By fifty, most people have matured. They’ve spent a good portion of their life gathering valuable experience and knowledge. Then there are those who still love to have fun and are so busy enjoying themselves that they forgot a few important details…like life insurance.
Life insurance companies consider some habits, hobbies, or health issues ‘high risk.’ If you’ve done something or have been placed in a high-risk category, finding affordable coverage can be difficult. However, it’s not impossible to meet your financial goals and provide your loved ones with comfort and security when you work with a high-risk insurer. Working with an agent experienced with the market and high-risk insurance companies is the best way to find policies and rates that fit your lifestyle.
Some people are surprised to learn that life insurance carriers have classified them as high risk. Their adventurous and enthusiastic YOLO lifestyle is one that insurers are not so happy about insuring. If you seek inspiration for your bucket lists from extreme sports and travel magazines, you may have to rely on a high-risk insurer for your life insurance.
Some not-so-common activities that may send you shopping for life insurance with a high-risk carrier include:
● Scuba diving
● Hang gliding
● Bungee jumping
● Hot-air ballooning
● Cigar and cigarette smoking
Other applicants naturally fall into the high-risk classification based on health issues. Underwriters may classify people with chronic diagnoses like kidney disease, diabetes, high blood pressure, or various cancers as high risk and send them to a high-risk company.
Once you know why you are a high-risk candidate, it’s easier to understand the market and shop for a life insurance policy with the help of a qualified and knowledgeable agent.
High-risk insurance companies are in business because other companies say no. However, they also deny applications. If you are denied, there are still avenues to pursue when you are a high-risk candidate.
Most life insurance consumers do not know that you can appeal a denial when you believe the underwriter may not have had all the facts or gave you a poorer than expected rating. Perhaps there was a change in circumstances that the company did not fully appreciate or investigate, or maybe you forgot to include certain mitigating factors when you made your initial application.
In any event, if you are denied, be sure the denial is accurate before moving on to other options. Appeals cannot be filed simply because you are unhappy with the insurance company’s rejection, so be sure to discuss an appeal with your agent first.
Whether you are classified as a health risk or a risk taker, specialty high-risk insurers may be your best option when buying a life insurance policy. Providing your agent with all the facts and details of both your health and your lifestyle will allow him to locate the best available market for your needs.
The worst thing to do when shopping for high-risk life insurance is to assume that you’re not eligible. The longer you wait to make your application and purchase, the more difficulties you are likely to encounter, so don’t delay and talk to an agent who knows the high-risk market today.
Insurance underwriters will sift through your health history so they can screen for the major risks like heart and kidney disease, certain kinds of cancer, and high-blood pressure. However, people live with a variety of other more common health problems, injuries, and illnesses that may result in higher premiums:
It’s important for term insurance buyers to know their medical history when shopping for life insurance. Providing a comprehensive health picture may be the difference between an affordable rate and a denial when you have health problems.
If you’re able to provide mitigating facts — like regular treatments, working out, dieting, or even the intent of healthy New Year’s resolutions — that will help control your medical issue, AND it can make a difference in the outcome of your application.
Be prepared to clarify any injuries or past health problems. For instance, if you’ve had a surgery to correct an issue or on-going problem, be sure to provide how long ago, results, and improvements. Involve your doctor if necessary to ensure that the insurer has a complete understanding of your unique health situation.
People with health problems may not always get better, but their conditions can improve. When they receive treatment and have a plan to overcome their ailments, it makes a difference in their quality of life and ability to avoid complications.
If you’ve applied for a life insurance policy and have a questionable health history, demonstrate to the company that your problem has stabilized and that you’re healthy. Show them what steps you’re taking to control the problem and that you have a wellness plan. Your life insurance broker will also write a strong COVER LETTER to paint as clear a picture to the underwriter as possible. That’s her job and if she’s not willing or able to provide this important service, FIND A NEW BROKER!
Your health is your greatest asset. Protect it and your family’s financial future and comfort by being a knowledgeable consumer. Buying life insurance when you are young and healthy is the best option, but who does that anymore? When that’s no longer possible, know that an experienced agent can find alternatives that meet your individual circumstances.
If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.
We have trusted Chris with all our insurance needs for several years. He always listens and understands our needs completely and then works hard to design a policy that best fits our needs. He is very personable and easy to work with.
Chris brings expert advice and honesty to every project we work on. He gets things done in a timely manner and does an excellent job following up.
I found Chris when looking for life insurance brokers. I knew exactly what I wanted and told Chris and he was able to deliver without trying to upsell me on something else. It was very straightforward and exactly how I hoped it would be. I would definitely recommend him for anyone in a similar scenario.
Chris provided (and continues to provide) excellent service and support for our insurance needs. He is very responsive, knowledgeable and provides specific and efficient solutions to our insurance needs. I highly recommend Chris!