay to compare multiple quotes and shop around.
When you are high risk it is wise to compare multiple life insurance companies.
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