Options for High Risk Life Insurance
Death is a part of life and when our lives do end we want to make sure our families are not left with expenses they cannot handle. If you are the primary provider for your family than it is up to you to make sure they will be cared for when you pass away. Life insurance is one of the best ways that you can provide for your family when you are gone so it is important to set up the most coverage that you can. No matter what your age or health is like it’s important to talk with high risk life insurance experts to get the best coverage you can to protect yourself and your family.
High Risk People
There are a number of reasons you might be considered high risk for life insurance. Age, longstanding illness or conditions, heart disease, being a diabetic, or cancer are all factors that will place you in the high risk category that are out of your control. Insurance companies will also look at family medical history which is also out of your control and could put you in the high risk category.
There are factors in your control like smoking, alcohol use and illegal drugs that will also put you in a high risk category so you should stop or limit these activities. Life insurance companies conduct strict medical screenings during the application process and could disqualify you or put you in a high risk category if they find any of these risk factors.
Insurance Options for High Risk People
Employer Provided Insurance
The best options for those people that fall into the high risk category are to get life insurance through their employer. Life insurance is normally a part of the benefits package for employees. Employers will typically provide one or two times your salary in life insurance without a medical screens. So if you know that you would fall in the high risk category it is best to max out the options available through your employer and avoid the long medical screening and questionnaires that you will face with an outside company. There is one problem with employee policies. It is possible that they will not provide the amount of coverage that you need.
If your company does not provide sufficient coverage or you do not have life insurance through your employer then you will need to talk with high risk life insurance experts to get the quality and amount of coverage you will need.
Private Insurance Coverage
If you fall in the high risk category they your options are limited for life insurance. One approach that will eliminate the need for medical exams is a guaranteed-issue policy. These policies are similar to other life insurance policies but they require no medical screening. The catch for these policies is that they can be several times as expensive as regular life insurance. If you do not qualify for regular life insurance then this may be your only option to protect your family.
The second option is to go through the process for regular life insurance. During this process you will go through extensive medical screening and questionnaires about your and your family’s medical background. The insurance company will then develop a score based on their findings. This score will then determine if they will provide coverage and how much that coverage will cost. If you are eligible for coverage it is very likely that it will be just as expensive as the guaranteed-issue policy but at least you have gotten the absolute maximum coverage that you can to provide for your family.
When you fall in the high-risk category it can be difficult to provide for your family if you should pass away. It’s good to know that there are ways to get life insurance.