Have you been shocked by the cost or even, been declined for a life insurance policy due to a high risk medical condition?
While it may be demoralizing to realize you won’t be able to qualify for the very best rates, you don’t have to end your quest for affordable life insurance coverage to meet your needs.
At Special Risk Life Insurance, we provide the expertise in helping you obtain affordable, high risk life insurance. Whether you have a medical condition or two, a dangerous career or like to “live on the edge” a bit, we can help you secure affordable financial protection. Day in and Day out we work with people who are challenged to find a good policy due to some kind of impairment in their life.
What I am going to do here today in this post is share with you how we get the tough, high risk life insurance cases approved. We’ll throw in a couple of tips along the way so you can maximize the affordability of your life insurance.
Process of a High Risk Life Insurance Approval
First fact to know. Some life insurance companies are simply more liberal on specific issues like health troubles for example. In other words, each life insurance company will decide your level of risk differently. While company ABC Life may look at your diabetes as “Standard” in terms of rating, company XYZ Life may consider you substandard or table rate you. In this case, company ABC might be the best company to apply to.
There are hundreds of life insurance carriers in the industry. Knowing who to approach takes experience. There is also a certain level of “negotiation” that can be used to improve your chances of a better offer.
Obtaining Affordable High Risk Life Insurance is a Stone’s Throw Away
This is where we really make all the difference for you.
Tip #1 Find a team, that is very tuned into the life insurance carriers that are going to be the most affordable for you given your specific high risk situation.
Knowing who to apply to can literally save you thousands of dollars. The larger the policy, the faster the savings add up. Not all companies take high risk life insurance cases.
Second tip to keep in mind. Make sure you use an independent agent/broker like our company. Don’t compromise here.
Trying to go directly with XYZ Life Insurance Company won’t get you too far.
Remember, they are one company and they will not have access to all the competitors.
Do you think they would refer you to their competitors? Probably not, right?
Get a real advocate on your side.
A good independent is going to cater to your needs, not XYZ life insurance company.
Third tip – Don’t rely on one life insurance company for an affordable life insurance approval, you will be held captive by their products, rates and underwriting standards. The probability of being drastically overcharged or declined for coverage in this scenario is very high.
High risk life insurance is something that only certain life insurance companies tackle. Locating the ideal company for you is a specialty in and or itself and requires an experienced independent agent/broker. Stay away from rookies and agents who do not specialize in special risk life insurance products.
We have been able to secure affordable, high risk life insurance for tough cases like:
- Heart Attack
- Diabetic Complications related to Type I and II Diabetes
- Those with serious weight problems
- Those with risky hobbies or career
Our team has been able to obtain traditional life insurance for people with significant health problems like this. We make every attempt to avoid the use of any Guaranteed Issue Life Insurance. This can be way overpriced for those who can qualify elsewhere and allows full, immediate benefits upon acceptance. Guaranteed Issue has 2 to 3 year waiting periods for full benefits.
There are many other types of health related conditions we can help with. For example, COPD, bipolar or anxiety disorders. Even someone who has a heart related issue such as a pacemaker.
Life Insurance For A Diabetic
One of the most common high risk life insurance conditions we work with daily is diabetes. Diabetic life insurance can be very frustrating to find let alone qualify for on an affordable basis.
Most often consumers are simply sold guaranteed issue policies with limited benefits the first 2-3 years for natural death.
Since these policies are often sold in haste due to the easy qualification, the policy owner interests may not have been properly served.
This means that the policy beneficiary will only receive the premiums that were paid into the policy plus a yearly, compounded interest rate. 7-10% is pretty common.
That is a far cry from the full death benefit of a medically underwritten and more affordable life insurance policy. Guaranteed acceptance or guaranteed issue policies should always be your last resort.
High Risk Life Insurance In Conclusion
If you have health troubles don’t give up. Maybe you have been frustrated trying to find something in your budget and or even previously declined.
You have come to the right place. Affordable high risk life insurance can be quickly shopped. Our team is second to none.
As the specialist, let us go to work for you. We’ll get your questions answered and promptly find a company that wants to insure you affordably. Request a free, no obligation life insurance quote now!!
We’re here to help. (269) 244-3420
Special Risk Life is a veteran independent life insurance agency that specializes in guiding people with even the toughest health conditions thru the life insurance process. We are very passionate about helping people get the financial protection they want while delivering affordable coverage people can absolutely count on.