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High Risk Life Insurance is generally purchased if the person seeking insurance participates in hazardous activities or avocations (i.e. scuba diving, rock climbing, vehicle racing, flying as a pilot, etc.) or if the person has a health condition that is hard to insure (cancer, diabetes, heart disease, etc.).
Both of these circumstances mean that the person is a higher risk for a life insurance company. This implies that the life insurance policy will cost more for such persons.
Most insurers use mortality tables based on 30-year-old data (mortality tables are used to determine rates). A handful of others employ "clinical medical underwriting"—an underwriting philosophy which takes into consideration the latest medical advances and lifestyle choices that allow people with health problems to live long lives.
If you've been told that you can't get insurance due to some medical reason or occupational hazard then check any policy you have for a guaranteed insurability rider, which gives you the right to buy more coverage at your current rate. Then look for a group insurance in which you do not require a medical exam. If neither option applies, you may be a candidate for impaired risk insurance. Some companies that specializes in high-risk policies are CNA , Mutual of Omaha and Guarantee Trust Life Insurance (particularly for people with HIV).
A specialist independent brokerage deals with placing impaired risk life insurance with a select group of insurers. This results in a streamlined and cost efficient manner in which such insurance plans are administered. This is because only one application form needs to be completed and you might get the most competitive rate available in the market for non-standard cases. Then you need to send in only one medical report or any other report required for the viewing by the panel.
There are not many options in plans for high risk insurance, but with a few dedicated companies like protect direct online, you can be sure that you will find the best life insurance cover that is available in the market for such cases.
This article was contributed by Prerna Mordani.
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