Looking into high risk life insurance is certainly not pleasant, let alone straight forward. No one enjoys shopping for insurance but it does not have to be a pain either. Financial planning is something we have to be responsible for and deal with it while we can. Their are certain companies on market which we define as niches. These niche companies are more flexible in certain situations than other insurers are for specific, high risk scenarios.
With that said, lets get underway with the article.
What Is High Risk Life Insurance And Is It For?
High Risk life insurance is designed for applicants who are at much greater risk to the insurer than other applicants in their age group.
A High risk classification could be related to serious health issues, lifestyle choices, career, hobbies or driving record or any combination of these.
Do you have a serious medical condition like COPD, Diabetes, CHF or even have active internal cancer? How about a recent heart attack? Several moving violations or car accidents? Maybe you work on power lines for a utility company or are an underground miner? Interested in hobbies like flying or scuba diving?
With that said, what all these life insurance risks have in common is that they are frequently are “rated up” or even declined for a life insurance policy. If you’re one of these high risk life insurance candidates, you may have a bad taste in your mouth and have considered giving up on finding affordable Life Insurance coverage.
Don’t lose heart though. It may be hard to believe that you may very well have multiple options for life insurance especially if you have been previously declined or felt the offer you received was unacceptable.
We work with all the top carriers…dozens of them. Some of them you probably have heard of, while others are “quiet kept” as the insurers market themselves directly to brokers life Special Risk Life.
What is common among all of them…each of them evaluate your individual risk profile different. Just because one of them or even several won’t cover you or make a good offer does not mean a couple will not “thumbs up” with you as a policy owner.
What You Expect When Applying For A High Risk Life Insurance Policy
Since high risk or special risk life insurance is of greater risk to any life insurance company, you can expect to have a considerably higher premium over what a standard risk class would be to the same insurer. Sometimes it is hard to understand and accept the factors that insurers use to rate the risks to cover applicants.s Here is a read regarding life insurance rate classifications.
Yes, even a driving record with a number of speeding tickets is of concern to a life insurance company, whether you have never been in an accident or not. Numerous speeding tickets are considered a very significant risk factor. Excessive moving violations, the insured applicant will not be getting the ultra low rates you hear advertised on the radio. Those are quotes are for people in optimum health and pose no other clear risk to the insurer.
Affordable, special risk coverage is not going to be found at State Farm, Allstate or Farmers Insurance. What you will find there is out of sight rates or worse yet, a declined application notation put in your MIB (Medical Information Bureau) database record.
To get this right the first time, seek out an independent life insurance agent/broker who works with a lot of carriers and specializes in handling tough to insure special risk cases. A reputable and seasoned, “high risk” independent will sort out the companies that will make you the best offer.
High volume call centers are a ticket for disappointment with high risk cases.
Remember, your independent broker/agent is your advocate here. You want them focused on your needs, not the next caller who needs life insurance who very likely has a different personal situation. You are a special case if you are considered high risk.
Not all life insurance companies will be able to accept your risk. Others may offer coverage, but it is still a bit expensive. This is where the shopping really begins.
Some Miscellaneous Advice on High Risk Life Insurance
There are actually numerous insurance companies that regularly offer affordable life insurance coverage, whether you truly need high risk life insurance or not. As a specialist team working with these carriers, we are able to “shop” your specific needs to these particular carriers to find you the most competitive rate available even in a special situation. Special Risk Life Insurance maybe the answer to your dilemma. All of our companies have top notch financial ratings with AM Best assuring you that your coverage is here to stay for as long as you need it.
If you think that a high risk life insurance policy is too expensive because of your health or lifestyle, you’ll be surprised to see how affordable a policy can be when properly handled by someone who really knows what they are doing. Most people have the misconception that because they have a condition such as diabetes or even prostate cancer that they can’t qualify for a life insurance policy, let alone be affordable. This is why it is very important to have an advocate that has the right experience. Your not going to qualify for the lowest rates if an insurance company believes you to be a high risk, but you can still find very affordable options with a specialist who handles consumers in less than perfect health regularly.
What A Special Risk Life Independent Broker Can Do For You…
High Risk Life Insurance cases are not easily quoted or accepted by many life insurance companies. You will spend countless hours trying to talk to the right companies who may take your case. Even then, you may be sold the wrong product and/or end up being overcharged.
We need to have an understanding of what your special risk is. We would do a needs analysis as well. From there, we can determine what your options are going to be. If you like skydiving for example, we may suggest company ABC. If you have CHF, we might suggest company and a particular product from company XYZ. Why? Because the liberal underwriting of company XYZ is good for someone with lung disease while company ABC would decline the same applicant.
We regularly secure affordable offers of coverage for clients that have Type 1 and Type 2 diabetes, High Blood Pressure…even early stage Prostate Cancer among many other medical conditions not mentioned here. We been able to secure affordable coverage for Pilots and Scuba Divers and at rates much lower than most have expected.
You do not pay anything more to have the help of a professional advocate. However, you have a lot to lose without proper guidance.
Whether you need temporary (Term Life insurance) or a permanent form of coverage such as Whole Life or Universal Life Insurance, we have the answer.
In extreme cases, we might suggest, high risk coverage called Guaranteed Acceptance whole life. We have a few insurers that offer special risk life insurance regardless of your health, lifestyle, driving record etc. The application does not ask about your health, lifestyle, occupational etc. However, it is the last last of defense and has limitations on natural death coverage during the first 2 years as well as limits in coverage amounts.
Be careful who you choose to place your business with. Many agents/agencies just do not have this kind experience or worse, are captive with one company. Watch the high volume call center sales offices. Those call centers frequently hire salaried agents and are high pressured to make lots sales. They work with limited carriers and don’t have the time to right insurance company and policy for your needs.
The difference in buying High Risk Life Insurance thru our office is in how we shop your needs directly to insurance company underwriters. We obtain actual tentative offers anonymously from carriers we know to handle your special risk situation. From there, we bring these offers to you before any formal application.
There are no “spot on” quick quotes for high risk life insurance applicants but you can get started with a ballpark by using the directions on our instant quoting page to generate a high risk quote. While we can give you a quote from our office that likely will be more insightful, we also don’t have the full look the insurer will have when they have all required information to evaluate your application either. High risk life insurance company underwriters determine your final rate on a case by case basis. Ultimately, if an insurer does not come back as we expect, you can reject the offer and we’ll pivot to company B who also is competitive with certain special risks, to see what they can offer you officially.
The key to finding the best life insurance policy for special risks is to find a insurance carrier that will look more favorably at YOUR individual situation. Our job is to find the ideal one for you.
Special Risk Life Insurance in Conclusion
Pete, Peat and Repeat…you should only work with an experienced professional agent or agency. Why? Special Risk, High Risk Life Insurance takes a greater level of training and experience.
Whether it is a health condition, lifestyle or other, high risk life insurance does demand a fully independent and seasoned life agent/broker who has not only access to many carriers but also knows how to work with life insurance company‘s underwriters to secure you a good offer instead of a decline or excessive rate up.
Having a team of dedicated people working with specific carriers that are more liberal to higher risks is our silver bullet. That is the key to real savings and the coverage you want.
Good advocacy, service will provide you with the knowledge and the products best for your situation. You will understand what the particular insurance company is going to ask you and how it’s going to impact your coverage and cost. Since we are shopping based on your special risk, you will also have access to the most competitive rates from the top life insurance companies in the business with excellent financial ratings to back their policy commitments. That goes a long way to reducing the time and stress of calling around wondering if you are getting the best value for your money.
Whether your high risk life insurance need is temporary (term insurance) or a permanent life insurance need, we are committed to making this as painless as possible. You are dealing with only seasoned, state licensed, life insurance specialists here. As independent field underwriters, we are able to work with all the top life insurance companies. Whether you are 25 or 85, we can help.
We know your time is important. Rest assured that you will not be high pressured by our office. Information you give us will not leave our office unless you make a formal application for life insurance. We take your privacy very seriously.
Please feel free to give us a call (for the fastest service) or use our contact page if you prefer. We also feedback…leave you comments below. We’re always here to help. 269-230-3464
