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High Risk Life Insurance – the Secret to Finding the Best Rates

high risk life insurance

When looking for high risk life insurance it is imperative that you have options. Having options and the knowledge of the niches offered by each option is the “secret” to finding the best rates. At TermLife2Go, we represent dozens of top rated best life insurance companies and top rated no medical exam companies. We painstakingly search out the various company niches so we can align clients with health issues with the best company for that particular health or lifestyle risk.

High Risk Life Insurance

We specialize in finding impaired risk life insurance companies that will provide the best price on coverage for our high risk clients. Therefore, if you want the best deal on impaired risk life insurance, please keep reading.

The TermLife2Go Advantage

What sets us apart for high risk life insurance? We know what it takes to get our high risk life insurance clients approved for cheap life insurance. Check out our article: TermLife2Go’s 4 Step Process

Qualifying for High Risk Life Insurance in 2017

A common question we get is, “what is high risk life insurance?”

This is a great question, because in truth, “high risk” means something different to nearly each and every life insurance provider. 

Let us explain:

Every life insurance company out there is going to have a set of underwriting guidelines that they’ll follow when it comes to approving an application for life insurance.

These guidelines are designed, not only to determine who the insurance carrier will and won’t insure, but also to help determine the rate class that each applicant will be placed in when it comes time to determine the cost of the insurance being applied for.

And…?

And what that means is that while one life insurance carrier may use a set of guidelines that force a client with a particular pre-existing condition to seek out high risk for life insurance, another company may not!

Finding the cheapest high risk life insurance companies

When seeking the cheapest high risk life insurance companies you need to know where to look. You see, the life insurance industry is a very competitive industry, and unlike other insurance products, when a client decides to purchase a life insurance policy, that sale will typically last for years, if not decades! For this reason, many different insurance companies find themselves having to carve out a “niche” within the industry to gain a competitive advantage in order to obtain these highly valuable clients.

For Example:

Let’s take a look at life insurance with type 2 diabetes.  According to the Center of Disease Control, it’s currently believed that nearly 8.3% of the U.S. population has diabetes today. Now this isn’t even taking into account all of the “pre-diabetic” cases that have yet to be diagnosed.

Now while this clearly represents a huge health risk to our country, it also represents an enormous sales opportunity for a company to tap into should a company simply “loosen up” on their underwriting guidelines for a specific impaired health or lifestyle risk.

Current list of companies that cater to life insurance for diabetics would include: American General, Prudential, Banner Life, MetLife and for no exam coverage, Sagicor Life.

But this “loosening up” on underwriting guidelines is not only happening for diabetics!

Certain insurance carriers have also begun to “loosen up” on their guidelines when it comes to cases dealing with health issues such as:

And cases dealing with dangerous occupations and dangerous avocations such as:

Which High Risk Life Insurance Company Should I Choose?

The reality is, most companies write high risk life insurance policies. However, there are specific companies that you should choose for a specific impaired risk condition. The key is finding the right agency that deals in specializing in placing tough cases. Therefore, there are three main things that you need to find in an agency that specializes in placing high risk life insurance before you decide to apply with them:

3 things to look for in a high risk life insurance agency

1. Your agency should be able to write an insurance application with dozens of different impaired risk life insurance companies.

Having only a few companies available may not be enough to choose from when it comes time to getting high risk life insurance. Plus, are you really just interested in “getting approved” or would  you rather get the “best deal possible?”  After all, you are more likely to get a better “deal” when you have more companies competing for your business. The key is to have options because the more options you have the better chance you have of finding the right life insurance company for your specific impaired risk health or lifestyle.

high risk life insurance companies2. Beware of the call center

Like it or not, if your application simply represents 1 out of the 100 that your call center agent needs to write this month, you’ll inevitably be treated like you’re 1 out of a 100. In other words, no personal attention.

After all, what’s going to happen if your application begins to take up too much of their time due to a high risk activity or condition?  An agent working in a call center typically needs to write 4 or 5 new policies each and every day, just so that they can keep their job. Can you imagine what the pressure is like for an agent working in that type of atmosphere?

Now picture just how much time such an agent can afford to spend on your application during the underwriting process?  (Hint: very little, if any). Which is really when a High Risk Term or Whole Life Insurance Policy needs the most attention!

A smaller, more specialized life insurance brokerage will typically write about 20 applications per month. The lower number is mainly because smaller agencies don’t expect to see a 50-60% drop off between from when an application is written to when the client is approved. Smaller agencies can focus on quality instead of quantity.

For this reason alone smaller life insurance agencies are better designed to place high risk life insurance policies because they can naturally spend more time working on them.

3.  Don’t just apply and take a medical exam

Before you even take a life insurance medical exam you need to make sure that you can qualify for that risk impaired life insurance company. Take your time — a true insurance professional should be able to send out a “pre-qual letter” to a dozen different insurance carriers so that they can see if your condition would be “acceptable”.

If done correctly, provided there are no additional “surprises” during your medical exam,  you should feel pretty confident about being approved even before you’ve submitted your application.

We understand all the work that goes into getting a so called “high risk life insurance” client approved. That is why we’ll spend the extra time up front to see if it looks like its possible.

If we’re not reasonably sure that we can help you, we’re not going to waste your time!  Our goal at TermLife2Go is to get you and your family the best possible life insurance policy available for you, not just quote you something you’ll never be able to qualify for!

What High Risk Life Insurance Plans Are Available?

There are many different types of life insurance policies available for high risk clients. Probably the most popular and cheapest product is high risk term life insurance through a high risk friendly insurer. Other products available for impaired risk clients are whole life and universal life. Finally, there are also accidental death insurance policies available. However, if you engage in high risk activities, you might want to read the fine print of the accidental death policy and make sure the policy covers hazardous activities, i.e. skydiving, rock climbing, and bungee jumping.

If you are an impaired risk, than high risk term life insurance has two additional benefits to being the cheapest insurance. With term, you will also have a conversion option which allows you to convert the policy to a whole life policy down the road. However, you do not have to exercise the option until the policy ends or age 70, whichever comes first.

Also, included with most life insurance carriers, a high risk term life insurance policy will include a terminal illness rider. The terminal illness rider will pay out to the insured the lesser of 50% of the face amount or $250,000 if the primary insured is diagnosed as terminally ill. This gives the primary insured cash to pay for final expenses, hospice, tying up loose ends, or whatever else they wish to do with it.

High Risk Universal Life insurance is a great way to go if you are considering a policy that will have fixed premiums and last the rest of your life. A version of Universal Life for spouses is a survivorship life insurance. The good news for high risk life insurance clients is that a survivorship or second to die policy takes the health of both spouses into account and the premium will often be much lower than buying whole life on the impaired risk client.

What other products are available for high risk life insurance besides term and whole life?

If you do not qualify for term or whole life insurance then you still have options. There are other types of life insurance for high risk individuals, such as simplified issue, guaranteed issue, and/or accidental death insurance.

Simplified Issue

Simplified issue life insurance is great for someone looking for a moderate amount of final expense life insurance coverage but does not want to take a medical exam. Typically, the most life insurance you can qualify for with simplified issue is $400,000. However, for those considered high risk that have been turned down for life insurance already this might not be the best choice.

Guaranteed Issue

Guaranteed issue is whole life insurance that is guaranteed—no questions asked. This is an awesome choice for high risk life insurance clients who must have coverage but cannot get regular life insurance. These policies are considered burial life insurance. There is no medical exam and no health questions so anyone ages 45-80 can qualify.

There are many final expense insurance or burial insurance companies to choose from.

Accidental Death

Finally, for those who want a decent amount of coverage but can only qualify for guaranteed issue life insurance, accidental death insurance is a great choice to add some additional coverage. The one major drawback to AD&D insurance is that it only covers accidental death and will not cover sickness or other types of death due to natural causes.

What do I need to do to apply for high risk life insurance?

Simply give TermLife2Go a call today and one of our professionals will help guide you to to best company at the best price—for you based on your specific high risk health or lifestyle condition.

About TermLife2Go

At TermLife2Go, we’re looking for lifetime customers that will recommend their friends and family to us which is why we place customer satisfaction above all else.

So what are you waiting for?  Just give us a call for free high risk life insurance quotes to see just what we can do for you!

Thank you for reading our article, High Risk Life Insurance – Insider Tips. Please leave any feedback or questions below.

12 comments… add one
  • I’m loooking to insure my husband who has been deemed uninsurable. He is 44 years old, with a host of medical issues to include prior heart attack 11 years ago, coronary artery disease, diabetes type 2, high blood pressure, and a heart bypass surgery in 2015. All of that said, he is in much better health following his bypass, active with no limitations, and you’d never know he has the issues I described if i hadn’t told you. Is there any company that would insure him?

    • Yasline,

      As you’ve already stated, it seems like your husband is going to have a difficult qualifying for a traditional term or whole life insurance policy. The good news is that we here at TermLife2Go do offer policies from dozens of different life insurance companies so “hopefully” we may have an option for him.

      That being said however, our first question we would want to ask is:

      – Which companies has he already applied with?

      This way we can eliminate those companies from consideration and begin to focus on which companies will give your husband the greatest opportunity for success.

      So…

      Why don’t you just give us a call when you have a chance and we’ll do our very best to help you out!

      Thanks,

      TermLife2Go.

  • My husband just found out that he has ALS and I need a life insurance policy that can take care of my family when he passes

    • Andrea,

      With a diagnosis of ALS, we’re going to need to pursue what is called a guaranteed issue life insurance policy. For more information about guaranteed issue life insurance policies, just give us a call when you have a chance and we’ll do our best to help you out.

      Thanks,

      TermLife2Go.

  • Noel H.

    Hello, I’m a 55 yo male diagnosed with peripheral arterial disease 3 years ago (lower legs). Genetic as I am a lifelong competitive athlete, low BMI, non smoker, no diabetes, no evidence of cardiovascular disease. Had a couple of angioplasty procedures on my right leg in first year after diagnosis, stable over last two years, no restrictions, exercising etc. BP and cholesterol excellent for last two years with meds. Also taking blood thinners. What might be a ballpark annual premium for a 10 or 15 year term life policy? Thanks.

    • Noel,

      We’ll have one of our agents reach out to you with some additional questions so that we can get an idea on what your insurance might cost.

      Thanks,

      TermLife2Go

  • Michelle

    So I’ve had an exam, perfect health, by the way. Only thing is BMI too high.
    Is there a better company to go with?

    • Michelle,

      Depends on which company you are looking at now and how much coverage your are seeking. Why don’t you just give us a call and we’ll take a look.

      Thanks,

      TermLife2Go.

  • Barbara M

    Hello,

    I am trying to cover someone who had a small but cancerous cyst removed from one kidney. There are no other signs of cancer in his body and no further treatment is required. Are there any companies that will offer term insurance to this person? His recent ten year term policy has just ended.

    Thank you.

    • Barbara,

      We would need to know when the cyst was removed? And how much coverage you were looking for?

      Additionally, if there is a chance to take advantage of what is called a “guaranteed renewable clause” with the 10 year term that just ended, we would certainly advise to you look into this. In order to know this, you would need to contact his previous insurer.

      Lastly, because “cancer” are often more difficult cases to find coverage for, we would recommend that he just give us a call when he has a chance and we’ll do our very best to help him out.

      Thanks,

      TermLife2Go.

  • Todd

    Is a seizure 10 years ago considered a high risk for life insurance?

    • Todd,

      Having suffered from a seizure over 10 years ago should not be a major concern for most life insurance carriers. That being said however, you will definitely want to make sure that you give your agent a complete list of all the medications that you’re currently taking so that they will be able to determine which life insurance company will provide you with the best coverage at the lowest premium.

      So just give us a call when you have a chance and we’ll be sure to review all of your options for you.
      TermLife2Go

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To empower our customers through knowledge and expertise so our clients secure the best and most appropriate insurance coverage available providing peace of mind to our clients and their loved ones.

About TermLife2Go

Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.