I’m High Risk Is It Possible to Get Life Insurance?
In the insurance industry, every decision that is made with regards to whether or not an insurance policy is awarded to an applicant, the type of coverage they will receive and how much they will pay for their premiums, is determined by a perceived level of risk.
Basically, if an insurance company deems you have a low risk of dying, they will award you with a low-priced premium. If they determine that you have a high risk of death then they will charge you more money for the same amount of coverage.
So what determines whether or not a person is ‘high risk’ and is there life insurance for high risk people that’s affordable? This all depends on the individual insurance provider but some general guidelines do apply.
When it comes to determining whether a person is high risk, an insurance company will consider the person’s age, health history, marital status, career, driving history and a whole host of other things. So, for instance, if a 32-year-old, married, non-smoker with a desk job and zero speeding tickets applies for insurance, chances are good that they’re going to get a low rate. If a 55-year-old, smoker with diabetes and a lead foot applies for the same policy, they’re undoubtedly going to pay more.
With that being said, by comparison, shopping it is possible to find affordable life insurance for high risk people. The best thing to do, in order to save time and money, is to contact a licensed insurance agent to ask them for their advice. With their knowledge of the industry, and the companies within the industry, they can recommend particular companies and help you find rates for the sake of comparison. If you suffer from a particular health condition, for instance, there may be insurance providers who specialize in insuring people with that illness or disease and an insurance agent will be able to tell you so.
Don’t let your concerns about whether or not you will be considered high risk get in the way of getting the coverage you need.