Have you been in shocked by the cost of life insurance or even, been declined for a very expensive policy due to a high risk medical condition?
While it may be demoralizing to realize you won’t be able to qualify for the preferred 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 an 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
- People with Type II Diabetes
- Those with serious weight problems
Our team has been able to obtain traditional life insurance for people with significant health problems like this. We frequently do not have to use any Guaranteed Issue Life Insurance which is overpriced for those who can qualify elsewhere and allows full, immediate benefits upon acceptance.
Yes, there are many other types of health related conditions we can help with. For example, high blood pressure, high cholesterol, bipolar or anxiety disorders. Even someone who has a heart related issue such as a pacemaker.
Diabetic Life Insurance
One of the most common high risk life insurance conditions we work with is diabetes. Diabetic life insurance can be very frustrating to find let alone qualify for on an affordability basis. Most often consumers are sold guaranteed issue policies with limited benefits the first 2-3 years for natural death. Since these policies are often sold in haste do 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.
If you have health troubles don’t give up. Let us go to work for you. We’ll promptly find a company that wants to insure you affordably. Request a free, no obligation life insurance quote now!!