STOP… life insurance for high risk individuals can be difficult to obtain so you need to read the entire page below. If you’re serious about getting coverage make sure you work with an experienced agent. High risk or Impaired risk life insurance takes a special skill and only a really experienced agent will know how to get you the coverage you need. High risk life insurance companies do not take on every applicant and can often deny coverage.
If you know your high risk and are planning on trying to get life insurance you better make sure you have a experienced life insurance agent on your team. If you do not you will most likely get denied for life insurance.
Bottom line… getting life insurance when you are high risk is not easy. Every high risk life insurance company has underwriting guidelines that must be met before they will issue a policy to any and all individuals.
There are standard guidelines such as height and weight, family history, medication history, driving record and so on.
There are also another set of underwriting guidelines for past medical issues such as heart attack, stroke, cancer, etc. Each impairment has its own set of risk factors.
For example, someone who has suffered an aneurysm may have a risk assessment like this.
• Exact diagnosis
• Type or location of an aneurysm
• Date of diagnosis
• Cause of impairment
• Size and results of an aneurysm
• Are you undergoing treatment
• The treatment type
• Do you have any smoking history
• Presence of coronary artery disease, high BP, cerebrovascular, any peripheral vascular disease, any COPD
• Is your current blood pressure controlled
Someone who is high risk and suffered a heart attack may have a risk assessment like this.
• Current age
• Date of diagnosis and age at onset
• Severity of the disease (how many vessels and which ones)
• Any present symptoms
• Types of treatment
• Medication history
• Tabacco history
• Any existing grave impairment
• Any history of congestive heart failure
• Do you live a fit lifestyle
• BP and cholesterol readings
• Family medical past
The risk assessment questions will help an underwriter get an idea of whether they would be able to offer you coverage based on the answers provided.
Underwriters take your entire health history into account before offering coverage. Underwriters will check script reports to find medication history, they look APS or attending physician statements to see what your doctor’s reports suggest, and they look for hits on the medical information bureau report to be exact.
By initially gathering specific, detailed information such as age and onset of any impairment, an underwriter will be able to help provide a ballpark quote quickly and easily.
To make the application process go along faster you will need to get copies of all medical records from your Dr. and have them readily available. You are going to have to prove to an underwriter why they should back you for hundreds of thousands of dollars in return for very little premiums.
You need to think like you are the life insurance company and someone is coming to you and asking you to insure their life for $250,000 in return for them paying you $250 in premium. Get it? Life insurance companies are not in the business of paying out death benefits when it can be avoided.
Our agents understand and know the guidelines that life insurance companies look at in order for you to qualify for a life insurance policy even if you’re high risk.
A trial application is the key before you ever get denied!
We have in-house underwriters on our team and we can offer a trial application to several companies before you ever put in a full life insurance application to a specific company. This will help you from having the dreaded DENIED FOR LIFE INSURANCE on your record.
High Risk Life Insurance Companies
There are a number of high risk life insurance companies. So trying to say which one is the best would be difficult. It can often come down to what type of impairment you have had and the current health you’re in now.
Banner life is one company that has always been a little better than most when it comes to dealing with impaired risk underwriting. However, they are not the only company we like to work within these situations. We like Principal and Prudential and a had full of others as well. Once we know your health history then we can tell you which company will be best for you.
Don’t get denied
If a company denies you for life insurance because you don’t know what you’re doing, then the ship has most likely sailed, and other companies will not give you a chance. If you get denied by a company your only other likely option will be a guaranteed issued life insurance policy and the highest death benefit you will be able to get is $35,000. Plus you will pay a nice premium to go along with that.
We get term life insurance for high risk individuals every day. We know with the company has an appetite for what and we know the underwriting guidelines. We know them inside and out. Don’t try to go at it on your own when you can lean on us to do all the work and guide you. We have the experience and expertise to help you throughout the buying process. We will help you get covered.