There are dozens of different things that could cause you to be considered a “high-risk” applicant for life insurance. In general, applicants are going to pay more for their policy, and in some cases, they could be declined for life insurance coverage.
If you’ve ever received expensive quotes or been declined for coverage, don’t assume that you can’t get affordable life insurance. There are plenty of options to get high-risk life insurance coverage. It’s not as easy as a traditional plan, but if you have an experienced insurance agent, you can still find an affordable policy.
- How to Find Affordable High Risk Life Insurance
- At Rootfin, We are Experts in High Risk Policies
- High Risk Conditions We Help Insure
- How to Save on High Risk Life Insurance
- How to Apply for High-Risk Life Insurance
What Is High-Risk Life Insurance?
This is a class of life insurance reserved for people that are considered to be more of an increased risk than others to insure. For example, if you have a hobby or a profession that puts you in life-threatening situations, you are considered a high-risk applicant.
Additionally, many insurance companies also look at the applicant as high-risk if they are not in good health. However, it is important to understand that not every one of your medical conditions or lifestyle choices are high-risk.
If you any of the following apply to you, they should not hinder you from getting preferred or preferred best life insurance rates from an insurance provider:
- You are an airline pilot for a major airline
- You are currently on cholesterol medications
- You use marijuana with a prescription
- You have thyroid issues
- You are up to 20 pounds overweight
- You experience mild asthma
More Options Equal Higher Chances of Better Rates
When shopping for life insurance, you want to see what multiple life insurance carriers have to offer a high-risk applicant, so you have a better chance of finding more affordable rates. You will quickly find that some insurance companies are also more lenient with applicants that have certain medical conditions over others.
Obtaining several quotes from different life insurance companies gives you the opportunity to compare rates and find the lowest costs possible for high-risk life insurance.
Policy Choice and Approval
Sometimes you will find that it is easier to qualify for permanent coverage with a whole life insurance policy than it is with a term life insurance policy. There are ways you can possibly qualify for standard rates with different companies based on the credits and programs they offer for permanent policies.
How to Find Affordable High-Risk Life Insurance
If you’re looking for high-risk life insurance quotes, you need to know that each life insurance company is going to look at each health issue differently. They all have their own underwriting process and guidelines.
If you want cheap life insurance, you need to pinpoint the company which is going to view your application through the best lens. This is the key also for those looking for affordable life insurance for diabetics.
Even if you have some serious health problems, it won’t stop you from getting a quality insurance plan. There are options out there, such as no medical exam life insurance that could be the best choice for you.
At Rootfin, We are Experts in High-Risk Policies
At Rootfin, we take people who have been highly rated or even declined and help them find affordable rates. In many cases, we perform a life insurance prequalification.
In a nutshell, here is the process:
- We complete an ANONYMOUS “pre-qualification” letter with detailed information regarding your health and send it out to all our life insurance companies.
- The life insurance companies will make tentative offers (or decline).
- We sort through all of them and present you with the best one. It takes about 2-3 days for all the offers to come in.
- If you decide to apply, we get that “pre-qualification” offer in writing and attach it to your formal application. As long as everything in your medical records and lab results confirms what you told us, that will be the rate you get. No surprises.
Not many agents or agencies in our industry do this. It’s very time-consuming. We’re willing to give each client all our efforts as long as they’re serious about obtaining affordable coverage. Be honest and detailed about your health (no sugarcoating) – then we will do the shopping for you.
We work with different health issues every day and try to write as many articles as we can to help consumers understand how their health issues will affect their life insurance.
High-Risk Conditions We Help Insure
- Addison’s Disease
- Alcohol Abuse
- Atrial Fibrillation
- Attention Deficit Disorder (ADD)
- Bariatric Surgery
- Barrett’s Esophagus
- Basal Cell Carcinoma
- Benign Prostatic Hyperplasia (BPH)
- Bladder Cancer
- Breast Cancer
- Bundle Branch Block
- Chewing Tobacco
- Chronic Back Pain
- Cigar Smokers
- Cigarette Smokers
- Colon Cancer
- Congestive Heart Failure
- COPD (Chronic Obstructive Pulmonary Disease)
- Crohn’s Disease
- Cushing’s Syndrome
- Deployed Military
- DUI on Your Record
- Elevated Liver Function Tests
- Family History of Cancer
- For Your Parents
- Heart Attack
- Helicopter Pilots
- Hepatitis C Life Insurance
- Mitral Valve Prolapse
- Multiple Sclerosis
- Over Age 50
- Over Age 70
- Prostate Cancer and elevated PSAs
- Skin Cancers – Basal Cell Carcinoma, Squamous Cell or Melanoma
- Sky Divers
- Sleep Apnea
- Stent Surgery History
How to Save on High-Risk Life Insurance
Life Insurance agents all use the same published rates. It doesn’t matter if you go directly to the company or use a broker like Rootfin.
What makes the difference is the health rating you obtain. That’s where a high-risk specialist can save you A LOT of money.
Find a Company that Views Your Condition Favorably
We know what companies look at certain risks most favorably and like an artist, we paint your risk in the most favorable light to an underwriter. It truly takes an experienced and skilled life insurance agent to work with high-risk individuals.
For Example: Agent A could obtain an offer for Table 4 rates at $200/mo with Mutual of Omaha. Agent B could obtain a Standard rating for $100/mo for the same risk with the same exact company. It matters who you use.
Improve Your Health Class
Life insurance underwriters will ALWAYS offer the best possible rate class given their findings on your application, medical exam, and medical records. However, a good high-risk life insurance agent can sway an underwriters opinion if they’re on the cusp of one health classification or another.
For Example: You could receive a “Standard Table 4” rates (double your Standard life insurance premiums) for a term life insurance policy but receive a “Standard” offer for a whole life insurance policy for the same exact risk.
For those with VERY high-risk factors, including those looking for life insurance with HIV or cancer with a negative outlook, there are guaranteed issue life insurance policies on the market. These are more expensive and typically have a 2-3 year waiting period before full benefits are paid. There are a lot of high-risk carriers out there; we can help you shop between all of them.
Follow Your Doctor’s Recommendations
As a high-risk applicant, you’re going to pay more for your life insurance. But you don’t have to pay your whole life savings to get protection. Even with a pre-existing condition, there are some ways you can grab cheaper coverage.
First, make sure you’re following your doctor’s orders in regard to your health. Whatever health problem you may have, make sure you’re doing all you can to control it.
Stop Unhealthy Habits
Secondly, it is time to cut out all your bad habits. Maybe it’s late-night junk food binges or smoking cigarettes. Whatever it is, it’s time to make better decisions. Not only will it improve your health, but it’s going to have a huge impact on how much you pay for your life insurance.
Purchase the Right Amount of Coverage
It’s also important that you purchase the right amount of life insurance coverage. If your plan is too large, you could be wasting money on additional coverage that you don’t need. Before you apply for insurance coverage, it’s important that you calculate your life insurance needs. If your plan is too small, your family could be left with additional bills, but too large of a plan will be a waste of money.
Take a Closer Look at Underwriting Guidelines
Many life insurance providers will publish their underwriting guidelines that will clearly define how they evaluate each life insurance application. Many companies will look at your blood pressure, family history, your height, and weight, and then take that information to see which rating class you may fit best into. You can then use that information and the underwriting guidelines for each insurance carrier to see which insurance company is offering you the best rates.
How to Apply for High-Risk Life Insurance
Life insurance is the most critical safety nets that you’ll ever purchase for the future of your family, but if you have pre-existing conditions, the life insurance company could tag you as a high-risk applicant. Don’t worry; we can help you get a quality insurance plan at an affordable rate.
Have questions? Need advice? Ready to apply? We make it simple, fast, and easy for you to get insurance coverage.
There are even guaranteed policies on the market.
Just call us at (888) 430-7668 and ask for a custom, high-risk life insurance quote.
We’ve helped people find affordable policies for over a decade and have probably helped someone with a similar situation to you.