Good Question. Here is the Answer You Need Before Ever Applying for Life Insurance.
In Short, We Are High Risk Life Insurance Experts...not just the typical life insurance agent that focuses on volumes of applications for "preferred health" rated individuals.
We take even the toughest life insurance to the next level where it is carefully shopped out to the top carriers. Complicated cases require a higher level of experience and a team that can help you obtain quality, affordable life insurance. It requires someone who can educate you on your options and help you reach a good decision.
Life insurance is arguably one of the most important purchases that you’ll ever make for your loved ones. If something happens down the road, it is very important that your family is protected financially. Nothing will ever replace you, but life insurance is the financial vehicle, when properly purchased, that ensures financial stability, your dreams and hopes in the event of death.
There are numerous personal issues that could cause you to be considered a “high-risk” individual by a life insurance company though.
High Risk life insurance applicants are going to pay more for coverage due to that status. In some cases, they could be declined for life insurance coverage. It is not just those who have a medical condition either.
During the application phase for life insurance, the insurance company is going to look at dozens of different factors to ascertain how much they will charge you for that particular type of coverage. The more risk that you pose to the insurance company, the more that they are going to require for the coverage. It's all about the insurance companies 'perceived risk' that dictates the premium charged.
High risk life insurance takes a seasoned and determined independent life insurance agent. It is a lot more work to secure a fair offer in a High Risk case.
If you're looking for high risk life insurance quotes, you need to understand that each and every life insurance company is going to look at each high risk situation differently. They each have their own underwriting guidelines.
Maybe you have previously had expensive quotes or been declined for coverage. Please don’t assume that you can’t get affordable life insurance coverage. This where your high risk like insurance agent really shines. They work with the top carriers in the industry and know which companies to approach with certain types of risks.
You should not let a high risk issue stand in the way of you obtaining life insurance coverage. There are even options out there such as no medical exam life insurance. That could be the best choice for you, It is however, best to let your seasoned expert give you a hand as these policies are typically more expensive than full medically underwritten coverage.
Without exception, the key in finding the best life insurance rate is in locating the insurance company that will look most favorably at your health and lifestyle. If you are in need of diabetic life insurance, this will be your key as well.
The Strength of Special Risk Life...
We take people who have been excessively "rated up" or even declined and find them truly affordable solution(s). With our numerous portfolio of carriers, your specific needs are shopped. In some cases we are known to file a life insurance pre-qualification with multiple insurers to see where you will be best to apply.
In short, we create a custom pre-qualification letter based on detailed information regarding your health etc. and send it out to all our our life insurance companies that are more "liberal."
Those companies will make tentative offers. Some may decline. We sort through those offers and present you the best one. Takes up to 3 days for all the offers to come in. Sorry, no "instant quotes" in this types of situations.
If you decide to apply, we get any pre-qualification offer in writing and attach it to your formal application to that insurer. At this point, if everything in your medical records and lab results confirm what you told us, that pre-qualification will be the rate you get.
Not many agents or agencies in our industry do this. It's quite time consuming but we are willing to give each client our best as long as they're concerned about obtaining affordable coverage. Be sure to be detailed and completely honest about your situation. If you do so we'll help you get the best coverage and rate you can obtain.
We work have worked with Special Risk issues for many years. We try to write articles to help you as a consumers understand how a high risk classification does not mean that good, affordable coverage isn't within their reach.
Life Insurance agents all use the same published rates. It DOES NOT matter if you make direct contact to the life insurance company or use an independent agency like Special Risk Life Insurance. As a rule, it works to the consumers advantage to utilize an independent agent/agency as they can work with nearly an unlimited number of life insurers. The recommendation given is based on your needs not that of an insurance company.
Remember, any one insurance company is going to push their product whether it is in your best interest or not. An independent agent does not have the loyalty to any insurance company. A good independent know the focus is on you, the client.
Yes, there is a lot of misinformation out there. What makes the difference for you is the risk rating you obtain and that your case is properly shopped. That’s where a high risk specialist can save you a tremendous amount of money.
Knowing how particular life insurance companies look at specific risks, we convey your risk in the most positive way we can to the insurance companies underwriter. This is a skill developed over time. It is not something the quick quote shops or corner insurance man is a good choice for.
To illustrate the difference among non specialized life insurance agents... Agent John Jones gets an offer for table 4 rates at say $250.00/month with Insurance Company A. Agent Jane Doe is able to obtain a better "Standard" rating and $125/month with the the same coverage with Insurance Company A. The difference here is that Agent Jane Doe knows how to present a complete picture to the underwriter earning you a better end result. Same person, medical records etc., but Jane Doe new how to shed a positive light on your special risk.
Life insurance underwriters will always offer the best possible rate class given the information findings on your original application, your medical exam and medical records. With that said, a good high risk life insurance agent can influence an underwriters opinion if they’re on the edge of one health/rate class or another. The added effort is all about big savings for you, especially in the long run.
Be aware...High risk, permanent life insurance is underwritten quite differently than high risk term life insurance. You could be rated lower for a basic 20 year term life policy at "standard" and yet be considered "table 4" for a permanent policy. Permanent coverage increases the risk, so the rating will reflect it.
Now to address VERY high risks.... Including those looking for life insurance with cancer (for example) and a negative outlook, there are guaranteed issue life insurance policies available. These are more expensive per the amount of coverage and typically have a 2-3 year waiting period before full benefits are paid. There are several of these high risk life insurance companies on the market. We can compare those rates for you if it becomes necessary. Those however should be your last consideration.
Trying to locate that affordable high risk life insurance plan can be a challenging experience, but it doesn’t have to be. At Special Risk Life, w can make your process of obtaining even high risk life insurance as prompt and painless as possible. It’s our goal to ensure that you get the the best coverage at a fair and affordable price. As an independent agent are independent agents, we work with dozens of highly rated companies. Because of that we can bring all of the best carriers products directly to you, without the major hassle of calling all of the companies one your own.
None of us have a crystal ball, so we don't know what the future hold. If something were to happen to you, and you didn’t have life insurance insurance in place, your family could be left with a massive crater of debt. None of us want to leave our loved ones piled not only with the loss of life, but a mountain of bills and final expenses. If you have made it here today, take the next step towards total peace of mind.
Obtaining Affordable Life Insurance
One of the top reasons that some high-risk shoppers don’t get life insurance is because they assume that it’s going to be too expensive to fit in their budget. In most cases, that isn’t true. There are several affordable possibilities for life insurance. There are also some lifestyle changes that can translate into lower premiums as well.
Before the insurance company can approve your application for coverage, you are going to required to undergo a medical exam (unless you buy a no medical exam plan). The results from that exam is going to be a key decider in how much you will pay for your coverage. Making some lifestyle changes prior to the exam can yield better results in the exam which will mean you can save money on your premiums.
Here are the recommendations we would give you so that you can get lower premiums. First, the best way is to improve your overall health. To do that, implement a healthy diet and get regular exercise. Both of these can help you lose weight, lower your cholesterol, and reduce your risks of being diagnosed with other health complications down the road. Regular exercise has numerous benefits beyond the obvious. Putting on your exercise shoes and start regular walking. Consider swimming. As an overall body exercise that is low impact, it excels as a great form of exercise. Weight lifting is also becoming more mainstream. It helps burn high amounts of fat even while you are at rest. These are a few options that you could use to your advantage and could save you hundreds of dollars on your life insurance plan a year.
By all means, eliminate any tobacco products from your life.. If you’re listed as a smoker on your life insurance application, you’re going to pay a lot more than a person that does not. In fact, you can plan on paying twice as much for life insurance protection versus a non-smoker. I am comparing apples to apples in coverage amounts here. If you want to get an affordable plan, it’s time to rid your life of that bad habit permanently.
In wrapping up here, I'd like to mention how important it is that you purchase the correct amount of life insurance coverage. If your plan is way too large, you could be wasting money on additional coverage that wasn't needed. On the other hand, you do not want to be under insured either. Before you proceed forward with coverage, it’s important that you calculate your life insurance needs. At Special Risk Life, we can help you complete a needs analysis so you can better judge how much to apply for. If your plan is too small, your family could be left still struggling, but too large of a policy maybe a waste of money.
Special Risk and High Risk Life Insurance Applicants
Life insurance is clearly one of the best financial safety tools that you’ll ever purchase for the protection of your family, but if you have a higher risk condition such as Type I Diabetes for example, the life insurance company could tag you as a high-risk applicant. Worry not, we can help you get an affordable life insurance solution regardless.
Don't forget, if all else fails, there are guaranteed issue life insurance policies on the market.
If you have any questions about obtaining life insurance or specific questions about the different coverage options available for you, please take the time today and simply give us a call. We would like help and would be happy to answer those questions to ensure that you’re getting the best of what is available. We can help you compare a multitude of plans at once and secure the best rates for you. We make the process quite simple. Is there any reason to put this off any further?